Global BGMS (Blood Glucose Monitoring System) Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global BGMS (Blood Glucose Monitoring System) Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

A blood glucose monitoring system also known as BGM is an effective tool used for monitoring blood sugar levels, especially for diabetic patients. Blood glucose monitoring systems have helped patients become self-reliant and take control of their medical health. BGM systems track high or low glucose levels and encourage the patients to take relevant medication or treatment. The blood glucose monitoring devices market includes conventional handheld blood glucose meters (BGMs) that require frequent fingerstick, and new, sensor-based continuous glucose monitoring systems (CGMs) typically worn the upper arm or abdomen that conveniently monitor blood glucose 24/7. Blood glucose monitoring systems work by understanding the resistance to an electric current sent through a blood-stained test strip. Or by inserting a sensor under the patient's skin that reads the glucose level between cell fluids. The type of blood glucose monitoring system to be used depends on the requirements of the patient.

Market Overview:

The latest research study on the global BGMS (Blood Glucose Monitoring System) market finds that the global BGMS (Blood Glucose Monitoring System) market reached a value of USD 17901.0 million in 2022. It’s expected that the market will achieve USD 38594.31 million by 2028, exhibiting a CAGR of 13.66% during the forecast period.

BGMS (Blood Glucose Monitoring System) Drivers

The key drivers of the market are the rising incidence of diabetes and the increasing geriatric population prone to diabetes. The market growth is further propelled by the increasing awareness regarding diabetes preventive care and new product launches. Diabetes is a serious and growing problem globally, where the inefficiency of the pancreas to produce insulin results in an increase in blood glucose levels. According to the estimations of the International Diabetes Federation (IDF), in 2021, around 537 million adults were suffering from diabetes and it is projected to reach around 783 million by 2045.with the increasing prevalence of diabetic patients globally, it is critical for patients to regularly monitor their blood glucose levels to avoid an episode of hyperglycemia or hypoglycemia. The adoption of these systems is growing at a faster pace owing to factors such as the increasing patient pool living with diabetes， rising awareness regarding blood sugar monitoring among patients, and the introduction of novel monitoring devices by key players.

Also, a significant increase has been observed in the number of patients suffering from type-1 or insulin-dependent type 2 diabetes, which has been instrumental in surging the uptake of these systems globally. For instance, according to the data published by International Diabetes Federation, in 2021, it was estimated that the incidence of type 1diabetes was 149.5 per 1,000 in children and adolescents of age (0-19) years and the global prevalence was around9.8% among the total population. Hence, the presence of a large patient population suffering from insulin-dependent diabetes， new product introduction by market players， and favorable reimbursement are fueling the demand and adoption of diabetes monitoring products, such as BGMs. As a result, the market is forecasted to grow during 2023-2028.

Region Overview:

North America had the highest growth rate of all regions.

Company Overview:

Abbott is one of the major players operating in the BGMS (Blood Glucose Monitoring System) market, holding a share of 25.07% in 2022.

Abbott Laboratories is an American multinational medical devices and health care company with headquarters in Abbott Park, Illinois, United States. Abbott Laboratories discovers, develops, manufactures, and sells a broad and diversified line of health care products and services. The Company's products include pharmaceuticals, nutritional, diagnostics, and vascular products. Abbott markets its products worldwide through affiliates and distributors.

Roche AG is a Swiss multinational healthcare company that operates worldwide under two divisions: Pharmaceuticals and Diagnostics. Roche Holding AG develops and manufactures pharmaceutical and diagnostic products. The Company produces prescription drugs in the areas of cardiovascular, infectious, autoimmune, respiratory diseases, dermatology, metabolic disorders, oncology, transplantation, and the central nervous system.

Segmentation Overview:

Among different product types, Blood Glucose Test Strips segment is anticipated to contribute the largest market share in 2027.

Application Overview:

By application, the Household segment occupied the biggest share from 2017 to 2022.

Key Companies in the global BGMS (Blood Glucose Monitoring System) market covered in Chapter 3:

Yuwell
AgaMatrix
Sinocare
Terumo
LifeScan
Acon
Medtronic PLC
ALL Medicus
ARKRAY
B. Braun
Ascensia
I-SENS
Omron
77 Elektronika
Abbott
Roche

In Chapter 4 and Chapter 14.2, on the basis of types, the BGMS (Blood Glucose Monitoring System) market from 2018 to 2029 is primarily split into:

Blood Glucose Test Strips
Blood Glucose Meter
CGMS (Continuous Glucose Monitoring System)

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the BGMS (Blood Glucose Monitoring System) market from 2018 to 2029 covers:

Hospital
Household
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)