1 Global BGMS (Blood Glucose Monitoring System) Market Size (Value) and CAGR (2024-2033)
In 2024, the global BGMS (Blood Glucose Monitoring System) market was valued at USD 23078.3 million, with a CAGR of 13.9% from 2024 to 2033.
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.
Figure Global BGMS (Blood Glucose Monitoring System) Market Size (M USD) and CAGR 2024-2033
2 BGMS (Blood Glucose Monitoring System) Market Drivers
The BGMS market is experiencing significant growth, driven by several key factors that are shaping the industry’s trajectory. The primary driver is the rising incidence of diabetes globally. According to the International Diabetes Federation, approximately 537 million adults were living with diabetes in 2021, a number projected to increase to around 783 million by 2045. This alarming rise in diabetes prevalence necessitates regular blood glucose monitoring to manage the condition effectively, thereby fueling the demand for BGMS.
Another significant driver is the increasing geriatric population, which is more susceptible to diabetes. As people age, their risk of developing diabetes increases, making regular monitoring crucial for maintaining their health. Additionally, the growing awareness about diabetes preventive care is encouraging more individuals to take proactive steps in managing their condition, including the use of BGMS.
Technological advancements are also playing a pivotal role in driving the BGMS market. Innovations such as continuous glucose monitoring systems (CGMS) offer real-time data, convenience, and accuracy, making them more appealing to both patients and healthcare providers.
3 BGMS (Blood Glucose Monitoring System) Market Restraints
Despite its growth potential, the BGMS market faces several challenges and restraints that could hinder its expansion. One of the primary challenges is the lack of funding for technical advancements in blood glucose monitoring systems. Developing economies, in particular, struggle with the high costs associated with advanced BGMS technologies, limiting their widespread adoption. The maintenance and supporting accessories further increase the overall cost, making these devices less accessible to patients in these regions.
Another significant challenge is the fierce competition within the market. The presence of numerous suppliers offering similar products at competitive prices creates a highly competitive environment. This competition not only affects the bargaining power of major players but also requires continuous investment in research and development to maintain a competitive edge. Additionally, the strong brand image of established players creates high barriers to entry for new market entrants.
The BGMS market is also restrained by the lower diagnosis and treatment rates in emerging countries. A large proportion of the diabetic population in regions such as Africa, Asia-Pacific, and Latin America remain undiagnosed due to limited awareness and access to healthcare infrastructure. For instance, in Africa, nearly half of diabetes patients remain undiagnosed, and in Asia-Pacific, the proportion of undiagnosed diabetes is around 55%, primarily driven by countries like India, China, and Indonesia. This lack of diagnosis significantly limits the adoption of BGMS in these regions.
4 Global BGMS (Blood Glucose Monitoring System) Market Size and Share by Type in 2024
Blood Glucose Test Strips are the most widely used type of BGMS product. These strips are designed to work with blood glucose meters, providing quick and accurate readings of blood glucose levels. In 2024, the market for Blood Glucose Test Strips is forecasted to reach 11,592.2 million USD. This segment holds the largest market share, driven by the frequent need for testing among diabetic patients. The strips are essential for both type 1 and type 2 diabetes patients, making them a staple in diabetes management.
Blood Glucose Meters are portable devices used to measure blood glucose levels. These meters are user-friendly and provide immediate results, making them popular among patients and healthcare providers. In 2024, the market for Blood Glucose Meters is projected to reach 3,634.8 million USD. The growth of this segment is driven by technological advancements that have made these devices more accurate and easier to use. Additionally, the increasing adoption of self-monitoring practices among diabetic patients has further boosted the demand for Blood Glucose Meters.
Continuous Glucose Monitoring Systems represent a more advanced and innovative segment of the BGMS market. These systems provide real-time glucose monitoring, offering continuous data that helps patients and healthcare providers make more informed decisions about diabetes management. In 2024, the market for CGMS is forecasted to reach 7,851.2 million USD. The growth of this segment is driven by the increasing awareness of the benefits of continuous monitoring, particularly among patients with type 1 diabetes and those requiring intensive insulin therapy. CGMS systems offer several advantages over traditional fingerstick methods, including reduced pain, real-time data, and the ability to detect trends and patterns in glucose levels.
Table Global BGMS (Blood Glucose Monitoring System) Market Size and Share by Type in 2024
Type | Market Size (M USD) 2024 | Market Share 2024 |
Blood Glucose Test Strips | 11592.2 | 50.23% |
Blood Glucose Meter | 3634.8 | 15.75% |
CGMS (Continuous Glucose Monitoring System) | 7851.2 | 34.02% |
5 Global BGMS (Blood Glucose Monitoring System) Market Size and Share by Application in 2024
The Hospital segment of the BGMS market is crucial for managing diabetes in clinical settings. Hospitals require accurate and reliable BGMS devices to monitor patients’ glucose levels, especially in critical care units and during surgical procedures. In 2024, the Hospital segment is forecasted to reach 2,950.7 million USD. This segment is driven by the need for precise monitoring in healthcare facilities, where patients with diabetes often require intensive care and frequent glucose checks. The growth of this segment is also supported by advancements in BGMS technologies that enable real-time monitoring and data sharing with healthcare providers.
The Household segment is the largest application area for BGMS, reflecting the widespread adoption of self-monitoring practices among diabetic patients. In 2024, the Household segment is projected to reach 18,969.2 million USD. This segment includes portable BGMS devices that patients use at home to monitor their glucose levels regularly. The growth of this segment is driven by the increasing prevalence of diabetes, the need for regular monitoring to avoid complications, and the availability of user-friendly and affordable BGMS devices.
Table Global BGMS (Blood Glucose Monitoring System) Market Size and Share by Application in 2024
Application | Market Size (M USD) 2024 | Market Share 2024 |
Hospital | 2950.7 | 12.79% |
Household | 18969.2 | 82.19% |
Others | 1158.4 | 5.02% |
6 Global BGMS (Blood Glucose Monitoring System) Market Size by Region in 2024
North America is the largest market for BGMS, driven by advanced healthcare infrastructure, high awareness levels, and technological advancements. In 2024, the North America BGMS market is projected to reach 10,733.6 million USD. This region is characterized by a high prevalence of diabetes, particularly type 2 diabetes, and a strong demand for innovative and accurate BGMS solutions. The market in North America is also influenced by favorable reimbursement policies that make BGMS devices more accessible to patients.
Europe is the second-largest market for BGMS, with a significant share driven by an aging population and increasing prevalence of diabetes. In 2024, the Europe BGMS market is projected to reach 6,544.5 million USD. The growth of this market is supported by advancements in healthcare technology and increasing awareness about diabetes management. European countries also have robust healthcare systems that facilitate the adoption of BGMS devices, particularly in hospital and household settings.
China is a rapidly growing market for BGMS, driven by the large diabetic population and increasing economic development. In 2024, the China BGMS market is projected to reach 1,595.8 million USD. The market in China is characterized by a growing demand for affordable and accurate BGMS solutions, particularly in the household segment. The increasing awareness about diabetes management and the availability of government support for healthcare initiatives are also driving the growth of this market.
Figure Global BGMS (Blood Glucose Monitoring System) Market Size by Region in 2024
7 Major Players in Global BGMS (Blood Glucose Monitoring System) Market
7.1 Abbott
Company Profile:
Abbott Laboratories, founded in 1888, is a multinational medical devices and healthcare company headquartered in Abbott Park, Illinois, USA. Abbott operates globally, offering a diverse range of healthcare products and services, including pharmaceuticals, nutritional products, diagnostics, and vascular devices. The company is renowned for its innovative and reliable BGMS solutions.
Business Overview:
Abbott’s BGMS products are designed to provide accurate and convenient glucose monitoring for diabetic patients. The company’s flagship product, the FreeStyle Libre system, is a continuous glucose monitoring (CGM) device that offers real-time glucose readings and eliminates the need for frequent fingersticks. Abbott’s BGMS solutions are widely used in both hospital and household settings, contributing significantly to its market share.
Product Offered:
Abbott’s BGMS portfolio includes the FreeStyle Libre 14-day system, which is a CGM device that provides continuous glucose monitoring for up to 14 days. This system includes a glucose sensor worn on the upper arm, a smartphone app, and a handheld reader. The device offers significant advantages such as reduced pain, real-time glucose tracking, and improved diabetes management.
Recent Financial Data:
In 2022, Abbott’s BGMS revenue reached 5,468.4 million USD, with a gross margin of 57.52%.
7.2 Roche
Company Profile:
Roche AG, established in 1896, is a Swiss multinational healthcare company with headquarters in Basel, Switzerland. Roche operates under two main divisions: Pharmaceuticals and Diagnostics. The company is known for its extensive range of prescription drugs and diagnostic products, including BGMS solutions.
Business Overview:
Roche’s BGMS products are designed to provide accurate and reliable glucose monitoring for diabetic patients. The company’s Accu-Chek brand is a well-known and trusted name in the BGMS market, offering a variety of products such as blood glucose meters, test strips, and insulin pumps. Roche’s BGMS solutions are used in both clinical and home settings, catering to the diverse needs of diabetic patients.
Product Offered:
Roche’s BGMS portfolio includes the Accu-Chek Combo insulin pump system, which is designed to simplify diabetes management with customizable menus, waterproof features, and a large insulin reservoir capacity. The company also offers a range of blood glucose meters and test strips that provide accurate and quick results.
Recent Financial Data:
In 2022, Roche’s BGMS revenue was 1,883.0 million USD, with a gross margin of 57.01%.
7.3 Medtronic PLC
Company Profile:
Medtronic PLC, founded in 1949, is a global leader in medical technology headquartered in Dublin, Ireland. The company develops and manufactures a wide range of therapeutic and diagnostic medical products, including BGMS solutions. Medtronic’s products are used worldwide to treat various health conditions, including diabetes.
Business Overview:
Medtronic’s BGMS products are designed to provide advanced and reliable glucose monitoring for diabetic patients. The company’s Guardian™ Connect CGM system is a leading product in the continuous glucose monitoring segment, offering real-time glucose monitoring and predictive alerts. Medtronic’s BGMS solutions are used in both hospital and household settings, contributing to its strong market presence.
Product Offered:
Medtronic’s BGMS portfolio includes the Guardian™ Connect CGM system, which is a smart continuous glucose monitor that provides real-time glucose readings and predictive alerts. The system includes a small sensor that can be worn for up to seven days and a Bluetooth transmitter that sends data to a smartphone app. This advanced system helps patients manage their diabetes more effectively.
Recent Financial Data:
In 2022, Medtronic’s BGMS revenue reached 1,965.9 million USD, with a gross margin of 57.49%.