Market Size of South Korea Diabetes Care Devices Industry
| Study Period | 2018 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Market Size (2024) | USD 457.06 Million |
| Market Size (2029) | USD 529.86 Million |
| CAGR (2024 - 2029) | 3.00 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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South Korea Diabetes Care Devices Market Analysis
The South Korea Diabetes Care Devices Market size is estimated at USD 457.06 million in 2024, and is expected to reach USD 529.86 million by 2029, growing at a CAGR of 3% during the forecast period (2024-2029).
In South Korea, the prevalence of diabetes in adults is higher and the economic burden of diabetes is higher than that of overall cancer. The diabetic complications or related comorbidities and hospitalization are associated with high costs for diabetes as a cost driver. Effective strategies are needed to manage patients with diabetic complications to reduce the use of healthcare resources and economic burden. It is expected that increased information regarding both the magnitude and the specific components of the economic burden of diabetes in Korea will influence health policymakers to prioritize its prevention and management and to allocate more health care resources to diabetes.
The frequency of monitoring glucose levels depends on the type of diabetes, which varies from patient to patient. Type-1 diabetic patients need to check their blood glucose levels at regular intervals, monitor their blood glucose levels, and adjust the insulin dosing accordingly. The high prevalence of type-2 diabetes is associated with a significant economic burden. The cost of diabetes increases in patients with comorbidities such as hypertension and hyperlipidemia and in patients who develop complications.
The aforementioned factors are expected to drive the South Korea Diabetes Care Devices Market during the forecast period.
