Competition among pharmaceutical and medical device companies is intensifying in South Korea's continuous glucose monitoring (CGM) market. With imported products accounting for more than 90% of the market, domestic firms are pursuing different strategies, including licensing overseas products, developing their own devices, expanding distribution networks and building digital platforms.
South Korea's blood glucose monitoring device market grew 60.8% to 126.89 billion won from 78.921 billion won in 2020, according to the Korea Health Industry Development Institute on the 18th. The CGM segment accounted for about 57.5 billion won, or 45.3% of the total market, in 2024. That compares with just 8% in 2020, a more than fivefold increase in four years. Imported products, however, make up 92.5% of the CGM market.
CGM devices use a sensor attached to the skin to continuously measure glucose levels in subcutaneous tissue. Unlike blood glucose meters (BGM), which require finger-prick blood samples, they allow users to track glucose trends in real time.
Domestic companies are expanding their market presence by bringing in overseas products. GC Green Cross MS signed a memorandum of understanding on the 14th with Jiangsu Yuyue Medical Equipment & Supply (Yuwell), a Chinese medical device maker, to introduce its CGM device in South Korea. Daewoong Pharmaceutical (069620.KS) supplies Abbott's FreeStyle Libre, while Huons supplies Dexcom's G6 and G7 devices in the domestic market.
i-SENS is the only South Korean company to have commercialized a CGM device using its own technology. Since launching the domestically developed CareSens Air in 2023, i-SENS has expanded its distribution network through partnerships with Handok (002390.KS) and Dong-A ST. Its CGM revenue reached 17.8 billion won in the first half of this year, already surpassing the 17.6 billion won it posted for all of last year. UXN is developing an enzyme-free CGM device, while Osang Healthcare is working on its own product with a target launch in 2028.
CGM devices currently qualify for medical expense support under the national health insurance program. Type 1 diabetes patients registered with the National Health Insurance Service can receive partial reimbursement when they buy devices from registered medical device retailers with a doctor's prescription.
An industry official said the CGM market will grow further if coverage expands to Type 2 diabetes patients who use insulin. "In particular, if the support method shifts from medical expense reimbursement to insurance benefits, patients will be able to receive prescriptions and buy devices directly at hospitals and clinics," the official said. "That would bring a sweeping overhaul of product supply procedures and the settlement systems used by pharmaceutical companies."