Solid Growth Set for South Korean Diabetes Care Devices Market

South Korea has made great strides in automated medical devices, particularly for tackling diseases like diabetes, which has become a significant health concern in the country.

Sedentary lifestyles and poor diets has led to a increase in diabetes in South Korea but advancements in diabetes care devices could revolutionize the condition’s management. Consequently, the market for these devices will grow more than 6% annually between 2023 and 2030, forecasts GlobalData. 
 
GlobalData’s report, “Insulin Pumps and Continuous Glucose Monitors Market Size (Value, Volume, ASP) by Segments, Share, Trend and SWOT Analysis, Regulatory and Reimbursement Landscape, Procedures and Forecast to 2033,” reveals that South Korea’s diabetes care devices market accounts for more than 10% of the Asia-Pacific (APAC) market in 2023. 
 
Various devices are available, including diabetic patches, for administering insulin and monitoring diabetes. However, these devices still have certain constraints, such as data accuracy and reliability.
 
“Many of the diabetic patch devices available in the market are prone to errors since parameters such as additional carbohydrate consumption need to be entered manually,” GlobalData Medical Devices Analyst Diksha Balmuchu said. “Inaccuracy in the procedure might result in improper insulin administration and may put a patient’s life at risk. This demands for better alternatives, with enhanced monitoring and disease management.” 
 
Medtronic has agreed to acquire South Korea-based wearable insulin patch manufacturer EOFlow Co. Ltd. Medtronic will integrate fully disposable insulin delivery device EOPatch with its Meal Detection Technology algorithm to provide improved access to accurate and reliable diabetic solutions, and thereby address the limitations of the existing wearable insulin delivery devices in the market.  
 
“The availability of EOPatch, which combines diabetic monitoring and insulin delivery, has the potential to cater to a significant diabetic population reliant on insulin. This device offers a comprehensive solution for diabetes management. The introduction of EOPatch into the South Korean market will not only contribute to the expansion of Medtronic’s presence but also facilitate easier disease management for diabetic patients, enhancing their overall experience. The combination of technology of the patch, with Medtronic’s capabilities will make this product more reliable,” Balmucho stated.