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Blood Ketone Meter Market

Blood Ketone Meter Market

Blood Ketone Meter Market Analysis by Product Type (Blood Ketone Monitoring, Blood Glucose and Ketone Monitoring, Consumables), by Application (Human, Veterinary), by End-use, by Region - Global Forecast 2022-2032

Blood Ketone Meter Market
FACT7175MR
  • Mar-2022
  • List of Tables : 72
  • List of Figures : 148
  • 170 Pages
  • Healthcare

Blood Ketone Meter Market Outlook

Global sales of Blood Ketone Meter in 2021 was held at US$ 275.1 Mn. With 8.1%, the projected market growth during 2022 - 2032 is expected to be significantly higher than the historical growth. Blood Ketone Monitoring is expected to be the highest revenue generating product, with a CAGR of 9.5%, during 2022 – 2032.

Excessive ketone production can result in ketoacidosis, a condition in which the blood becomes acidic. Diabetes ketoacidosis (DKA) is a devastating consequence of type 1 diabetes that is far less common in type 2 diabetes. As a result, it is critical for patients with diabetes to keep track of their ketone levels. A blood ketone metre is a device that measures the amount of ketones in the blood. A metre that monitors blood ketone levels is the most accurate approach to test for ketones. Blood glucose metres may assess blood ketone levels in addition to glucose levels.

Key Points Covered in Blood Ketone Meter Industry Survey:

  • Market Estimates and Forecasts (2017-2032)
  • Key Drivers and Restraints Shaping Market Growth
  • Segment-wise, Country-wise, and Region-wise Analysis
  • Competition Mapping and Benchmarking
  • Market Share Analysis
  • COVID-19 Impact on Blood Ketone Meter and How to Navigate
  • Recommendation on Key Winning Strategies

Revenue of Blood Ketone Meter from 2017 to 2021 Compared to Demand Outlook for 2022 to 2032

As per the Blood Ketone Meter industry research by Fact.MR - a market research and competitive intelligence provider, historically, from 2017 to 2021, market value of the Blood Ketone Meter market increased at around 7.4% CAGR, wherein, countries such as the U.S., China, Japan, U.K. and South Korea held significant share in the global market.

The incorporation of multiple functional tools in devices, technological advancements, and an increase in diabetes-related complications have resulted in the introduction of several new and innovative products for use in the monitoring of ketones, which will help the blood ketone metre market gain momentum in the coming years. Owing to this, Blood Ketone Meter market is projected to grow at a CAGR of 8.1% over the coming 10 years.

  • The Blood Ketone Meter market is estimated to reach a valuation of US$ 296.9 Mn in 2022 owing to which the worldwide revenues was up by 7.9% year-over-year.
  • Fact.MR estimates that Blood Ketone Meter revenue will grow 2.1X from 2022 to 2032, reaching nearly US$ 646.3 Mn in 2032.
  • Among product types, blood ketone monitoring meters is projected to grow at a CAGR of over 9% during the forecast period.
  • During the period of projection, the market is expected to grow at a CAGR of 8.7% through Human application.

What are the Key Challenges faced by the Blood Ketone Meter Market?

Blood ketone metres are highly advanced equipment, which may occasionally result in technical defects, inconsistent readings, and other difficulties, which may result in product recalls.

As a result, growing product recalls by government authorities are projected to stymie the growth of the blood ketone metre market in the near future. For example, in November 2019, the U.S. Food and Drug Administration issued the recall of Abbott Laboratories' Precision Xtra Blood Glucose & Ketone Monitoring System. The product was recalled due to an error in the instruction letter. The initial instruction letter incorrectly indicated multiple-patient usage, which was not in accordance with US FDA conditions, and the device was not certified for multiple-patient use in accordance with US FDA.

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Region-wise Analysis

Which Region is projected to Offer the Largest Opportunity for Blood Ketone Meter Market?

With over 8.1% projected growth rate, Blood Ketone Meter revenue is expected to grow at fastest pace in North America during 2022 – 2032 with an absolute dollar growth of US$ 121.3 Mn. Due to multiple mergers, partnerships, and acquisitions by major players in the area, North America is expected to maintain the dominating position in the worldwide blood ketone meter market post the pandemic forecast period. For example, in March 2019, Keto Mojo, a manufacturer of blood glucose and ketone testing metres, partnered with Heads Up Health, a software business specialising in personal health data analytics, to create the Keto-Mojo App, which can be linked with the ketone metre. Users will be able to maintain a continual eye on their health profile thanks to the integration.

Diabetes is expected to increase demand for blood ketone metres for monitoring ketone levels. According to the American Diabetes Association, over 34.2 million Americans suffered with diabetes in 2018.

The availability of a large patient pool, rising diabetes awareness, and increased government healthcare expenditure in developing nations such as India and Japan are expected to fuel Asia Pacific market growth. Increased population access to health services, along with increased knowledge of point-of-care testing, are expected to promote demand for blood ketone metres in the region.

Category-wise Insights

What Segment Holds the Largest Opportunity for Blood Ketone Meter Market?

Blood Ketone Monitoring is the top product type with an estimated CAGR of 9.5% during the forecast period. Ketone monitoring metres may aid in the early detection of ketones and may also warn of imminent ketoacidosis, perhaps reducing the severity of diabetic ketoacidosis. As a result, rising diabetes-related problems are expected to boost demand for blood ketone metres throughout the forecast period.

Globally, the need for blood glucose and ketone testing is rising. Blood glucose and ketone monitoring devices were originally intended for use with diabetic human patients; however, once ketone strips were developed, they were rapidly embraced by dairy producers and veterinarians to check ketones in cattle. As a result, the rising use of blood glucose and ketone monitoring in people and animals is expected to secure the market position.

Humans is the top application with an estimated CAGR of 8.7% in Blood Ketone Meter Market. Blood ketone metres shorten the recovery duration for diabetic ketoacidosis patients. They may also be beneficial in persons suffering from insulin-dependent diabetes. A ketone test is also indicated for people with insulin-dependent diabetes. As a result, an increase in the number of instances of insulin-dependent diabetes among persons is expected to fuel the expansion. Blood ketone metres are also beneficial for athletes who follow a ketogenic diet and wish to confirm that they are in ketosis. The increased use of blood ketone metres among people is expected to boost the expansion.

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Competitive Analysis

Product approvals, new product releases, acquisitions, collaborations, and innovations are the key strategies used by leading market players to maintain their market position. The key manufacturers are also concentrating on combo kits that deliver both blood glucose readings and ketone levels.

The leading players in the Blood Ketone Meter market have been implementing various strategies to increase growth potential over the next years. Furthermore, the presence of many rising and well-established firms has defined the market for Blood Ketone Meter.

Partnerships and expansion have been the prominent development in Blood Ketone Meter market in recent years. Abbott Laboratories; EKF Diagnostics; Nova Biomedical; Nipro Corporation; ACON Laboratories; KETO-MOJO; Apex Biotechnology Corp; TaiDoc technology Corporation; ForaCare, Inc. are the prominent providers of Blood Ketone Meter services. Some of the recent developments of key Blood Ketone Meter providers are as follows:

  • In March 2020, EKF Diagnostics, a global in vitro diagnostics firm, announced market launch of the FDA CLIA-waived -ketone and glucose POC analyzer STAT-Site WB Analyzer in the United States. In the U.S., this device is a recent addition to the company's diabetes treatment offering. The STAT-Site WB is a dual-use whole blood-ketone and glucose metre designed for professional usage in diabetes management.
  • In February 2020, Beyond Type 1 Diabetes, a global diabetes foundation, launched a new relationship with the National Association of School Nurses in to raise awareness about the warning symptoms of type 1 diabetes (T1D). With this new collaboration, awareness materials will be disseminated to tens of thousands of school nurses across the United States. Furthermore, Beyond Type 1 proponents will increase their efforts in ten target states: Arkansas, Connecticut, Florida, Massachusetts, New Jersey, North Carolina, Ohio, Oklahoma, Pennsylvania, and Texas.
  • In December 2019, ForaCare Suisse AG (ForaCare Inc.'s European subsidiary) announced the release of the FORA 6 GTel multi-functional monitoring gadget with revolutionary 'Lab in the Pocket' technology. Fora Connect, the company's new mini-website, was also unveiled. The unique 6-in-1 monitoring system transmits smooth 3G/4G data of six essential health parameters via a single device: blood glucose (BG), hemocrit (HCT), haemoglobin (HB), -ketone (KB), total cholesterol (TCH), and uric acid (UA). As a result, such approvals are projected to boost the worldwide blood ketone metre market growth.

Similarly, recent developments related to companies offering Blood Ketone Meter have been tracked by the team at Fact.MR, which are available in the full report.

Blood Ketone Meter Market Report Scope

Attribute

Details

Forecast Period

2022-2032

Historical Data Available for

2017-2021

Market Analysis

US$ Mn for Value

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania and MEA

Key Countries Covered

  • U.S.
  • Canada
  • U.K.
  • Germany
  • France
  • Italy
  • Spain
  • India
  • Japan
  • China
  • Australia
  • South Korea
  • Brazil
  • Mexico
  • Argentina
  • Colombia
  • South Africa
  • Saudi Arabia
  • UAE

Key Market Segments Covered

  • Product Type
  • Application
  • End-use
  • Region

Key Companies Profiled

  • Abbott Laboratories
  • ACON Laboratories Inc.
  • Nipro Corporation
  • Keto-Mojo
  • PortaCheck Inc.
  • Nova Biomedical
  • GlucoRx Limited
  • EKF Diagnostics Holdings Plc
  • Taidoc Technology Corporation
  • ForaCare Inc.
  • Bruno MD
  • Apex Biotechnology Corporation

Pricing

Available upon Request

Market Segments Covered in Blood Ketone Meter Industry Analysis

  • By Product Type :

    • Blood Ketone Monitoring
    • Blood Glucose and Ketone Monitoring
    • Consumables
  • By Application :

    • Human
    • Veterinary
  • By End-use :

    • Homecare Settings
    • Hospitals
    • Diagnostic Centers
    • Other End-uses
  • By Region :

    • North America
    • Latin America
    • Europe
    • APAC
    • MEA

- FAQs -

The Global Blood Ketone Meter market is worth more than US$ 296.9 Mn at present.
Value of Blood Ketone Meter are projected to increase at a CAGR of around 8.1% during 2022– 2032.
Value of Blood Ketone Meter increased at a CAGR of around 7.4% during 2017 – 2021.
One of the key trends in Blood Ketone Meter market includes that their providers have been expanding their geographical footprint.
Rising prevalence of diabetic ketoacidosis and diabetes and increasing product approvals and launches are key drivers driving the Blood Ketone Meter market expansion.
Some key players operating in the Blood Ketone Meter market include Abbott Laboratories; EKF Diagnostics; Nova Biomedical; Nipro Corporation; ACON Laboratories; KETO-MOJO; Apex Biotechnology Corp; TaiDoc technology Corporation; ForaCare, Inc.
Top 5 countries driving demand for Blood Ketone Meter are the U.S., China, Japan, U.K. and South Korea.
U.S. will account for over 34% of global Blood Ketone Meter demand in 2032 with a CAGR of 8.1%.
The market for Blood Ketone Meter is projected to expand at a CAGR of around 8.1% during 2022 – 2032 with the global market size of US$ 646.3 Mn.
While the market in South Korea is expected to grow at nearly 8.2%, the market in Japan is projected to register a CAGR of nearly 10.8% during 2022 - 2032.

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