Blood Glucose Monitoring Devices Market- South Korea
Market Statistics
Base Year: 2023
Market Size in 2023: USD 213.4 Million
Market Size in 2032: USD 482.13 Million
Market Growth Rate: 8.40% (2024-2032)
The South Korean blood glucose monitoring devices market is experiencing significant growth, driven by various key factors. According to the latest report by IMARC Group, the market size is projected to exhibit a growth rate (CAGR) of 8.40% during 2024-2032.
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South Korea Blood Glucose Monitoring Devices Industry Trends and Drivers:
South Korean Blood Glucose Monitoring Devices Market Overview
Key Drivers of Market Growth
- Increasing Prevalence of Diabetes
- A rising number of South Koreans are diagnosed with diabetes due to sedentary lifestyles and unhealthy eating habits.
- Blood glucose monitoring devices are becoming essential tools for effective diabetes management.
- Demand Among the Geriatric Population
- Elderly individuals, being more vulnerable to diabetes, are contributing to higher demand for monitoring devices.
- This demographic shift is providing a favorable market outlook.
- Government Initiatives
- Public health agencies, such as the Ministry of Health and Welfare, are raising awareness about the importance of diabetes management.
- These initiatives are encouraging individuals to invest in personal monitoring devices.
Technological Advancements Driving the Market
- Preference for Innovative and User-Friendly Technologies
- Continuous glucose monitoring (CGM) systems are gaining popularity as they provide real-time glucose readings without frequent finger pricks.
- Mobile App Integration
- Devices that sync with mobile apps allow for seamless data tracking and personalized health insights.
- These apps offer features like data analysis, trend monitoring, and health reports that can be shared with healthcare providers.
- Cloud-Based Data Sharing
- Cloud technology enables real-time data sharing, which is particularly helpful for continuous monitoring, especially for children and elderly individuals.
- Advancements in Sensor Technology
- Non-invasive or minimally invasive (MI) glucose monitoring devices are becoming more accessible and preferred by users.
Other Contributing Factors
- Growing Obesity Rates
- Rising obesity levels, a known risk factor for diabetes, are driving the adoption of blood glucose monitoring devices.
- Modern, less active lifestyles are contributing to the increasing risk of obesity, encouraging preventive health measures such as the use of these devices.
South Korea Blood Glucose Monitoring Industry Segmentation:
The market report offers a comprehensive analysis of the segments, highlighting those with the largest South Korea Blood Glucose Monitoring market share. It includes forecasts for the period 2024-2032 and historical data from 2018-2023 for the following segments.
The report has segmented the market into the following categories:
Type Insights:
- Self-Monitoring Blood Glucose Devices
- Glucometer Devices
- Test Strips
- Lancets
- Continuous Blood Glucose Monitoring Devices
- Sensors
- Durables (Receivers and Transmitters)
Regional Insights:
- Seoul Capital Area
- Yeongnam (Southeastern Region)
- Honam (Southwestern Region)
- Hoseo (Central Region)
- Others
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Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
- Abbott Korea Co. Ltd.
- Arkray Inc.
- Ascensia Diabetes Care Korea Ltd.
- Dexcom Inc.
Key highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Strategic Recommendations
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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