Blood Ketone Meter Market Poised for Significant Growth owing to Increasing Prevalence of Diabetes21/12/2023 Blood ketone meters allow convenient home monitoring of ketone levels in diabetic patients, hospitalized patients, and individuals following a ketogenic diet. These meters work by analyzing small blood samples collected via a finger or palm stick. The sample is placed onto a test strip which is then inserted into the meter to display ketone levels. With growing emphasis on preventive healthcare and self-monitoring of chronic conditions, blood ketone meters have emerged as an easy-to-use and accurate solution.
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. Market Dynamics Increasing prevalence of diabetes is a key factor fueling demand for blood ketone meters worldwide. As per the International Diabetes Federation, around 537 million adults were living with diabetes in 2021, with the number projected to rise to 643 million by 2030 and 783 million by 2045. Diabetic ketoacidosis (DKA) is a life-threatening complication of diabetes caused by lack of insulin. Blood ketone meters enable DKA monitoring and management, preventing hospitalization. Additionally, growing popularity of the ketogenic diet for weight loss and other benefits has boosted adoption of these meters for self-testing ketosis levels. However, availability of alternative urine ketone testing strips and reluctance to draw blood for testing limits market growth to a certain extent. SWOT Analysis Strength: Blood ketone meters are easy to use and highly portable, allowing patients to conveniently monitor ketone levels anytime and anywhere. They provide quick and accurate ketone level readings within 5-10 seconds to help patients efficiently manage their diabetes or keto diet. The test strips are affordable and widely available from multiple manufacturers. Weakness: Blood ketone meters require a small blood sample to be drawn from the fingertip using a small lancet, which can cause discomfort. Some users may find the idea of pricking their finger for blood to be unpleasant. Repeated testing may not be suitable for very young children or those with bleeding disorders. Opportunity: With the rising global prevalence of diabetes and growing popularity of low-carb keto diets, demand is increasing for self-monitoring devices that help control blood sugar and ketone levels. As awareness grows of the benefits of monitoring ketones, sales of affordable and easy-to-use home meters have an opportunity to expand significantly. Threats: Alternative non-invasive technologies for ketone monitoring through breath, urine or sweat samples may gain traction if proven to be reliable and conveniently portable. Strict regulations and lengthy approval processes also pose threats to new entrants in this market. Key Takeaways The global blood ketone meter market size is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2023 is estimated at US$ 365.8 million and is projected to rise at a CAGR of 6.9% through 2030. North America currently dominates the global market due to the growing diabetic population. However, the Asia Pacific region is expected to grow at the fastest pace owing to increasing obesity prevalence leading to a surge in the number of patients requiring ketone monitoring devices. 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. These companies are focusing on new product launches and expanding their geographical presence through strategic partnerships and collaborations to gain a larger market share.
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