BGM and CGM market size surges to USD 37610 million by 2029 with a CAGR of 12.2% during 2023-2029

The global BGM and CGM market size was valued at USD 16790 million in 2022 and is forecast to a readjusted size of USD 37610 million by 2029 with a CAGR of 12.2% during review period. The global Blood Glucose Monitoring (BGM) and Continuous Glucose Monitoring (CGM) market have witnessed significant growth in recent years, driven by increasing prevalence of diabetes, technological advancements, and growing awareness regarding the importance of glycemic control. This press release provides an in-depth analysis of the BGM and CGM market, covering various aspects including market overview, key players, segmentation, regional analysis, market strengths, weaknesses, opportunities, threats, past performance, forecast, research and development, as well as Pestel and Sipoc analysis.

Market Overview:
The BGM and CGM market refer to the devices used for monitoring blood glucose levels in diabetic patients. BGM involves intermittent testing using portable glucometers, whereas CGM provides continuous real-time monitoring of glucose levels. These devices play a crucial role in diabetes management, enabling patients to monitor their blood sugar levels and make informed decisions regarding medication, diet, and lifestyle.
Top 2 BGM and CGM players in Global Market are Roche and Lifescan, hold a share over 30%, other key players include Abbott, Ascensia and ARKRAY, etc. Europe is largest BGM and CGM region market, occupied for around 30 percent, followed around 25% market share for North America. In terms of type, BGM occupied a market share around 60 percent, but market share of CGM is increasing rapidly. In terms of application, household BGM and CGM holds share about 80 percent in global market.

Market Key Players:
• Roche
• Lifescan
• Abbott
• Ascensia
• ARKRAY
• I-SENS
• Omron
• B. Braun
• 77 Elektronika
• AgaMatrix
• Terumo
• Sinocare
• Yicheng
• Yuwell
• Acon
• Dexcom
• Medtronic
• Senseonics Holdings

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Market Segmentation by Type:
• BGM
• CGM

Market Segmentation by Application:
• Hospital
• Household
• Others

US Market:
The United States represents the largest market for BGM and CGM devices, attributed to the high prevalence of diabetes, favorable reimbursement policies, and technological advancements. The adoption of CGM systems is particularly high in the US, owing to the growing demand for continuous monitoring and improved patient outcomes.

EUROPE Market:
Europe is another significant market for BGM and CGM devices, supported by increasing healthcare expenditure, rising awareness about diabetes management, and favorable government initiatives. Countries like Germany, France, and the UK are witnessing substantial growth in the adoption of CGM systems.

APAC Market:
The Asia-Pacific (APAC) region offers lucrative opportunities for market players, driven by the growing diabetic population, rising disposable income, and increasing healthcare infrastructure. Countries like China, India, and Japan are witnessing rapid adoption of BGM and CGM devices, supported by expanding healthcare access and rising awareness about diabetes prevention and management.

Middle-East Market:
The Middle-East market for BGM and CGM devices is also growing steadily, fueled by the increasing prevalence of diabetes, rising healthcare expenditure, and government initiatives to improve diabetes care. Countries like Saudi Arabia, UAE, and Qatar are witnessing a surge in demand for advanced monitoring devices to manage diabetes effectively.

Market Segmentation by Regions:
• North America (United States, Canada and Mexico)
• Europe (Germany, France, United Kingdom, Russia, Italy, and Rest of Europe)
• Asia-Pacific (China, Japan, Korea, India, Southeast Asia, and Australia)
• South America (Brazil, Argentina, Colombia, and Rest of South America)
• Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa, and Rest of Middle East & Africa)

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Market Strengths:
• Increasing prevalence of diabetes worldwide
• Technological advancements in BGM and CGM devices
• Growing adoption of self-monitoring and homecare devices
• Favorable reimbursement policies in key markets

Market Weaknesses:
• High cost associated with CGM systems
• Limited awareness and access in rural areas
• Regulatory challenges in emerging markets

Market Opportunities:
• Expansion of product portfolio and geographic presence
• Focus on personalized and connected healthcare solutions
• Collaboration with healthcare providers and insurers
• Integration of artificial intelligence and machine learning technologies

Market Threats:
• Intense competition among key players
• Regulatory uncertainties and compliance issues
• Threat of cybersecurity breaches
• Economic downturns and healthcare budget constraints

Market Past Performance:
The BGM and CGM market have witnessed steady growth over the past decade, driven by technological advancements, increasing diabetic population, and rising healthcare expenditure. The market has evolved from traditional BGM devices to advanced CGM systems, offering continuous real-time monitoring and improved patient outcomes.

Market Forecast:
The BGM and CGM market are expected to continue growing at a robust pace in the coming years, fueled by the rising prevalence of diabetes, increasing awareness about glycemic control, and technological innovations. The market is projected to witness significant expansion in emerging economies, driven by improving healthcare infrastructure and rising disposable income.

Market Research and Development:
Market players are investing heavily in research and development to introduce innovative products and address unmet needs in diabetes management. Key focus areas include sensor technology, data analytics, connectivity solutions, and user-friendly interfaces. Strategic collaborations and partnerships are also prevalent in the market to accelerate product development and market penetration.

Market Pestel Analysis:
A Pestel analysis of the BGM and CGM market reveals several factors influencing its growth, including political, economic, social, technological, environmental, and legal aspects. Political stability, economic growth, changing demographics, technological advancements, environmental concerns, and regulatory frameworks play a significant role in shaping the market landscape.

Market Sipoc Analysis:
A Sipoc analysis of the BGM and CGM market highlights the suppliers, inputs, processes, outputs, and customers involved in the value chain. Key stakeholders include device manufacturers, sensor suppliers, healthcare providers, regulatory agencies, insurers, and patients. Understanding the Sipoc framework is essential for identifying opportunities for process improvement and value creation.

Conclusion:
In conclusion, the BGM and CGM market offer promising growth prospects driven by increasing diabetes prevalence, technological advancements, and growing awareness about glycemic control. Market players are focusing on innovation, expansion, and strategic partnerships to capitalize on emerging opportunities and overcome challenges. With continued investments in research and development, the market is poised for sustained growth and innovation, ultimately improving the quality of life for diabetic patients worldwide.

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This release was published on openPR.