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South Korean Diabetes Diagnostics Markets
Frost & Sullivan, Dec 2006
This Frost & Sullivan research service titled South Korean Diabetes Diagnostics Markets provides a complete market analysis with Market Engineering measurements, revenue forecasts, market revenues, technology trends, market share analysis, and end-user analysis. In this study, Frost & Sullivan's expert analysts thoroughly examine the following markets: Laboratory and POCT diabetes diagnostics.
Market Overview
South Korea Diabetes Diagnostic Market Shows Immense Growth Potential
The South Korean diabetes diagnostics market grew at a higher pace in 2005 over 2004, and is expected to grow even at a higher compound annual growth rate (CAGR) from 2005 to 2012. The increasing incidence of diabetes and the resulting higher volumes of diagnostic tests are expected to support this strong growth. 'South Korea has such high rates of diabetes that almost 43.0 percent of the South Korean population is diagnosed with diabetes,' according to the analyst of the study. 'However, approximately 2.28 million remains undiagnosed, reflecting the future long-term potential of this market.'
Laboratory diabetes diagnostics has long been the ‘golden standard’ for diabetes diagnosis. However with the emergence of point of care testing (POCT), the current low level of testing is expected to grow by 2012, thereby effectively taking away the shares of laboratory testing. This non-invasive technology is set to be a huge driver for the POCT diabetes diagnostics market. The introduction of this cutting-edge technology is expected to fuel the growth of POCT further to new heights, and contribute to increased test volumes.
Changing Lifestyle Trends and Growing Aging Population Heightens Risk of Diabetes thus Boosting the Market’s Growth Potential
The changing lifestyle is bound to have an impact on the increase of the diabetogenic factors. The reduced physical activity and increasing stress levels of people are considered the major causes. These, coupled with unhealthy high-calorie food habits are resulting in obesity and overweight among the South Korean population. This trend is expected to increase the prevalence of diabetes, and hence the large market potential.
The elderly population in South Korea is increasing with the people aged 65 years and above growing at 5.0 percent each year. Nearly 9.0 percent of the total population of the country is above 65 years of age. 'With researches proving that the aged people are more susceptible to Type II Diabetes, the aged population has a direct impact on the incidence of diabetes,' explains the analyst. 'Hence, due to this increasing diabetes incidence, the demand for diagnostic testing of diabetes is expected to increase.'
Technologies
The following technologies are covered in this research:
-Automation and integration
-Total lab automation
-Non-invasive technology
-Centralized POCT
Market Sectors
Expert Frost & Sullivan analysts thoroughly examine the following market sectors in this research:
-Laboratory diabetes diagnostics
-POCT diabetes diagnostics
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