The global blood ketone test meter market is estimated to exceed US$ 510 Mn by the end of 2032. The sales of blood ketone test meters are expected to top US$ 305 Mn by 2022, rising at a CAGR of around 6% to 7% during the forecast period 2022-2032. Rising emphasis on the introduction of advanced blood ketone test meters with innovative technologies and multi-functional features is anticipated to bolster the demand in the global market.
| Report Attribute | Details |
| Blood Ketone Test Meter Market Base Year Value (2021) | US$ 295 Million |
| Blood Ketone Test Meter Market Expected Value (2022) | US$ 305 Million |
| Blood Ketone Test Meter Market Anticipated Value (2032) | US$ 510 Million |
| Blood Ketone Test Meter Market Projected Growth Rate (2022-2032) | 6% to 7% CAGR |
Ketones, also known as acetoacetates, are substances produced by the human body as an alternative source of energy to sugar, particularly when the cells do not get enough glucose. These substances are mostly available in blood and urine. Blood ketone test meters are medical devices that are designed to monitor and check the presence of ketones in the blood.
Increasing level of ketones in the blood makes it more acidic and can even poison the body. Ketone testing is one of the most crucial parts of type 1 diabetes management, as it assists in preventing a fatal short-term complication from occurring called diabetic ketoacidosis.
The human body primarily gets its energy from glucose. When the deficiency of glucose occurs in the body, it starts breaking down fats for energy. This results in the creation of ketones as a byproduct. It is of acute importance for diabetes patients on insulin to keep a track of ketones, especially when there is insufficient insulin present in the body. Thus, growing awareness regarding the importance of ketone testing is estimated to augment the demand for blood ketone test meters in the market.
Over the past few years, a significant rise in burden of diabetes is being witnessed across the globe, due to rising lifestyle conditions such as high blood pressure, physical inactivity, obesity, age, and over consumption of sweet food & beverage products.
According to the study published by the International Diabetes Federation, approximately 537 Million adults from the age of 20 to 79 are reported to be suffering from diabetes globally, and the number is projected to reach 643 Million by the end of 2030. The study also states that nearly 541 Million adults are at high risk of developing type 2 diabetes.
Thus, several governments and non-profitable organizations are emphasizing on entering into collaboration and partnership with medial institutes for spreading awareness regarding diabetes and assistive products to curb the prevalence and death due to the disease.
For instance, in 2020, Beyond Type 1, a global non-profitable diabetes organization announced collaborating with the National Association of School Nurses for spreading awareness about the warning signs of type 1 diabetes, type 2 diabetes, and diabetic ketoacidosis. Such developments are estimated to increase the awareness about ketone testing, in turn, spurring the demand for blood ketone test meters in the market.
Although there are numerous advantages of blood ketone test meters, extravagant cost of the device and additional cost of assistive products such as testing strips are primary factors hampering the growth in the market.
In addition to this, poor reimbursement infrastructure across the emerging economies and stringent regularity standards for products approvals by regulatory bodies such as the U.S. Food and Drug Administration (FDA) is estimated to restrain the sales of blood ketone test meters in the market.
Future Market Insights reveals that North America is expected to account for the lion’s share in the global blood ketone test meter market from 2022 to 2032.
With emergence of numerous awareness campaigns and programs for creating awareness of diabetes and related conditions, demand for diabetic diagnostics and monitoring devices is surging at a rapid pace. Hence, leading players are focusing on launching novel devices with multifunctional features and advanced connectivity.
For instance, in 2019, Foracare Inc., a U.S.-based medical devices and telehealth software technology company announced unveiling its new multi-functional monitoring device, FORA 6 GTel, with advanced 'Lab in the Pocket' technology and seamless 4G data transmission of 6 health parameters with a single device including Blood Glucose. Such new product launches are estimated to bolster the demand in the North America market.
As per FMI, Europe is projected to emerge as a highly remunerative market for blood ketone test meters during the forecast period 2022-2032.
Prominent companies in the market are increasingly investing in research and development activities for the introduction of novel products and aiming at receiving regulatory approvals to launch their products in several foreign markets.
For instance, in March 2020, EKF Diagnostics, a British medical manufacturer of point-of-care and central lab devices announced receiving regulatory approval from the FDA for launching its advanced CLIA-waived glucose POC and β-ketone monitoring device, STAT-Site WB Analyzer, in the U.S. market. A multiplicity of such developments are anticipated to augment the revenue share in the Europe blood ketone test meter market.
Some of the leading players in the blood ketone test meter market are ForaCare Inc., Bruno Pharma, Abbott, Trividia Health, Inc. Nova Diabetes Care, ACON Laboratories Inc., Taidoc Technology Corporation, EKF Diagnostics Holdings Plc, PortaCheck Inc., KETO-MOJO, and others.
Attributed to the presence of such high number of participants and increasing product launches with advanced connectivity and multi-functional features, the market is highly competitive.
| Report Attribute | Details |
| Growth Rate | CAGR of 6% to 7% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2015-2020 |
| Forecast Period | 2022-2032 |
| Quantitative Units | Revenue in USD Million and CAGR from 2022-2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered |
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| Countries Covered |
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| Key Companies Profiled |
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| Customization | Available Upon Request |
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FMI projects the sales of blood ketone test meter in the market is expected to rise at 6% to 7% value CAGR by 2032
The global blood ketone test meter market is expected to be dominated by North America over the forecast period 2022-2032.
ForaCare Inc., Bruno Pharma, Abbott, Trividia Health, Inc. Nova Diabetes Care, ACON Laboratories Inc., Taidoc Technology Corporation, EKF Diagnostics Holdings Plc, PortaCheck Inc., KETO-MOJO, and others are some of the leading players in the prominent blood ketone test meter market.
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Blood Ketone Test Meter Market
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