The South Korea continuous glucose monitoring market is estimated to be valued at US$25.285 million in 2019. A continuous glucose monitor (CGM) tracks glucose levels, every few minutes, 24/7 through a tiny sensor inserted under the skin, either on the abdomen or arm using an automatic inserter. The sensor measures the interstitial glucose level, which is the glucose found in the fluid between the cells. People with diabetes often use a blood glucose meter to help them manage their condition. According to the International Diabetes Federation, 2020, approximately 3.68 million adults (20-79 years) i.e. 9.2% of the entire population were exposed to diabetes in South Korea, the number is expected to rise in the next coming years. The changing lifestyle patterns have led to an increase in the number of diabetic patients which will fuel the growth of this market over the forecast period. In addition, due to the unhealthy eating habits of the people, the number of people suffering from obesity has been on a surge. The increasing incidence of obesity will further spike the number of diabetic patients, subsequently increasing the demand for continuous glucose monitors in the market. Also, these glucose monitors make it easier to keep a check on blood glucose levels which is vital for proper diagnosis and treatment of diabetes. These monitors are easily accessible devices that allow the immediate detection of glucose levels in the body of a patient and facilitate rapid treatment solutions if the need arises. Furthermore, the continuous innovations are increasing the portability, efficiency, and reliability of these monitors will increase their demand over the period.
By gender, there is more number of males who have diabetes compared to females. By age, people above the age of 20 are more exposed to the risks of diabetes. But over the years, the number of cases of diabetes below 20 years of age is also increasing. By end-users, the CGM devices are more prevalently used in homecare. The hospitals and clinics have also started relying on these monitors given their accuracy and effectiveness. By application, the monitoring devices are used by diabetes patients for routine check-ups. By type, real-time monitors are more popular among the population. The real-time monitor's issues alerts, archive and asses data, and speedy in nature giving them a significant market share.
The constant surge in the number of diabetic patients in South Korea is expected to contribute majorly towards the market growth of the continuous glucose monitoring market during the next few years as these devices help to monitor the glucose levels in the blood of diabetic patients. Additionally, there has been an upward trend in the number of cardiovascular and pancreatic diseases in the nation. This has also raised the number of diabetic patients which will increase the demand and adoption of continuous glucose monitors in the market in the long run.
Obesity is highly correlated with diabetes and is one of the major causes of diabetes worldwide. According to an OECD report, about 30% of the population are overweight and about 4% of them are obese in South Korea. There has also been an increasing case of childhood obesity over the years. This has led to a rise in the number of diabetes cases, especially Type 2 diabetes. The CGM devices are useful indicators of blood sugar levels. Thus, rising obesity acts as a growth factor in the market.
Even though the CGM market is thriving in South Korea owing to its increasing use, there have been certain limiting factors in its growth. Due to lack of access to healthcare facilities and health insurance, people from lower economic strata of the society are not able to avail themselves of treatment. This acts as a major hindrance to the growth of the glucose monitoring system market.
The CGM market is set to grow despite the Covid-19 pandemic. The market giants Abbott, Dexcom, and Medtronics have reported promising growth in the given period due to the increasing demand for monitoring devices. During the pandemic, there has been an emphasis on the use of virtual clinics and telemedicine for diabetic management due to nationwide restrictions and lockdowns. This has fueled positive growth for the market. There are significantly more data available by using CGM devices, which helped patients and healthcare providers control blood sugar and potentially increase patient self-management. Covid-19 has opened new opportunities for the CGM systems to gain more popularity in the diabetic care market. The surging demand for CGM is primarily driven by a growing awareness of the devices and reduced exposure to healthcare providers in trying times.
The market leaders for the Global Portable Glucose Monitor Market are Abbott Laboratories, I-SENS, Medtronic, Medi Sensor, Dongwoon Anatech, Dexcom Inc., Osang Healthcare, and All Medicus Co Ltd. The key players in the market implement growth strategies such as product launches, mergers, and acquisitions, etc. to gain a competitive advantage over their competitors. For instance, in 2020 I-SENS launched two new products- CareSens N Plus BT and CareSens S Fit BT. In 2020 again, Medtronic acquired privately-held Companion Medical, manufacturer of InPen, portable insulin. Abbott Laboratories in 2020 launched FreeStyle Libre 3, claiming to be the smallest, thinnest, and most discreet continuous glucose monitor. In 2021, Dongwoon Anatech has developed a saliva-based glucose monitoring system and filed for its FDA approval. Dexcom is set to launch G7, a more advanced CGM device.
|Market size value in 2019||US$25.285 million|
|Growth Rate||CAGR of during the forecast period|
|Forecast Unit (Value)||USD Million|
|Segments covered||Gender, End-User, Age, Type, Application, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||I-SENS, Medtronic, Medi Sensor, Dongwoon Anatech, Abbott Laboratories, Dexcom Inc., Osang Healthcare, All Medicus Co Ltd.|
|Customization scope||Free report customization with purchase|
1.1. Market Definition
1.2. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Force Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Pestle Analysis
5. SOUTH KOREA CONTINUOUS GLUCOSE MONITORING MARKET BY GENDER
6. SOUTH KOREA CONTINUOUS GLUCOSE MONITORING MARKET BY AGE
6.2. Greater than 20
6.3. Less than 20
7. SOUTH KOREA CONTINUOUS GLUCOSE MONITORING MARKET BY TYPE
7.2. Real-time CGM
7.3. Intermittently scanned CGM
8. SOUTH KOREA CONTINUOUS GLUCOSE MONITORING MARKET BY APPLICATION
8.2. Diabetic patients
8.3. Critical Care patients
9. SOUTH KOREA CONTINUOUS GLUCOSE MONITORING MARKET BY END-USER
9.2. Hospitals& Clinics
9.3. Home Care
10. COMPETITIVE ENVIRONMENT AND ANALYSIS
10.1. Major Players and Strategy Analysis
10.2. Emerging Players and Market Lucrativeness
10.3. Mergers, Acquisitions, Agreements, and Collaborations
10.4. Vendor Competitiveness Matrix
11. COMPANY PROFILES
11.3. Medi Sensor
11.4. Dongwoon Anatech
11.5. Abbott Laboratories
11.6. Dexcom Inc.
11.7. Osang Healthcare
11.8. All Medicus Co Ltd.
All Medicus Co Ltd.
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