by Market Overview:
Blood ketone meters are handheld devices used to measure ketone levels in the blood. These devices help monitor diabetic conditions such as ketosis and ketoacidosis. They work by using a small blood sample obtained through pricking the fingers. The sample is then inserted into a coated strip that provides ketone readings visually or digitally within seconds. This helps manage diabetes and related risks.
Market Dynamics:
Increasing prevalence of diabetes worldwide is a major driver boosting adoption of blood ketone meters. As per the International Diabetes Federation, around 537 million adults aged 20-79 years were living with diabetes in 2021 globally. If cases continue to rise at this pace, 643 million adults are projected to have diabetes by 2030. Since diabetes management requires strict monitoring of ketones in the blood, demand for accurate and convenient blood ketone meters has surged significantly. Additionally, technological advancements in meters, including smartphone connectivity and real-time tracking of readings, have made monitoring more convenient, thus attracting more users. This is expected to continue propelling the market expansion over the forecast period.
The global Blood Ketone Meter Market is estimated to be valued at US$ 365.8 Mn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Segment Analysis
The global blood ketone meter market is dominated by the handheld sub-segment due to its portability and convenience. Handheld blood ketone meters are compact devices that can be easily carried anywhere to monitor ketone levels with just a small amount of blood sample. The growing diabetic and obesity patient pool is increasing the demand for handheld blood ketone meters for continuous home monitoring of ketone bodies.
PEST Analysis
Political: Government initiatives towards creating awareness about diabetes and obesity management are driving the adoption of blood ketone meters. Various programs aim to educate people about lifestyle-related diseases.
Economic: Rising healthcare expenditures on disease management and increasing per capita income are positive factors for market growth. However, pricing pressures may restrict premium products.
Social: Growing health consciousness and focus on preventive healthcare is augmenting the demand. Social media influences are amplifying reach of ketogenic and low-carb diets.
Technological: Advancements in biosensor technology, smartphone connectivity, and digital platforms are enabling innovative product launches. Cloud-based databases aid big data analysis for personalized care programs.
Key Takeaways
The global blood ketone meter market is expected to witness high growth, exhibiting CAGR of 6.9% over the forecast period, due to the increasing prevalence of diabetes and obesity worldwide. As per estimates, around 463 million adults suffered from diabetes in 2023.
Regional analysis indicates North America dominates the market currently due major technological advancements and conducive reimbursement framework for diabetes management devices. Asia Pacific is expected to witness fastest growth during the forecast period driven by growing medical tourism, increasing healthcare spending and massive patient population in India and China.
Key players operating in the blood ketone meter market are 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, and Apex Biotechnology Corporation. Major players are investing in R&D to develop integrated blood glucose and ketone monitoring systems as well as digital solutions for virtual care services.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
