Firstly, CGMs are becoming increasingly popular in Korea due to the rising incidence of diabetes. According to the International Diabetes Federation, there were an estimated 5.8 million people with diabetes in Korea in 2021, accounting for approximately 10% of the adult population. As a result, there is a growing need for diabetes management tools, including CGMs, to help people with diabetes monitor their blood glucose levels more effectively.
Multinational companies such as Abbott, Dexcom, and Medtronic dominate the CGM market in Korea, with their advanced CGM systems offering features such as Bluetooth connectivity, mobile app integration, and predictive alerts for hypoglycemia and hyperglycemia. These features provide users with real-time data on their blood glucose levels, enabling them to make more informed decisions about their diabetes management.
There are also local companies such as Philosys and i-SENS that offer CGM devices at a lower cost than their multinational counterparts. These companies have been able to capture a significant portion of the market by offering more affordable CGM options, particularly for people with limited financial resources.
The Korean government has been actively promoting the use of CGM devices by providing subsidies and insurance coverage for people with diabetes. In 2021, the government announced that it would provide up to KRW 210,000 (approximately USD 180) per year to eligible people with diabetes to help cover the cost of CGM devices. This has made CGMs more accessible to a wider range of people with diabetes in Korea.
In conclusion, the CGM market in Korea is expected to continue growing due to the increasing prevalence of diabetes and the government’s efforts to promote the use of CGM devices. Multinational companies dominate the market, but local companies are also playing a significant role by offering more affordable CGM options. With the increasing adoption of CGMs, people with diabetes in Korea are likely to have better control over their blood glucose levels and overall health outcomes.
Abbott
Abbott, another multinational company, has also been making moves in the CGM market in Korea. Abbott’s CGM system, the FreeStyle Libre, is a popular and widely used CGM system in Korea.
In 2016, Abbott received regulatory approval from the Korean Ministry of Food and Drug Safety to market the FreeStyle Libre CGM system in Korea. The FreeStyle Libre is a flash glucose monitoring system that provides users with real-time glucose readings when scanned with a reader or a mobile device. The FreeStyle Libre does not require users to prick their fingers to obtain blood samples, making it a more convenient option for many people with diabetes.
Abbott has been expanding its presence in Korea by partnering with local distributors and healthcare providers. In 2020, Abbott signed a partnership agreement with the Korean Society of Endocrinology to promote diabetes management and education in Korea. The partnership aims to improve access to diabetes care and promote the use of innovative technologies such as the FreeStyle Libre.
Abbott has also been working to improve the FreeStyle Libre CGM system through product innovations and updates. In 2018, Abbott launched the FreeStyle Libre 2, which offers real-time alerts for high and low glucose levels. In 2020, Abbott launched the FreeStyle Libre 3, which is the world’s smallest and thinnest CGM system, and provides users with real-time glucose readings every minute.
In addition, Abbott has been working to improve access to the FreeStyle Libre CGM system in Korea by offering subsidies and discounts to eligible users. In 2020, Abbott announced that it would offer a 50% discount on the FreeStyle Libre to people with diabetes in Korea who are registered with the National Health Insurance Service.
Overall, Abbott’s move into the CGM market in Korea has been significant, with the company working to expand its presence through partnerships, collaborations, and product innovations. Abbott’s focus on improving access to diabetes care and promoting the use of innovative technologies such as the FreeStyle Libre is likely to have a positive impact on diabetes management and outcomes in Korea.
Dexcom
Dexcom, a leading CGM company, has been making significant moves in the CGM market in Korea in recent years. In 2018, Dexcom received regulatory approval from the Korean Ministry of Food and Drug Safety to market its Dexcom G6 CGM system in Korea. The Dexcom G6 is a next-generation CGM system that provides real-time glucose readings every five minutes and sends alerts to the user’s mobile device when glucose levels are too high or too low.
Dexcom has been expanding its presence in Korea by partnering with local distributors and healthcare providers. In 2019, Dexcom signed a distribution agreement with Diamesco, a Korean distributor of medical devices, to distribute the Dexcom G6 CGM system in Korea. The agreement enables Diamesco to market and sell the Dexcom G6 to healthcare providers and people with diabetes in Korea.
Dexcom has also been collaborating with healthcare providers and organizations in Korea to improve diabetes management and education. In 2019, Dexcom partnered with the Korean Diabetes Association to provide education and training programs for healthcare professionals on the use of CGM devices. The partnership aims to increase awareness of the benefits of CGM technology and promote the use of CGMs among people with diabetes in Korea.
In 2021, Dexcom launched a Korean-language version of its mobile app for the Dexcom G6, making it easier for Korean users to access and monitor their glucose data. The mobile app allows users to view glucose data in real-time, track trends over time, and share data with healthcare providers.
Overall, Dexcom’s move into the CGM market in Korea has been significant, with the company working to expand its presence through partnerships, collaborations, and product launches. Dexcom’s focus on improving diabetes education and increasing awareness of the benefits of CGM technology is likely to have a positive impact on diabetes management and outcomes in Korea.
Medtronic
Medtronic, a multinational medical device company, has also been making moves in the CGM market in Korea. Medtronic’s CGM system, the Guardian Connect, is a popular and widely used CGM system in Korea.
In 2019, Medtronic received regulatory approval from the Korean Ministry of Food and Drug Safety to market the Guardian Connect CGM system in Korea. The Guardian Connect is a standalone CGM system that provides users with real-time glucose readings every five minutes and sends alerts to the user’s mobile device when glucose levels are too high or too low.
Medtronic has been expanding its presence in Korea by partnering with local distributors and healthcare providers. In 2020, Medtronic signed a distribution agreement with Bionics, a Korean distributor of medical devices, to distribute the Guardian Connect CGM system in Korea. The agreement enables Bionics to market and sell the Guardian Connect to healthcare providers and people with diabetes in Korea.
Medtronic has also been collaborating with healthcare providers and organizations in Korea to improve diabetes management and education. In 2020, Medtronic partnered with the Korean Diabetes Association to provide education and training programs for healthcare professionals on the use of CGM devices. The partnership aims to increase awareness of the benefits of CGM technology and promote the use of CGMs among people with diabetes in Korea.
In addition, Medtronic has been working to improve the Guardian Connect CGM system through product innovations and updates. In 2020, Medtronic launched the Guardian Connect 3 CGM system, which offers real-time alerts for high and low glucose levels and allows users to share glucose data with up to five followers.
Overall, Medtronic’s move into the CGM market in Korea has been significant, with the company working to expand its presence through partnerships, collaborations, and product innovations. Medtronic’s focus on improving diabetes education and increasing awareness of the benefits of CGM technology is likely to have a positive impact on diabetes management and outcomes in Korea.
Uthando Nethemba 