Prevalence of Diabetes Ketoacidosis to Increase the Blood Ketone Meter Sales, Exceeding US$ 646.3 Mn by 2032
08 Jun 2022
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- Blood Ketone Monitoring Meters Sales to Increase by 9% in the Blood Ketone Meter Market
- In the latest study on blood ketone meter market, Fact.MR offers a comprehensive analysis on trends, opportunities and challenges expected to promote the growth in the market between 2022 and 2032. The study also reveals the key information including growth drivers, historical and future forecast data prevailing for the forthcoming decade through key geographies.
NEW YORK, June 8, 2022 /PRNewswire/ -- The global blood ketone meter market was valued to be US$ 275.1 Mn in 2021. Demand for blood ketone meter is estimated to surpass US$ 296.9 Mn in 2022, growing at a CAGR of 8.1% between 2022 and 2032.
According to Fact.MR, the overall sales of blood ketone meter are projected to reach US$ 646.3 Mn by the end of 2032. Growing incidence of type-1 diabetes related complication, such as diabetes ketoacidosis (DKA), is expected to increase the application of blood ketone meter, boosting the market.
Additionally, increasing government expenditure in developing economies such as India and Japan will enable access to advanced technologies such as blood ketone meter. This is estimated to propel the sales in the market.
Subsequently, rising awareness regarding benefits of point-of-care testing, such as easy-to-use and cost-effectiveness, in emerging economies will further augment the demand for blood ketone meter.
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Furthermore, increasing use of ketone strips by dairy producers and veterinarians to monitor ketones levels in cattle is set to create conducive environment for the market. Rising inclination for ketogenic diet among the athletes to remain in ketosis will boost the use of blood ketone meters.
Hospital admissions due to surge in the number of geriatric and obese people suffering from diabetes are increasing at a rapid pace. For instance, as per the International Diabetes FederationDiabetes Federation (IDF) report, the people suffering from diabetes will increase from 537 million in 2021 to 783 million by 2045.
Similarly, the World Health Organization (WHO) introduced the Global Diabetes Compact to support countries working toward prevention of type 2 diabetes and ensuring low-priced treatment for everyone. Factors such as these are projected to create lucrative opportunities for the market.
Based on product types, the blood ketone monitoring meters' segment is estimated to grow at a CAGR of 9.5% during the forecast period.
North America blood ketone meter is expected to create an absolute $ opportunity of US$ 121.3 Mn by the end of 2032.
In terms of application, the human segment is estimated to contribute growth at a CAGR of 8.7% between 2022 and 2032.
With sales increasing at a CAGR of 10.8%, Japan blood ketone meter market is estimated to dominate East Asia during 2022-2032.
Growing prevalence of diabetes will propel the need for monitoring of glucose and ketone levels. This will create remunerative growth prospects for the market.
Fast-track approval and development of new advanced ketone meters to prevent diabetes is expected to boost the growth of the market.
Restraints:
Growing number of hitches such as technical defects and inconsistent readings in ketone meters are predicted to surge product recalls, limiting the sales of blood ketone meters.
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Competitive Landscape:
Leading players in the blood ketone meter market are concentrating on supplying combo kits comprising of blood glucose readings and ketone levels. This will enable the key players to strengthen their global footprint.
Key players are also adopting business strategies such strategic partnerships, joint ventures, and collaborations to gain a competitive edge in the market.
For instance,
March 2020: EKF Diagnostics announced about the commercialization of the FDA CLIA-waived -ketone and glucose POC analyzer STAT-Site WB Analyzer in the U.S. It is a technology designed for skilled professionals.
March 2019: Keto Mojo entered into a partnership with Heads Up Health to develop the "Keto-Mojo App" that can connect with the ketone meter. The app will help users keep track of their ketone and glucose levels.
Key Companies Profiled by Fact.MR
PortaCheck Inc.
Keto-Mojo
Bruno MD
More Valuable Insights on Blood Ketone Meter Market
Fact.MR, in its report, explicates the comprehensive market analysis on the global blood ketone meter market. This study also offers insights into the key trends influencing the growth of blood ketone meter market through detailed segmentation as follows:
By Product Type:
Blood Ketone Monitoring
Blood Glucose and Ketone Monitoring
Consumables
By Application:
Human
Veterinary
By End-Use:
Hospitals
Other End-uses
By Region:
North America
Latin America
Europe
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Key Questions Covered in the Blood Ketone Meter Market Report
Who are the key manufacturers dominating the global blood ketone meter market?
Which region is estimated to lead the global blood ketone meter market?
What is the projected market value of blood ketone meter market in 2022?
Which are the challenging faced in the global blood ketone meter market?
What is the estimated market size of global blood ketone meter market during 2022-2032)?
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