Increasing Prevalence of Diabetic Ketoacidosis Is Expected to Drive Growth of Blood Ketone Meter Market: Fact.MR’s Study
SEOUL--(Korea Newswire) June 20, 2022 -- The Blood Ketone Meter market revenues were estimated at US$ 275 Mn in 2021 and are anticipated to grow at a CAGR of 8.1% from 2022-2032 according to a recently published Fact.MR report.
By the end of 2032, the market is expected to reach US$ 646 Mn. The blood ketone monitoring segment reflects the most potent revenue stream, with an estimated growth of 2.5X between 2022 and 2032, reaching a projected value of US$ 303 Mn by 2032-end.
The need for blood ketone meters escalated during the COVID-19 pandemic, as both Type 1 and Type 2 diabetes patients were exposed to a high risk of illness. According to the statistics from the Primary Care Diabetes Society, ketone monitoring should not be delayed during this COVID-19 pandemic as people with pre-existing medical illnesses such as diabetes, asthma, and heart disease are at high risk of COVID-19 infection. As a result, the need for a blood ketone meter grew, as blood ketone levels must be measured every 4 to 6 hours.
Report Attribute / Details
·Market size value in 2021 / USD 1.8 Bn
·Revenue forecast in 2032 / USD 2.4 Bn
·Growth rate / CAGR of 8.1% from 2022 to 2032
·Base year for estimation / 2017-2032
Blood ketone meters 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 meter 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.
Key Takeaways from the Market Study
· Global Blood Ketone Meter market is estimated to reach a market size of US$ 123 Mn by 2022
· Top Product Type being Blood Ketone Monitoring expected to grow at a CAGR of 9.5%.
· Revenue of blood ketone meter’s application among Humans is expected to grow at a CAGR of 8.7%.
· North America and APAC together represent nearly 65% of the global blood ketone meters revenue.
· With a nearly 11% projected growth rate, Blood Ketone Meter revenue is expected to grow at the fastest pace in Japan, during 2022-2032.
“The rise in prevalence of diabetic ketoacidosis and diabetes and increasing product approvals and launches can be attributed to the Blood Ketone Meter industry growth,” comments a Fact.MR analyst.
Market Segments Covered in Blood Ketone Meter Industry Analysis
· By Product Type:
-Blood Ketone Monitoring
-Blood Glucose and Ketone Monitoring
· By Application:
· By End-use:
These companies operating in Blood Ketone Meters Market compete based on the innovation of their products, their brand reputation, and their market presence in order. The recent years showcased the following developments in the blood ketone meter market:
· In March 2020, EKF Diagnostics announced FDA- CLIA waived -ketone and glucose POC analyzer STAT-Site WB Analyzer. In the United States, this device is a recent addition to the company’s diabetes treatment offering.
· In February 2020, Beyond Type 1 Diabetes, a global diabetes foundation, announced its collaboration with the National Association of School Nurses. It was targeted to increase awareness about the warning signs of Type 1 diabetes. Beyond Type 1 proponents will increase its efforts in ten target U.S. states, including Arkansas, Connecticut, Florida, Massachusetts, New Jersey, North Carolina, Ohio, Oklahoma, Pennsylvania, and Texas.
Key Companies Profiled
· Abbott Laboratories
· ACON Laboratories Inc.
· Nipro Corporation
· PortaCheck Inc.
· Nova Biomedical
· GlucoRx Limited
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the Blood Ketone Meter market, presenting historical market data (2015-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of by Product Type (Blood Ketone Monitoring, Blood Glucose and Ketone Monitoring, Consumables), Application (Human, Veterinary), End-use across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
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