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BGM and CGM Market Report Overview
The global BGM and CGM market size was valued at USD 15452.99 million in 2021. As per our research, the market is expected to reach USD 39544.32 million by 2027, exhibiting a CAGR expansion of 16.95% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the BGM and CGM market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
BGM (Blood Glucose Monitoring) involves periodic finger stick tests to measure blood glucose levels, while CGM (Continuous Glucose Monitoring) uses a sensor to continuously monitor glucose levels and provides real-time data to help people with diabetes manage their condition more effectively. CGM is considered a more convenient and comprehensive monitoring method compared to traditional BGM.
The market for BGM (Blood Glucose Monitoring) and CGM (Continuous Glucose Monitoring) has seen significant growth and innovation in recent years due to the increasing prevalence of diabetes and a growing demand for more effective and convenient glucose monitoring solutions. The CGM market has experienced rapid growth, driven by the demand for real-time glucose monitoring and the desire to reduce the need for frequent fingerstick testing. Additionally, the trend toward greater connectivity and integration of glucose monitoring data into broader healthcare ecosystems is expected to continue.
COVID-19 Impact: Market Faced a Rise in Demand Due to Increased Demand for Remote Monitoring During the Pandemic
There was no single sector unaffected by COVID-19. The BGM and CGM market was affected as well. The pandemic accelerated the adoption of remote monitoring technologies, including CGM. People with diabetes, particularly those at higher risk for severe illness from COVID-19, sought alternatives to minimize in-person healthcare visits. CGM devices, with their ability to provide real-time glucose data remotely, became more appealing for patients and healthcare providers.
Latest Trends
"Integration with Smartphones and Apps to Provide Real-Time Alerts to the Users"
The BGM and CGM market is as dynamic as any market. BGM and CGM devices have increasingly been designed to integrate with smartphones and companion apps. This integration allows users to easily track and share their glucose data with healthcare providers and caregivers. Some systems even offer features like real-time alerts and trend analysis on mobile apps.
BGM and CGM Market Segmentation
- By Type Analysis
According to type, the market can be segmented into Continuous Glucose Monitoring (CGM) and Blood Glucose Meter (BGM).
In terms of services, Blood Glucose Meter (BGM) is the largest segment, as it holds the maximum share of the market.
- By Application Analysis
Based on application, the market can be divided into hospital and household.
Driving Factors
"Health and Wellness Trends to Increase Demand in the Market"
Beyond clinical applications, BGM and CGM devices are appealing to individuals interested in health and wellness. Athletes and fitness enthusiasts use these devices to optimize their performance and nutrition. The health and wellness trend promotes personalized health and self-quantification. Individuals are increasingly interested in monitoring various aspects of their health, including blood glucose levels, to optimize their well-being. CGM devices, in particular, provide a means for individuals to gather detailed data about their glucose responses to different foods, exercise, and lifestyle choices. People are increasingly adopting a preventive approach to health, seeking to identify and address health issues before they become more serious. Monitoring blood glucose levels can help identify potential metabolic issues early on, even in individuals without diabetes.
"Increasing Aged Population to Influence the Demand in the Market"
The aging population, which is more prone to diabetes, is contributing to the growth of the BGM and CGM markets. As individuals age, their risk of developing type 2 diabetes increases. The aging process can lead to reduced insulin sensitivity and pancreatic function, making seniors more prone to diabetes. This higher prevalence of diabetes among the elderly population creates a growing need for glucose monitoring solutions. The aging population often has complex health needs, including multiple chronic conditions. Effective glucose monitoring is vital for managing diabetes alongside other health issues, such as cardiovascular disease, kidney disease, and hypertension. CGM systems, with their ability to provide continuous data, can be especially valuable in such cases. As the elderly population increases, there is a greater need for glucose monitoring solutions. In this way this factor resulted in BGM and CGM market growth.
Restraining Factor
"High Costs Could Lead to a Declining Trend in the Market"
One of the primary restraining factors is the high cost associated with CGM devices, especially compared to traditional BGM devices. CGM systems often involve the purchase of both the sensor and the receiver, which can be expensive. This cost can limit adoption, particularly among individuals without adequate insurance coverage or financial resources. As a consequence, there can be a declining trend in the market.
BGM and CGM Market Regional Insights
"North America to Dominate the Market owing to Advanced Healthcare Infrastructure"
North America has the largest BGM and CGM market share as it has a high prevalence of diabetes. The International Diabetes Federation estimates that a significant portion of the global diabetes population resides in North America. The large diabetic population creates a substantial demand for glucose monitoring solutions. North America boasts a well-developed and advanced healthcare infrastructure. The region has a high concentration of healthcare facilities, physicians, and specialists. This infrastructure supports the diagnosis, treatment, and management of diabetes, including the use of BGM and CGM technologies. North America has stringent but well-defined regulatory frameworks for medical devices, including BGM and CGM systems. This regulatory environment helps ensure the safety and effectiveness of glucose monitoring devices, instilling confidence in both healthcare providers and patients. North America has some of the highest healthcare expenditures per capita in the world. This allows for greater investment in healthcare technologies and innovations, including diabetes management solutions.
Key Industry Players
"Key Players Focus on Research and Development and Continuous Improvement For Market Expansion"
Key players in the Blood Glucose Monitoring (BGM) and Continuous Glucose Monitoring (CGM) markets play essential roles in developing, manufacturing, marketing, and distributing glucose monitoring devices and related technologies. Key players invest heavily in research and development to create innovative and technologically advanced BGM and CGM devices. This includes developing sensors, algorithms, hardware, and software that improve accuracy, usability, and connectivity. To stay competitive, key players continuously improve their devices based on user feedback, technological advancements, and clinical research. This includes developing software updates and hardware enhancements. Key players often seek opportunities to expand their market presence globally, entering new regions and markets where diabetes prevalence is rising and where there is a demand for glucose monitoring technologies.
LIST OF TOP BGM AND CGM COMPANIES
- Abbott(U.S)
- Terumo (Japan)
- 77 Elektronika (Hungary)
- Yuwell (China)
- ARKRAY (India)
Report Coverage
The report brings together extensive research on the qualitative and quantitative factors affecting the market. It gives an overall macro and micro view of the online reputation service industry. This research profiles a report with extensive studies on the online reputation management services market that describe the firms affecting the forecasting period. Detailed studies also offer a comprehensive analysis by inspecting factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others.
Furthermore, the post-COVID-19 pandemic’s effect on international market restrictions and a deep understanding of how the industry will recover and strategies are also stated in the report. Finally, the competitive landscape has also been examined in detail to provide clarification of the competitive landscape.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 15452.99 Million in 2021 |
Market Size Value By |
US$ 39544.32 Million by 2027 |
Growth Rate |
CAGR of 16.95% from 2021 to 2027 |
Forecast Period |
2021-2027 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the global BGM and CGM market expected to touch by 2027?
The global BGM and CGM market is expected to touch USD 39544.32 million by 2027.
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What CAGR is the BGM and CGM industry expected to exhibit during 2021-2027?
The global BGM and CGM market is expected to exhibit a CAGR of 16.95% over 2021-2027.
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What are the factors which help in pushing the BGM and CGM market?
Health and wellness trends and increasing aged population are the driving factors of the BGM and CGM market.
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Which are the key players or most dominating companies functioning in the BGM and CGM market?
Abbott, Terumo, 77 Elektronika, Yuwell, and ARKRAY are the top companies operating in the BGM and CGM market.
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