South Korea Diabetes Devices Market Report 2022 to 2030

South Korea Diabetes Devices Market Analysis

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South Korea's diabetes devices market is expected to witness growth from $332 Mn in 2022 to $624 Mn in 2030 with a CAGR of 8.20% for the forecasted year 2022-2030. The South Korean elderly population is predicted to raise the number of diabetes diagnoses, which will increase demand for diabetes devices. The market is segmented by type and by the end user. Some key players in this market include Dongmun, Sejung Medical Industry, Medyssey, Johnson & Johnson, Medtronic, Roche, Ascensia Diabetes Care and Dexcom.

ID: IN10KRMD007 CATEGORY: Medical Devices GEOGRAPHY: South Korea AUTHOR: Jigyasu Bhandari

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South Korea Diabetes Devices Healthcare Market Executive Analysis

South Korea's diabetes devices market is expected to witness growth from $332 Mn in 2022 to $624 Mn in 2030 with a CAGR of 8.20% for the forecasted year 2022-30. The GDP of South Korea is anticipated to be $1.81 trillion in 2021. South Koreans spent about $3.9 thousand per individual on health in 2021. Koreans paid $3.6 thousand annually on average in the previous year. Despite an increase, per-person expenditure is still less than the 2019 OECD average of more than $4,000.

Diabetes affects 5.8 million individuals in South Korea in 2021, according to the country's 13.7% diabetes prevalence. The incidence of diabetes was 11.3 per 1,000 person-years in South Korea. This implies that every year, 11.3 new cases of diabetes are discovered in a population of 1,000 people. Diabetes devices are medical devices created to aid diabetics in controlling their condition. These gadgets can be used to deliver insulin and measure blood sugar levels. Diabetes patients in South Korea frequently receive their insulin from insulin devices. Insulin pumps make it possible to administer insulin precisely and consistently, which can enhance glycaemic regulation and lower the risk of hypoglycemia. In South Korea, telemedicine programs are increasingly using diabetes devices. This enables people with diabetes to communicate online with their medical professionals, who can check their blood glucose levels and alter their treatment as necessary.

South Korea Diabetes Devices Market Analysis

Market Dynamics

Market Growth Drivers

The South Korean elderly population is predicted to raise the number of diabetes diagnoses, which will increase demand for diabetes devices. The high expenses for diabetes as a cost driver in South Korea are linked to diabetic complications or related comorbidities and hospitalization. To lessen the strain on healthcare resources and the cost to society, efficient management techniques are required for individuals with diabetic complications. The South Korean diabetes devices market is expected to grow as a result of increased knowledge about the scope and specific elements of the economic burden of diabetes in South Korea, which will also persuade health policymakers to give the disease more attention in terms of management and prevention.

Market Restraints

In South Korea, alternative therapies, such as traditional Korean medicine, may compete with diabetes devices in South Korea. This can limit the demand for diabetes devices among some patients, particularly those who prefer non-invasive or non-pharmacological therapies.

Competitive Landscape

Key Players

Dongmun (KOR)
Sejung Medical Industry (KOR)
Medyssey (KOR)
Johnson & Johnson
Medtronic
Roche
Dexcom
Ascensia Diabetes Care

Healthcare Policies and Regulatory Landscape

In South Korea, medical devices, including diabetes devices, are governed by the Korean Medical Device Act (KMDA). The Korea Food and Drug Administration (KFDA) must give manufacturers permission before they can market their products there. The South Korean government has put in place a telemedicine strategy that enables medical professionals to provide online consultations and remotely monitor patients' blood glucose levels. The desire for diabetes telemedicine devices has increased as a result of this policy. Korean National Diabetes Program (KNDP) in South Korea is a government initiative to prevent and manage diabetes. The program includes activities to advance diabetes instruction, advance prevention and management knowledge, and improve accessibility to diabetes devices.

1. Executive Summary
1.1 Device Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Regulatory Landscape for Medical Device
1.6 Health Insurance Coverage in Country
1.7 Type of Medical Device
1.8 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Diabetes Devices Market Segmentation

By Type (Revenue, USD Billion):

The market is divided into blood glucose monitoring systems, insulin delivery systems, and mobile applications for managing diabetes within the type segment. Due to its convenience, ease of use, and usefulness in providing patients and healthcare professionals with real-time insights regarding diabetic conditions for integrated diabetes management, the segment for diabetes management mobile applications is anticipated to grow at the highest rate during the forecast period. Bare-metal Stents

Blood glucose monitoring systems
Self-monitoring blood glucose monitoring systems
Continuous glucose monitoring systems
Test strips/Test papers
Lancets/Lancing Devices
Insulin delivery Devices
Insulin pumps
Insulin pens
Insulin syringes and needles
Diabetes management mobile applications

By End User (Revenue, USD Billion):

The diabetes market is divided into hospitals & specialty clinics and self & home care, based on the end user.

Hospitals & Specialty Clinics
Self & Home Care

Methodology for Database Creation

Our database offers a comprehensive list of healthcare centers, meticulously curated to provide detailed information on a wide range of specialties and services. It includes top-tier hospitals, clinics, and diagnostic facilities across 30 countries and 24 specialties, ensuring users can find the healthcare services they need.

Additionally, we provide a comprehensive list of Key Opinion Leaders (KOLs) based on your requirements. Our curated list captures various crucial aspects of the KOLs, offering more than just general information. Whether you're looking to boost brand awareness, drive engagement, or launch a new product, our extensive list of KOLs ensures you have the right experts by your side. Covering 30 countries and 36 specialties, our database guarantees access to the best KOLs in the healthcare industry, supporting strategic decisions and enhancing your initiatives.

How Do We Get It?

Our database is created and maintained through a combination of secondary and primary research methodologies.

1. Secondary Research

With many years of experience in the healthcare field, we have our own rich proprietary data from various past projects. This historical data serves as the foundation for our database. Our continuous process of gathering data involves:

Analyzing historical proprietary data collected from multiple projects.
Regularly updating our existing data sets with new findings and trends.
Ensuring data consistency and accuracy through rigorous validation processes.

With extensive experience in the field, we have developed a proprietary GenAI-based technology that is uniquely tailored to our organization. This advanced technology enables us to scan a wide array of relevant information sources across the internet. Our data-gathering process includes:

Searching through academic conferences, published research, citations, and social media platforms
Collecting and compiling diverse data to build a comprehensive and detailed database
Continuously updating our database with new information to ensure its relevance and accuracy

2. Primary Research

To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:

Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
Conducting surveys, interviews, and field studies to collect fresh data directly from the source.
Continuously refreshing our database to ensure that the information remains current and reliable.
Validating secondary data through cross-referencing with primary data to ensure accuracy and relevance.

Combining Secondary and Primary Research

By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:

Merging historical data from secondary research with real-time data from primary research.
Conducting thorough data validation and cleansing to remove inconsistencies and errors.
Organizing data into a structured format that is easily accessible and usable for various applications.
Continuously monitoring and updating the database to reflect the latest developments and trends in the healthcare field.

Through this meticulous process, we create a final database tailored to each region and domain within the healthcare industry. This approach ensures that our clients receive reliable and relevant data, empowering them to make informed decisions and drive innovation in their respective fields.