South Korea Diabetes Drugs Market Size

South Korea Diabetes Drugs Market Analysis

The South Korea Diabetes Drugs Market size is estimated at USD 1 billion in 2024, and is expected to reach USD 1.22 billion by 2029, growing at a CAGR of 4.04% during the forecast period (2024-2029).

The COVID-19 pandemic positively impacted the Diabetes Drugs market growth in South Korea. Patients with diabetes, infected with COVID-19 may experience elevated blood glucose, abnormal glucose variability, and diabetic complications. The prevalence of diabetes in people with COVID-19 caused a significant increase in the severity and mortality of COVID-19 in people with either type 1 (T1DM) or type 2 diabetes mellitus (T2DM), especially in association with poor glycemic control. While new-onset hyperglycemia and new-onset diabetes (both T1DM and T2DM) have been increasingly recognized in the context of COVID-19 and have been associated with worse outcomes. To avoid aggravation, a patient's blood glucose should be monitored and managed regularly.

Diabetic drugs are medicines developed to stabilize and control blood glucose levels among people with diabetes. Diabetic drugs are commonly used to manage diabetes. Diabetic drugs have been potential candidates for treating diabetic patients affected by SARS-CoV-2 infection during the COVID-19 pandemic. Diabetes is associated with many health complications. Patients with diabetes require many corrections throughout the day to maintain nominal blood glucose levels, such as administering additional insulin or ingesting additional carbohydrates by monitoring their blood glucose levels. Diabetes poses an emerging healthcare burden across the country and is one of the leading causes of premature death, morbidity, and loss of economic growth.

In South Korea, the prevalence of diabetes in adults is higher and the economic burden of diabetes is higher than that of overall cancer. Diabetic complications or related comorbidities and hospitalization are associated with high costs. Effective strategies are needed to manage patients with diabetic complications and use healthcare resources and reduce the 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.

Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period.