The South Korea Diabetes Care Device Market size stood at around USD xx billion in 2019 and is projected to reach xx billion by 2028, exhibiting a CAGR of more than 6.8% during the forecast period.
Diabetes is a metabolic disorder; it is a chronic condition which is associated with abnormally high levels of glucose in blood. Diabetes is one of the leading causes of several life-threatening diseases, such as heart disease, stroke, kidney disease and others. Major cause of morbidity and mortality in Korea is due to diabetes and its complications.
According to “Diabetes Fact Sheet In Korea 2020“released by Korean Diabetes Association, prevalence of diabetes among adults 30 years or older was 13.8% in 2018. About 3 out of 10 adults of age 65 and above in Korea have diabetes. The prevalence of diabetes in 2018 was 12.4% based on fasting plasma glucose.
The rising incidences rate of diabetes due to the rapid urbanization and sedentary lifestyle are major factors contributing in growing demand of the market. Other factors responsible for growth of diabetes in Korea are age, obesity, smoking, decreased physical activity, and stress. With increasing obesity, especially in childhood, and improved longevity, the prevalence of diabetes is expected to dramatically increase more than estimated previously.
Technological advancements in the blood glucose monitoring devices and insulin delivery devices for safer and accurate use, as well as growth in the awareness related to diabetes treatment has further lifted the growth of market.