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Home / India News / 2007 / January / January 3, 2007
Increased Awareness and New Technologies Drive Growth of South Korean Diabetes Diagnostics Market

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Increased Awareness and New Technologies Drive Growth of South Korean Diabetes Diagnostics Market

Mumbai, Maharashtra, India

The South Korean diabetes diagnostics market is facing the challenge of high cost pressures due to high operating costs of laboratories. However, the huge market potential and introduction of new technologies is likely to bolster the growth of this market. In addition, around 43.0 percent of the total South Korean population is diagnosed with diabetes; and, the remaining 2.28 million are undiagnosed, thus reflecting the long-term potential of this market.

New analysis from Frost & Sullivan (www.pharmaceuticals&biotechnology.frost.com), South Korean Diabetes Diagnostics Markets, reveals that the market earned revenues of $47.2 million in 2005 and is estimated to reach $70.3 million in 2012.

If you are interested in a virtual brochure, which provides manufacturers, end users, and other industry participants with an overview of the South Korean Diabetes Diagnostics Markets, then send an e-mail to Shwetha Thomas, Corporate Communications, at sthomas@frost.com with the following information: your full name, company name, title, telephone number, fax number, and e-mail address. Upon receipt of the above information, an overview will be sent to you by e-mail.

"The changing lifestyle is increasing the diabetogenic factors- reduced physical activity and increasing stress levels of people coupled with unhealthy high calorie food habits is resulting in obesity among the South Korean population," says Frost & Sullivan Research Analyst Anbarasan Vasudevan. "In addition, with Government help, the South Korean population has become aware of diabetes as well as the treatments available in the market, which encourages individuals to conduct more frequent health checkups and voluntary diagnostic testing."

Laboratory diabetes diagnostics has long been the 'golden standard' for diabetes diagnosis. However, with point of care testing (POCT), the low levels of the total diabetes diagnostic tests currently done is likely to reach a much higher level by 2012, thereby taking away the shares of laboratory testing. This non invasive technology is set to be a huge driver for the POCT diabetes diagnostics market.

Although the future looks bright for this market, its challenge lies in outliving the competition. Nearly 80.0 percent of the South Korean hospitals are Government owned, and since the funding is low, their laboratories are heavily dependent on the cost of the reagents. Due to heavy competition, the foreign manufacturers are cutting down the prices of reagents at an average of 3.0 percent annually, it is further reduced due to the lower costs offered by the local reagent manufacturers.

"In addition, strong relationships between hospitals and distributors in South Korea have traditionally prevented direct sales from manufacturers to hospitals, and has given distributors opportunities to extract high margins, which trickle down to consumers in the form of higher prices," explains Vasudevan. "As a result, manufacturers have to struggle to sustain their market share, since sales prospects decrease due to higher price realization on customers."

As more participants are supplying products directly to clinical laboratories, the advantage of lower margins is likely to carry over to the customers in the form of lower prices. Besides, the South Korean Government has been encouraging self-medication, and the people are accepting this as they become more aware of the available products. As the number of educated consumers rise, this market is likely to stabilize.

The South Korean Diabetes Diagnostics Markets is part of the Pharmaceutical and Biotechnology Growth Partnership Service, and it provides a complete market analysis with Market Engineering measurements, revenue forecasts, market revenues, technology trends, market share analysis, and end-user analysis. This study also includes a thorough examination of the following markets: Laboratory and POCT diabetes diagnostics market. In addition, it provides an overview of these technologies: automation and integration, total lab automation, non-invasive technology, and centralized POCT. Interviews are available to the press.

Frost & Sullivan, a global growth consulting company, has been partnering with clients to support the development of innovative strategies for more than 40 years. The company's industry expertise integrates growth consulting, growth partnership services, and corporate management training to identify and develop opportunities. Frost & Sullivan serves an extensive clientele that includes Global 1000 companies, emerging companies, and the investment community by providing comprehensive industry coverage that reflects a unique global perspective and combines ongoing analysis of markets, technologies, econometrics, and demographics. For more information, visit www.frost.com.

South Korean Diabetes Diagnostics Markets
P00E

Shwetha Thomas, Corporate Communications - South Asia, Middle East, Frost & Sullivan, + 91 (022) 4001 3429 sthomas@frost.com

Melina Trevino, Corporate Communications - North America, Frost & Sullivan, + 1 210 247 2440 melina.trevino@frost.com

Source: Frost & Sullivan (Business Wire India)

Press release presented here is sourced from the Source mentioned above and is provided on as-is basis. Please contact the Company / Source directly for any further information in regard to this release. This website will be unable to assist you in regard to the accuracy or correctness of information in this release.

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