Global Blood Ketone Meter Market by Product Type (Blood Glucose And Ketone Monitoring, Blood Ketone Monitoring, Consumables) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global blood ketone meters market was worth USD 279.6 millions in 2020. It is projected to grow at a compound annual rate (CAGR of 6.7%) between 2021 and 2028. New products have been developed to monitor ketone levels and glucose. The forecast period will see a rise in blood ketone meters demand due to increased R&D investments by market leaders. COVID-19 had a significant impact on healthcare and the global economy. Pharmaceutical companies are now focusing their efforts on developing new devices such as blood-ketone meters and increasing production to meet the growing demand for them during the pandemic. Since the introduction of COVID-19, blood ketone meters have seen an increase in use. COVID-19 infection is more common in patients with diabetes. Patients with COVID-19-related disease (either confirmed or suspected) should monitor their blood sugar and blood ketone levels. The market for blood ketone meters is set to grow significantly due to the increasing demand worldwide.

Market growth is being influenced by the rising prevalence of diabetes. The CDC estimates that around 10.5% of Americans have diabetes. In 2020, approximately 26.9million Americans were diagnosed with the disease. According to the American Diabetes Association (ADA), around 210,000 Americans aged 20 and under were expected to be diagnosed with diabetes in 2018. The demand for blood-ketone meters will rise due to the rising incidence of diabetes in youth.

To maintain their market leadership, various manufacturers, such as Abbott, Keto-Mojo and EKF Diagnostics, are focusing on the development of blood ketone meters. Market participants are now able to obtain FDA approval and CE for advanced blood ketone meters. This will allow them to capture a greater market share. In March 2019, Keto-Mojo joined forces with Heads Up Health. Patients were able to instantly Sync Ketomojo ketone or glucose readings in their personal Heads Up Health dashboard.

Product Type Insights

In 2020, the blood ketone monitoring segment accounted for over 40% of the market. The early detection of ketones may be possible with the help of ketone monitoring meters. This may allow for the prevention of complications such as diabetic ketoacidosis. The increasing incidence of diabetes-related complications is expected to increase the demand for blood ketometers over the forecast period.

The growth rate for the blood glucose and ketones monitoring segment is expected to be 6.6% over the forecast period. Global demand is growing for ketone and blood glucose testing. Although blood glucose and ketone monitoring devices were originally intended for diabetic patients, later ketone strips made with these devices were widely adopted by vets and dairy farmers to monitor ketones in cattle. The market is expected to grow with the increased use of blood glucose monitoring devices and ketone monitoring devices among animals as well as humans.

End-use Insights

In 2020, the hospital segment accounted for more than 32.0% of the total market. Segment growth is expected to be driven by the increasing number of hospital admissions, particularly for older patients with diabetes, due to the recent COVID-19 outbreak. The segment is expected to grow due to rising cases of diabetic ketoacidosis.

Home care settings will experience a significant CAGR over the forecast period. The segment's growth is expected to be driven by the availability of skilled nurses and rising preference for homecare in both developed and developing countries. The segment is expected to grow due to a rising demand for home healthcare services.

Application Insights

In 2020, the human segment was responsible for 50.0% of the total. Patients with diabetic ketoacidosis can recover faster using blood ketone meters. They can also be used by people with insulin-dependent diabetes. Patients with insulin-dependent diabetes should consider a ketone test. The growth is expected to be aided by an increase in insulin-dependent diabetes cases among individuals. For athletes who are on a ketogenic diet, blood ketone meters can be used to check if they are in ketosis. This will lead to an increase in blood ketone usage among humans.

In 2020, the veterinary segment accounted for a significant revenue share. Forecasters expect the segment to grow due to the increased focus of manufacturers like TaiDoc Technology or Porta Check on the development of veterinary blood ketometers. The demand for veterinary blood ketone meters is rising because they are simple to use and affordable for routine monitoring.

Regional Insights

In 2020, North America accounted for the largest market share with over 40.0%. The market growth in North America is expected to be aided by improved infrastructure in healthcare facilities, and high adoption of blood-ketone meters, particularly during the COVID-19 pandemic. Market growth is expected to be significantly boosted by government initiatives to promote glucose monitoring and ketone monitoring. Blood ketone meters are needed to measure ketone levels due to the increasing incidence of diabetes. According to the American Diabetes Association, 34.2 million Americans had diabetes in 2018.

Asia Pacific's market growth is expected to be accelerated by the large patient base, increasing awareness about diabetes and increased government healthcare spending in developing countries like India and Japan. The region's demand for blood-ketone meters will be driven by an increase in access to healthcare services and a greater awareness about point-of-care testing.

Europe is forecast to experience a substantial CAGR over the forecast period. People of all ages are affected by diabetes in Europe. Diabetes is mainly caused by unhealthy eating habits, obesity, and physical inactivity. Regional market growth will be aided by the rising number of diabetes patients. According to the OECD, 32.3 million people were diagnosed with diabetes in Europe in 2019.

Market Share Insights & Key Companies

Major market players use key strategies to keep their market share. These include product approvals, new product launches and acquisitions. Combination products are being developed by major manufacturers that can provide both blood glucose readings and ketone levels. The following are some of the major players in global blood ketone meters markets:

• Abbott Laboratories

• APEX Biotechnology Corporation

• TaiDoc Technology Corporation

• EKF Diagnostics

• Nova Biomedical

• KETO-MOJO

Up Market Research published a new report titled “Blood Ketone Meter Market research report which is segmented by Product Type (Blood Glucose And Ketone Monitoring, Blood Ketone Monitoring, Consumables), By Players/Companies EKF Diagnostics, Nova Biomedical, Abbott Laboratories, KETO-MOJO, TaiDoc Technology Corporation, APEX Biotechnology Corporation”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Blood Ketone Meter Market Report Segments:

The market is segmented by Product Type (Blood Glucose And Ketone Monitoring, Blood Ketone Monitoring, Consumables).

Blood Ketone Meter Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Blood Ketone Meter Market

Overview of the regional outlook of the Blood Ketone Meter Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Blood Ketone Meter Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Blood Ketone Meter Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Blood Glucose And Ketone Monitoring

                2. Blood Ketone Monitoring

                3. Consumables

7. Market scenario by region, sub-region, and country.
8. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
9. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
10. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Blood Ketone Meter Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Blood Ketone Meter Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.