Please Wait.....
Report
South Korea Insulin Drugs And Delivery Devices - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2018 - 2029
Market Report I 2024-02-17 I 90 Pages I Mordor Intelligence
The South Korean Insulin Drugs and Delivery Devices Market is expected to register a CAGR of 1.5% and reach a value of about USD 795 million over the forecast period.
One of the most significant risk factors for severe COVID-19 was diabetes mellitus. This risk is believed to be influenced by several variables frequently present in diabetes mellitus, such as advanced age, a proinflammatory and hypercoagulable condition, hyperglycemia, and underlying comorbidities (hypertension, cardiovascular disease, chronic kidney disease, and obesity). Diabetes was quickly recognized as a risk factor for bad results during the COVID-19 pandemic. That's why managing or delaying cases of type-2 diabetes became more important than ever before. Several studies have confirmed that chronic diseases like diabetes were associated with adverse outcomes in COVID-19 patients.
Diabetes mellitus is widely prevalent and imposes a substantial socioeconomic burden on individuals and society in terms of large medical costs. It leads to complications such as cardiovascular disease. These complications are associated with increased healthcare utilization, such as having more outpatient visits, a higher probability of being hospitalized, and increased use of more medications. Therefore, complications associated with diabetes drive the escalating costs of diabetes management and their financial burden on the healthcare system.
People with type-1 diabetes cannot produce adequate insulin because their immune system attacks their insulin-producing beta cells. In contrast, people with type-2 diabetes have insulin resistance and do not make enough insulin. Diabetes patients take insulin through an injection (syringe or pen), a pump, or inhaled form. In South Korea, the prevalence of diabetes in adults is higher, and the economic burden of diabetes is higher than that of overall cancer. It is expected that increased information regarding both the magnitude and the specific components of the economic burden of diabetes in Korea will influence health policymakers to prioritize its prevention and management and to allocate more healthcare resources to diabetes to boost the insulin market's growth.
South Korea Insulin Drugs And Delivery Devices Market Trends
Rising diabetes prevalence
In South Korea, Diabetes Population is expected to increase, registering a CAGR greater than 0.57% over the forecast period.
According to Mordor Intelligence, the Type-1 diabetes population in South Korea in the current year is 0.16 million. Effective strategies are needed to manage patients with diabetic complications. With increasing obesity, especially in childhood, decreased physical activity, and improved longevity, diabetes and prediabetes are expected to increase. When diabetes is undetected or inadequately treated, people risk serious and life-threatening complications, such as heart attack, stroke, kidney failure, blindness, and lower-limb amputation, leading to a greater need for access to care.
Leading manufacturers focus on technological innovations and develop advanced products to gain a substantial market share. There has been a significant rise in insulin delivery systems technology, from insulin injections to insulin pumps. Technological innovations and advancements offer many conveniences in maintaining blood glucose levels.
The National Health Insurance (NHI) Act covers all public health insurance in Korea. This Act covers the entire population, and all citizens earning an income in Korea must contribute a percentage of their monthly salary. Employers are also responsible for matching employee contributions. There are two health insurance agencies under the MOHW: the Health Insurance Review Agency (HIRA) and the National Health Insurance Corporation (NHIC). In particular, the HIRA is responsible for reviewing reimbursement coverage/non-coverage and pricing applications from pharmaceutical and medical device companies. The company may expand its market and obtain a larger sales volume if reimbursement is obtained.
Therefore, owing to the increasing diabetes prevalence, the studied market is anticipated to grow over the analysis period.
The Insulin Pumps Segment is expected to witness the highest growth rate over the forecast period
An insulin pump is a device that delivers insulin continuously or, whenever required, automatically. The pump mimics the human pancreas. The insulin infusion pump works as an alternative to the traditional system of daily injections or an insulin pen.
Insulin Pump is expected to register a CAGR of more than 3.9% in the market over the forecast period because of the increasing technological advancement and its preference over other traditional methods due to continuous insulin administration. Insulin pump therapy is a well-established insulin administration method for type-1 diabetes people. Pumps are a validated, time-tested therapeutic option in type-1 diabetes at all ages, enabling near-physiological insulin delivery in situations where the pancreas does not produce insulin. There are even pump models with remote controls enabling parents of young children to either suspend or bolus insulin from a distance when the child is playing or eating. The insulin infusion pumps reduce the large swings in blood glucose levels, induce less pain, and deliver more accurately when compared to injections. These advantages of insulin pumps over the traditional delivery system are expected to boost the market.
The Ministry of Food and Drug Safety, South Korea's medical device market regulator, plans to roll out several amendments to the country's Medical Devices Act and has expanded its list of devices eligible for electronic indications. Penetration of diabetes devices in the South Korean market supports local clinical research organizations in their clinical research trials and ensures ease of maintenance, facilitating the discovery process.
The use of continuous subcutaneous insulin infusion and continuous glucose monitoring systems has improved patient care and quality of life and is widely used in the ambulatory setting. Increasingly, this technology is also being used in the hospital setting; such advantages are likely to drive segment growth during the forecast period.
South Korea Insulin Drugs And Delivery Devices Industry Overview
The South Korean Insulin Drugs and Delivery Devices Market is moderately consolidated, with few significant and generic players. Recently, mergers and acquisitions between the players have helped the companies strengthen their market presence.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 Drug
5.1.1 Basal or Long-acting Insulins
5.1.1.1 Lantus (Insulin Glargine)
5.1.1.2 Levemir (Insulin Detemir)
5.1.1.3 Toujeo (Insulin Glargine)
5.1.1.4 Tresiba (Insulin Degludec)
5.1.1.5 Basaglar (Insulin Glargine)
5.1.2 Bolus or Fast-acting Insulins
5.1.2.1 NovoRapid/Novolog (Insulin aspart)
5.1.2.2 Humalog (Insulin lispro)
5.1.2.3 Apidra (Insulin glulisine)
5.1.2.4 FIASP (Insulin aspart)
5.1.2.5 Admelog (Insulin lispro Sanofi)
5.1.3 Traditional Human Insulins
5.1.3.1 Novolin/Mixtard/Actrapid/Insulatard
5.1.3.2 Humulin
5.1.3.3 Insuman
5.1.4 Combination Insulins
5.1.4.1 NovoMix (Biphasic Insulin aspart)
5.1.4.2 Ryzodeg (Insulin degludec and Insulin aspart)
5.1.4.3 Xultophy (Insulin degludec and Liraglutide)
5.1.4.4 Soliqua/Suliqua (Insulin glargine and Lixisenatide)
5.1.5 Biosimilar Insulins
5.1.5.1 Insulin Glargine Biosimilars
5.1.5.2 Human Insulin Biosimilars
5.2 Device
5.2.1 Insulin Pumps
5.2.1.1 Insulin Pump Devices
5.2.1.2 Insulin Pump Reservoirs
5.2.1.3 Insulin Infusion sets
5.2.2 Insulin Pens
5.2.2.1 Cartridges in reusable pens
5.2.2.2 Disposable insulin pens
5.2.3 Insulin Syringes
5.2.4 Insulin Jet Injectors
6 MARKET INDICATORS
6.1 Type-1 Diabetes Population
6.2 Type-2 Diabetes Population
7 COMPETITIVE LANDSCAPE
7.1 COMPANY PROFILES
7.1.1 Novo Nordisk
7.1.2 Sanofi
7.1.3 Eli Lilly
7.1.4 Biocon
7.1.5 Julphar
7.1.6 Medtronic
7.1.7 Ypsomed
7.1.8 Becton Dickinson
7.2 COMPANY SHARE ANALYSIS
7.2.1 Insulin Drugs
7.2.1.1 Novo Nordisk
7.2.1.2 Sanofi
7.2.1.3 Eli Lilly
7.2.1.4 Others
7.2.2 Insulin Delivery Devices
7.2.2.1 Medtronic
7.2.2.2 Ypsomed
7.2.2.3 Becton Dickinson
7.2.2.4 Other Insulin Delivery Devices
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
- Not Sure / Need Reassuring
- Confirm Content
-
Content is provided by our partners and every effort is made to make Market Report details as clear as possible. If you are not sure the exact content you require is included in this study you can Contact us to double check. To do this you can:
Use the ‘? ASK A QUESTION’ below the license / prices and to the right of this box. This will come directly to our team who will work on dealing with your request as soon as possible.
Write to directly on support@scotts-international.com with details. Please include as much information as possible including the name of report or link so our staff will be able to work on you request.
Telephone us directly on 0048 603 394 346 and an experienced member of team will be on hand to answer.
-
- Sample Pages
-
With the vast majority of our partners we can obtain Sample Pages to support your decision. This is something we can arrange without revealing your personal details.
It is important to note that we will not be able to provide you the exact data or statistics such as Market Size and Forecasts. Sample pages usually confirm the layout or the Categories included in Charts and Graphs, excluding specific data.
To ask for Sample Pages by contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Check for Alternatives
-
Whilst we try to make our online platform as easy to use as possible there is always the possibility that a better alternative has not been found in your search.
To avoid this possibility Contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346 and a Senior Team Member can review your requirements and send a list of possibilities with opinions and recommendations.
-
- Confirm Content
- Prices / Formats / Delivery
- Prices
-
All prices are set by our partners and should be exactly the same as those listed on their own websites. We work on a Revenue share basis ensuring that you never pay more than what is offered elsewhere.
Should you find the price cheaper on another platform we recommend you to Contact us as we should be able to match this price. You can Contact us though through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Discounts
-
As we work in close partnership with our Partners from time to time we can secure discounts and assist with negotiations, this is part of our personalised service to you.
Discounts can sometimes be arranged for speedily placed orders; multiple report purchases or Higher License purchases.
To check if a Discount is possible please Contact our experienced team through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Available Currencies
-
Most Market Reports on our platform are listed in USD or EURO based on the wishes of our Partners. To avoid currency fluctuations and potential price differentiations we do not offer the possibility to change the currency online.
Should you wish to pay in a different currency to that advertised online we do accept payments in USD, EURO, GBP and PLN. The price will be calculated based on the relevant exchange rate taken from our National Bank.
To pay in a different above currency to that advertised online please Contact our team and a quotation will be sent within a couple of hours with payment details.
-
- Licenses
-
License options vary from Partner to Partner as is usually based on the number of Users that will benefitting from the report. It is very important that License ordered is not breached as this could have potential negative consequences for you individually or your employer.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Global Site License
-
The Global Site License is the most comprehensive license available. By selecting this license, the Market Report can be shared with other ‘Allowed Users’ and any other member of staff from the same organisation regardless of geographic location.
It is important to note that this may exclude Parent Companies or Subsidiaries.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Formats
-
The most common format is PDF, however in certain circumstances data may be present in Excel format or Online, especially in the case of Database or Directories. In addition, for certain higher license options a CD may also be provided.
If you have questions or need clarification about the specific formats we recommend you to Contact us and a detailed explanation will be provided.
-
- Delivery
-
Delivery is fulfilled by our partners directly. Once an order has been placed we inform the partner by sharing the delivery email details given in the order process.
Delivery is usually made within 24 hours of an order being placed, however it may take longer should your order be placed prior to the weekend or if otherwise specified on the Market Report details page. Additionally, if details have been not fully completed in the Order process a delay in delivery is possible.
If a delay in delivery is expected you will be informed about it immediately.
-
- Shipping Charges
-
As most Market Reports are delivered in PDF format we almost never have to add additional Shipping Charges. If, however you are ordering a Higher License service or a specific delivery format (e.g. CD version) charges may apply.
If you are concerned about additional Shipping Charges we recommend you to Contact us to double check.
-
- Prices
- Ordering
- By Credit Card
-
We work in Partnership with PayU to ensure payments are made securely in a fast and effortless way. PayU is the e-payments division of Naspers.
Naspers operates in over 133 International Markets and ranks 3rd Globally in terms of the number of e-commerce customers served.
For more information on PayU please visit: https://www.payu.pl/en/about-us
-
- By Money Transfer
-
If you require an invoice prior to payment, this is possible. To ensure a speedy delivery of the Market Report we require all relevant company details and you agree to maximum payment terms of 30 days from receipt of order.
With our regular clients deliver of the Market Report can be made prior to receiving payment, however in some circumstances we may ask for payment to be received before arranging for the Market Report to be delivered.
-
- By Credit Card
- Security
- Website security
-
We have specifically partnered with leading International companies to protect your privacy by using different technologies and processes to ensure security.
Everything submitted to Scotts International is encrypted via SSL (Secure Socket Layer) and all personal information provided to Scotts International is stored on computer systems with limited access in controlled environments.
-
- Credit Card Security
-
We partner with PayU (https://www.payu.pl/en/about-us) to ensure all credit card payments are made securely in a fast and effortless way.
PayU offers 250+ various payment channels and eWallet services across 4 continents allowing buyers to pay electronically, whether on a computer or a mobile device.
-
- Website security