Market Insights Health Medical Technology Medical Devices

Diabetes Care Devices - South Korea

South Korea

In South Korea, revenue in the Diabetes Care Devices market market is projected to reach US$0.40bn in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 13.40%, leading to a market volume of US$0.75bn by 2029.
In a global context, the majority of revenue will be generated the United States, amounting to US$11,710.00m in 2024.
In South Korea, there is a growing emphasis on advanced diabetes care devices, driven by increasing public awareness and government support for innovative medical technologies.

Key regions: Netherlands, Japan, France, Italy, China

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Analyst Opinion

The Diabetes Care Devices Market in South Korea is witnessing considerable growth, fueled by advancements in technology, increasing prevalence of diabetes, and heightened awareness of chronic disease management among the population, enhancing patient engagement and care.

Customer preferences: In South Korea, there is a notable shift towards personalized diabetes care solutions, as consumers increasingly favor devices that offer tailored insights and real-time data monitoring. The rise in health-consciousness, particularly among younger generations, drives demand for smart glucose meters and mobile health applications that integrate seamlessly with daily routines. Additionally, the cultural emphasis on proactive health management is prompting more individuals to seek out connected devices that facilitate easier communication with healthcare providers, enhancing overall management of diabetes.

Trends in the market: In South Korea, the Diabetes Care Devices market is experiencing a significant uptick in demand for advanced digital solutions, driven by a shift towards personalized healthcare. The increasing prevalence of diabetes among the population has led to a surge in the adoption of smart glucose meters and continuous glucose monitoring systems. These devices provide real-time data and insights, enabling users to manage their condition more effectively. Moreover, the integration of mobile health applications fosters greater engagement, allowing for seamless communication with healthcare professionals. This trend not only enhances patient outcomes but also presents substantial opportunities for industry stakeholders, including device manufacturers and software developers, to innovate and capture market share in this growing segment.

Local special circumstances: In South Korea, the Diabetes Care Devices market is uniquely influenced by a tech-savvy population and a robust healthcare infrastructure. The country's high smartphone adoption rates facilitate the integration of mobile health applications with diabetes management devices. Culturally, there is a strong emphasis on health and wellness, leading to increased consumer engagement with preventive care technologies. Additionally, the government’s stringent regulatory framework ensures the safety and efficacy of medical devices, fostering trust and promoting quicker adoption of innovative diabetes care solutions.

Underlying macroeconomic factors: The Diabetes Care Devices market in South Korea is significantly shaped by macroeconomic factors including the nation's economic stability, technological advancements, and government policies. With a robust GDP growth and a focus on innovation, South Korea is investing heavily in healthcare technology, fostering an environment conducive to the development of advanced diabetes management devices. The government’s supportive fiscal policies and investment in healthcare infrastructure enhance accessibility and affordability of these devices. Furthermore, the rising prevalence of diabetes in the population, coupled with increasing healthcare expenditure, drives demand for effective diabetes care solutions, positioning the market for sustained growth.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.