South Korea Diabetes Care Devices Market

Diabetes care devices are generally used to measure the glucose level in the diabetic patient’s body and aid the delivery of insulin into the patient’s body. There are basically two types of diabetes care devices: blood glucose monitoring device and insulin delivery device. The regular monitoring of diabetes helps in improving the outcomes and adjusting treatment in real-time. These devices are widely used in hospitals, clinics, and other clinical centers.

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The South Korea Diabetes Care Devices market is projected to witness strong demand during the forecast period. The rising incidences orate of diabetes due to the rapid urbanization and sedentary lifestyle is one of the major factors that is contributing to the growing demand of the market in the coming years. Moreover, the growing awareness related to diabetes treatment and management is further accelerating market growth. According to the IDF, 463 million people have diabetes in the world, out of which 163 million people in the Western Pacific region have diabetes. This number is anticipated to rise and touch 212 million by the end of 2045. South Korea has a total cases of diabetes amounting to 3,689,400 in 2020 and the prevalence of diabetes in adults is 9.2%. The prevalence of diabetes has drastically increased, especially among men within an age group of 60 years and women in their 70s. The accelerating number of diabetes patients in South Korea is further boosting the demand for diabetes care devices in the coming years. The country is experiencing a rise in the number of older people, who are more vulnerable to diabetes, and the growing trend of obesity due to lack of physical activities and unhealthy diet patterns are some other factors that are contributing to the growth of the market over the coming years. In addition to this, continuous technological advancements in the field of diabetes devices have brought new growth opportunities in the market. However, the side-effects caused by few diabetes care devices is likely to hamper the market growth in the coming years.

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Based on product type, the blood glucose monitoring device segment is anticipated to lead the market during the forecast period. This is attributed to the rising prevalence of diabetes, followed by the increasing number of geriatric population and growing emphasis on self-care, particularly among diabetes patients. Additionally, the increasing technological advancement in blood glucose monitoring devices is encouraging individuals to opt for blood monitoring devices over the coming years. The increasing number of online marketing strategies by the key vendors is further boosting the demand of the segment.

On the basis of end-users, the home care settings segment is expected to grow at a faster CAGR over the forecast period. This is mainly due to the increasing adoption of blood sugar monitoring and insulin delivery devices in the home care setting. The diabetes care devices provide various remarkable advantages, including the ability to remotely monitor the glucose level, high convenience, portability, and considerable precision. This factor is motivating the end-users to use different types of diabetes care devices at their homes. With the outbreak of the COVID-19, people now prefer self-monitoring of diabetes rather than visiting hospitals or clinics in order to minimize the possibility of contracting the coronavirus.

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The South Korea Diabetes Care Devices market has been segmented on the basis of product type, end-user. Based on the product type, the market is segmented into blood glucose monitoring device and insulin delivery device. Based on the end-user, the market is segmented into homecare settings, hospitals, and others. The other segment is further segmented into clinics and ambulatory surgical centers.

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Key questions answered in this research report:

• • At what pace is South Korea Diabetes Care Devices market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in South Korea Diabetes Care Devices market? What will be the impact of drivers and restraints in the future?
  • Which product type generated maximum revenues in 2019 and identify the most promising product types during the forecast period?
  • What are the various end user areas of South Korea Diabetes Care Devices market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

South Korea Diabetes Care Devices market by Product Type

• • Blood Glucose Monitoring Device
  • Insulin Delivery Device

South Korea Diabetes Care Devices market by End-User

• • Hospitals
  • Homecare Setting
  • Others