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Blood Ketone Test Meter Market

Market Insights on Blood Ketone Test Meter covering sales outlook, demand forecast & up-to-date key trends

Blood Ketone Test Meter Market By Product Type, Testing Site, Patient Care Setting & Region - Forecast 2022-2032

Blood Ketone Test Meter Market Overview

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.

Which are the Drivers Spearheading Blood Ketone Test Meter Market Growth?

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.

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What are the Challenges Faced by the Blood Ketone Test Meter 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.

Why is North America Emerging as an Opportunistic Blood Ketone Test Meter 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.

Nikhil Kaitwade
Principal Consultant
LinkedIn
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How is Europe Contributing to the Growth of the Blood Ketone Test Meter 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.

Market Competition

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.

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Scope of Report

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

  • Product Type
  • Testing Site
  • Patient Care Setting
  • Region

Countries Covered

  • North America
  • Latin America
  • Europe
  • APEJ
  • Japan
  • Middle East and Africa

Key Companies Profiled

  • 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

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Key Segments Profiled in the Blood Ketone Test Meter Market Survey

By Product Type:

  • Self-monitoring Blood Ketone Meters
  • Blood Ketone Meters
  • Testing Strips
  • Lancets & Lancing Devices
  • Continuous Ketone Monitoring System
  • Sensors
  • Transmitters
  • Receivers

By Testing Site:

  • Fingertip Testing
  • Alternate Site Testing

By Patient Care Setting:

  • Type 1 Diabetes
  • Gestational Diabetes

By Region:

  • North America
  • Latin America
  • Europe
  • APEJ
  • Japan
  • Middle East and Africa 

Frequently Asked Questions

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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Nikhil Kaitwade
Principal Consultant
LinkedIn
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Blood Ketone Test Meter Market