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blood ketone meter market

Blood Ketone Meter Market Share, Size, Trends, Industry Analysis Report, By Product (Blood Ketone Monitoring, Blood Glucose and Ketone Monitoring, Consumables), By Application (Human, Veterinary), By End-Use, By Region; Segment Forecast, 2022 - 2030

  • Published Date: Jan 2022
  • Pages: 110
  • Format: PDF
  • Report ID: PM2175
  • Base Year: 2021
  • Historical Data: 2018 - 2020

Report Summary

The global blood ketone meter market was valued at USD 318.76 million in 2021 and is expected to grow at a CAGR of 6.7 % during the forecast period. The significant factors for the market growth are the increasing number of diabetes patients globally as well as constant technological advancements that may boost the market demand. Besides, rising investment for the introduction of the multi-functional blood ketone meters by the leading competitors is also projected to act as a catalyzing factor for the market. Moreover, increasing demand for non-invasive procedures as well as rising government support for these meters is further supporting the blood ketone meter market demand across the globe.

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The outbreak of the COVID-19 has a profound influence on the overall healthcare sector, and this also drastically affects the global economy. Companies also increase their production to meet the consumer growing demand. The proliferation of these meters boosts during this period as diabetic patients are more prone to get infected by the coronavirus. The constant need to monitor glucose and ketone levels as appropriate are directly associated with the demand of these meters. Hence, these factors reflect that the market gains significant prominence worldwide during the pandemic.

Industry Dynamics

Growth Drivers
The rising number of government support and their initiatives for encouraging the adoption of glucose monitoring is one of the major driving factors for the blood ketone meter market growth. For instance, the American Medical Association, Centre of Disease Control (CDC), and ADA introduced a campaign in 2016 for increasing awareness regarding pre-diabetes and supporting people to undertake these tests for diabetic conditions. Each year, November is considered the National Diabetes Awareness month that targets raising awareness about diabetes prevention and control.

Accordingly, these factors are creating lucrative opportunities for blood ketone meter market development across the globe. Furthermore, leading players are focusing on technological advancements, such as the introduction of multi-functional devices and different body function monitoring devices can also influence the rise of efficient service of devices. Additionally, growing investments in R&D activities are being measured as the best alternative by key players to propose multi-functional devices and accelerate the proliferation rate as in the innovative health care diagnostic tools.

Blood Ketone Meter Market 2030

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Report Segmentation

The market is primarily segmented on the basis of product, application, end-use, and region.

By Product

By Application

By End-use

By Region

  • Blood Ketone Monitoring
  • Blood Glucose and Ketone Monitoring
  • Consumables
  • Human
  • Veterinary
  • Hospitals
  • Diagnostic Centres
  • Home Care Settings
  • Others
  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Spain, Netherlands, Austria)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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Insight by Function

The blood ketone monitoring segment is accounts for the largest revenue in the global market. Ketone monitoring meters assist in the early recognition of the generation of ketones and may also alert the approaching keto-acidosis that may gradually decrease the problems of diabetic ketoacidosis. Hence, the rising occurrences of diabetes-associated problems are projected to boost the market demand across the globe.

Moreover, the glucose and ketone segments are likely to show the highest CAGR in the approaching years. The demand for such testing services is globally increasing owing to these devices being purposely designed for a check-up of diabetic patients. Thereby, they are extensively adopted by dairy farmers and vets to examine ketones in cattle. Hence, the rising adoption of blood glucose and ketone monitoring among humans along with animals is likely to gain traction among the population over the forthcoming years.

Insight by Application

The human segment is recorded with the largest share in 2021 and is expected to lead the market in the forecasting years. These meters help in enhancing the patient’s healing duration, which develops diabetic ketoacidosis. In addition, these are also helpful in humans which are suffering from the various category of diabetes that are insulin-dependent. Thereby, these patients with insulin-dependent diabetes are more suggested to choose blood ketone meters for a ketone test. Therefore, a growing population of insulin-dependent diabetes among individuals is projected to boost the market growth. Moreover, blood ketone meters are also helpful for athletes that are more inclined to hold on to a ketogenic diet and want to authenticate that they are in the condition of ketosis. Hence, this increasing adoption of the blood ketone meters among humans positively influences the segment growth globally.

The veterinary segment is projected to be the fastest-growing segment across the market. The increasing inclination of companies on developing such meters such as Porta Check and TaiDoc Technology is favoring the segment’s growth fortunes. These meters are convenient, usable, and are available at affordable costs for regular examination of the animals, which, in turn, fuels the demand in the forthcoming scenario.

Geographic Overview

Geographically, North America is accounted with the highest share in the global market in 2020 owing to the availability of advanced healthcare settings and rising healthcare investments by the government. In addition, several factors such as growing penetration of the blood ketone meters majorly among diabetic patients are also likely to impel the industry demand. Furthermore, the presence of a large patient pool, increasing regulatory support, as well as increasing responsiveness for such devices is further driving the industry demand.

Moreover, Europe is expected to grow at the highest CAGR across the globe in the approaching years. Factors such as the rising R&D activities in the healthcare sector as well as a growing number of diabetes patients across the region acts as a catalyzing factor for the industry demand. For instance, according to the OECD, in 2019, approximately 32.3 million adults were diagnosed with diabetes in Europe. Besides, in this region, diabetes occurs among all age groups due to inadequate physical activities, unhealthy diet plans, and the presence of a large number of obese populations. Hence, these are the certain factors that accelerate the industry demand in the forthcoming scenario.

Competitive Insight

Some of the major players operating in the global industry include Abbott Laboratories, ACON Laboratories, APEX Biotechnology Corporation, Bruno Pharma, Care Touch, EKF Diagnostics, ForaCare, GlucoRx, KETO-MOJO, Nipro Corporation, Nova Biomedical, TaiDoc Technology Corporation, Trividia Health, Inc.

Blood Ketone Meter Market Report Scope

Report Attributes

Details

Market size value in 2021

USD 318.76 million

Revenue forecast in 2030

USD 725.35 million

CAGR

6.7% from 2021 - 2030

Base year

2021

Historical data

2018 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD million and CAGR from 2022 to 2030

Segments covered

By Product, By Application, By End-Use, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa

Key Companies

Abbott Laboratories, ACON Laboratories, APEX Biotechnology Corporation, Bruno Pharma, Care Touch, EKF Diagnostics, ForaCare, GlucoRx, KETO-MOJO, Nipro Corporation, Nova Biomedical, TaiDoc Technology Corporation, Trividia Health, Inc.

Key Take-Away
Polaris Market Research
Blood Ketone Meter Market Size Global Report, 2022 - 2030