Global Blood ketone Meter Market - 2021-2028

Global Blood ketone Meter Market - 2021-2028

Market Overview

The global blood ketone meter market size was worth US$ XX million in 2020 and is estimated to reach US$ XX million by 2028, growing at a CAGR of XX % during the forecast period (2021-2028).

A blood ketone meter is a device used to measure the level of ketones in the blood. Ketones are elements that your body makes if your cells don't get enough glucose or blood sugar. Ketones can show up in urine or blood. High ketone levels may indicate diabetic ketoacidosis, a complication of diabetes that can lead to a coma or even death. In addition, ketones in a blood test can prompt you to get treatment before a medical emergency occurs.

Market Dynamics

The global blood ketone meter market growth is driven by the increasing product approvals, increasing prevalence of ketoacidosis and increasing investments in R&D by key market players to design multi-functional blood ketone meters.

Increasing product approvals coupled with the increasing prevalence of diabetic ketoacidosis is expected to drive the growth in the forecast period

Increasing incidence of diabetes coupled with rising cases of diabetic ketoacidosis is expected to drive the blood ketone meter market growth. For instance, according to the International Diabetes Federation (IDF) report, in 2019, around 463 million adults of age group 20 to 79 years had diabetes worldwide 2019, and it is estimated to reach 700 million by 2045. Moreover, according to the Centers for Disease Control and Prevention (CDC), in March 2018, around 30 per 1,000 patients were hospitalized due to diabetic ketoacidosis in the U.S. from 2009 to 2014.

Moreover, product launches of blood ketone meters for monitoring diabetic ketoacidosis are expected to drive market growth in the global blood ketone meter. For example, in December 2019, ForaCare Suisse AG (Europe subsidiary of ForaCare Inc.) announced the launch of its FORA 6 GTel multi-functional monitoring device with its new 'Lab in the Pocket' technology. The company also introduced its new mini-website, Fora Connect. The innovative 6-in-1 monitoring technology provides seamless 3G/4G data transmission of six key health parameters via a single device: Blood Glucose (BG), Hematocrit (HCT), Hemoglobin (HB), β-ketone (KB), Total Cholesterol (TCH), and Uric Acid (UA) levels. Hence, such approvals are expected to boost the global blood ketone meter market growth.

Frequent product recalls are likely to hinder the market growth

Blood ketone meters are technologically advanced devices, which may sometimes lead to technical faults, inconsistent results, and other issues, which could result in product recalls. Thus, increasing product recalls by the government authorities is expected to hamper the blood ketone meter market growth in the near future. For instance, in November 2019, the U.S. Food and Drug Administration announced the product recall of Precision Xtra Blood Glucose & Ketone Monitoring System manufactured by Abbott Laboratories. The reason for recall of the product was fault in the instruction letter. The original instruction letter distributed wrongly-mentioned multiple-patient use, which was not according to the U.S. FDA terms and the device was not cleared for multiple-patient use as per the U.S. FDA. The instructions could lead to inappropriate meter disinfection or improper handling of contaminated meters, which may cause infection or exacerbation of an existing infection.

COVID-19 Impact Analysis

COVID-19 has profoundly impacted the healthcare system and has drastically impacted the global economy. The pharmaceutical companies are focusing on innovating numerous devices, such as blood ketone meters, and increasing their production and supply to curb the demand during the pandemic. The usage of blood ketone meters has increased since the emergence of COVID-19. Patients with diabetes are at high risk of getting infected with COVID-19. With proven or suspected COVID-19 disease, individuals with diabetes need to monitor blood ketone and glucose levels as appropriate. With such increasing demand for blood ketone meters throughout the globe, the market is expected to witness significant growth during the forecast period.

Segment Analysis

The blood ketone monitoring segment is expected to hold the largest share in this market segment

The blood ketone monitoring segment holds a significant share of the market as these devices help in the early identification of the production of ketones and may also warn of impending ketoacidosis that may ultimately reduce the complications of diabetic ketoacidosis, due to owing to increasing partnerships and collaborations. For example, in February 2020, the global diabetes nonprofit Beyond Type 1 announced a new partnership with the National Association of School Nurses to create awareness about type 1 diabetes (T1D) warning signs. With this new partnership, awareness materials will be circulated to thousands of school nurses nationally in the United States. Awareness programs make it easier for people at risk for diabetes to participate in evidence-based lifestyle change programs to reduce their risk of diabetes, thus increasing the market's growth in the forecast period.

Moreover, market players are getting Conformité Européenne (CE) as well as Food and Drug Administration (FDA) approval for their advanced blood ketone meters, which, in turn, will help in capturing a larger market share as it will help people track their blood ketone levels easily with updated technology products. For instance, Abbots's FreeStyle Optium Neo, an ultra-thin, lightweight meter that fits in a pocket, can test both blood glucose and ketone readings in the same meter with accurate results. Thus, product approvals worldwide will increase the growth of the studied market in the forecast period.

Geographical Analysis

North America region holds the largest market share of global blood ketone meter market

North America dominates the global blood ketone meter market due to various mergers, partnerships, and acquisitions by key players in the region. In March 2019, Keto Mojo, blood glucose and ketone testing manufacturing company, entered into a partnership with Heads Up Health, a software data analytics company for personal health, to develop Keto-Mojo App, which can be synchronized with the ketone meter. This integration will help Keto Mojo users keep a constant check on their health profiles. Additionally, on March 2020, EKF Diagnostics announced the launch of the United States Food and Drug Administration Clinical Laboratory Improvement Amendments (FDA CLIA) waived β-ketone and glucose POC analyzer STAT-Site WB Analyzer to the United States market. The STAT-Site WB is a dual-use whole blood β-ketone and glucose meter for professional use in the management of diabetes.

Moreover, the better quality infrastructure in healthcare facilities and the high adoption of blood ketone meters, especially during the COVID-19 pandemic across the region, are projected to contribute to the market growth in North America. In addition, government initiatives to promote glucose and ketone monitoring are estimated to increase market growth significantly. Furthermore, according to the “National Diabetes Prevention Program” updated in the Centers for Disease Control in August 2021, the government in the United States raised awareness programs like The National Diabetes Prevention Program to address the increasing burden of prediabetes and type 2 diabetes in the United States. This effort created partnerships between public and private organizations to offer cost-effective interventions and evidence-based, that help prevent type 2 diabetes in populations across the United States.

Global Blood Ketone Meter Market – Competitive Landscape

The global blood ketone meter market is moderately competitive with presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Abbott Laboratories, Nova Biomedical, Nipro Corporation, TaiDoc technology Corporation, ForaCare, Inc, EKF Diagnostics, A. Menarini Diagnostics s.r.l and Apex Biotechnology Corporation. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the market. For instance, In April 2021, Nova Biomedical continued its international expansion with a new sales, service, and distribution subsidiary in Benelux. The new facility reveals Nova Biomedical’s continued growth in the European market.

Global Blood Ketone Meter Market – Key Companies to Watch

Overview: Nipro Corporation is a Japanese manufacturer of medical equipment established in 1954. The company operates business in medical devices, pharmaceutical and pharma packaging business. The company’s medical products include Renal products, Injection and infusion products, Intervention and anesthesiology products, Cardiopulmonary products, Diabetic care products. The company has 58 subsidiaries in Japan, Asia, North and South America and Europe.

Product Portfolio: 4SURE Smart Duo is a blood glucose monitoring system specifically designed for people living with Type 1 diabetes.

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• Visualize the composition of the blood ketone meter market segmentation by technology, application, end-user and region highlighting the key commercial assets and players.
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• Excel data sheet with thousands of data points of blood ketone meter market - level 4/5 segmentation.
• PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
• Product mapping in excel for the key product of all major market players.

The global blood ketone meter market report would provide an access to an approx. 40+ market data table, 45+ figures and 180 pages.

Target Audience
• Service Providers/ Buyers
• Industry Investors/Investment Bankers
• Education & Research Institutes
• Research Professionals
• Emerging Companies
• Manufacturers

Market Segmentation

Global Blood Ketone Meter Market – By Product Type
• Blood Ketone Monitoring
• Blood Glucose and Ketone Monitoring
• Consumables

Global Blood Ketone Meter Market – By Application
• Human
• Veterinary

Global Blood Ketone Meter Market – By End-User
• Hospitals and Clinics
• Diagnostic Centers
• Others

Global Blood Ketone Meter Market - By Region
• North America
• Europe
• Asia-Pacific
• Middle East & Africa
• South America