Blood Ketone Meter Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 6.70 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Blood Ketone Meter Market Analysis
The blood ketone meter market is projected to register a CAGR of 6.7% during the forecast period.
The COVID-19 pandemic had a significant impact on the market. An increase in the incidence of diabetes and rising complications in diabetic patients infected with COVID-19 are expected to drive market growth. For instance, according to an article published by The Lancet Diabetes & Endocrinology in December 2022, a population-level study of over 61 million people was conducted in England during the first wave of the pandemic, and it was reported that there was an increased risk for in-hospital COVID-19-related mortality in people with diabetes compared with people without diabetes. Thus the pandemic had a significant impact on the market growth initially. However, with the declining COVID-19 cases, the studied market is expected to regain its full potential over the years.
Factors such as the rising prevalence of diabetes and the increasing product launches and approvals are expected to boost market growth.
The rising prevalence of diabetes around the world is a major factor driving the market growth, as blood ketone meters are used for diabetes monitoring. For instance, according to the data updated by IDF in December 2021, it was estimated that approximately 537 million adults in the age group of 20-79 years were living with diabetes in 2021, and the total number of people living with diabetes is projected to rise to 643 million by 2030 and 783 million by 2045. The source also stated that 3 in 4 adults with diabetes live in low- and middle-income countries, and almost 1 in 2 people or 240 million adults were living with diabetes are undiagnosed diabetes in 2021. Thus, the high prevalence of diabetes around the world is expected to boost the adoption of blood ketone meters.
Moreover, according to an article published by PubMed Central in August 2022, it has been observed that the advent of point-of-care (POC) blood ketone monitors addresses the unmet need for reliable and expedient diabetes testing at home and in emergency settings. These devices sample capillary blood through a fingerstick and it provides the advantage of a quantitative, speedy measure of the main ketone B-OHB, in a device format familiar with self-monitoring of blood glucose. Thus, the rising advantages of blood ketone monitors are expected to boost market growth as well.
Additionally, the rising developments by major market players are also expected to enhance market growth. For instance, in April 2021, Nova Biomedical, a major manufacturer of blood ketone meters, announced that they are continuing their international expansion with a new sale, service, and distribution subsidiary in Benelux. The new facility reveals Nova Biomedical's continued growth in the European market. Also, in March 2021, EKF Diagnostics launched a Stat-Site WB handheld analyzer that delivers β-ketone and glucose measurements from whole blood in seconds. The device is used for the quantitative determination of β-ketones (Beta-Hydroxybutyrate or BHB) and glucose in whole blood taken from capillary or venous samples.
Thus, the aforementioned factors such as the rising prevalence of diabetes, the increasing advantages of blood ketone meters, and the rising developments by major market players are expected to enhance the market growth. However, the rising instances of product recalls are expected to hinder market growth.
Blood Ketone Meter Market Trends
The Blood Ketone Monitoring Segment is Expected to Account for a Significant Market Share Over the Forecast Period
The blood ketone monitoring segment captured 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, which may ultimately reduce the complications of diabetic ketoacidosis. The rising prevalence of diabetic ketoacidosis and diabetes is among the major factors augmenting market growth. The rise in the geriatric and obese population worldwide is expected to boost the growth of the segment as well.
For instance, according to an article updated by ScienceDirect in 2021, the incidence of diabetes ketoacidosis is estimated to be 46 to 80 per 10,000 patients with diabetes. The source also stated that an estimated 20% of diabetes ketoacidosis episodes occur in patients with a new onset of diabetes, and only 20% of patients with diabetic ketoacidosis have multiple annual episodes. Thus, the high prevalence of diabetes ketoacidosis is expected to enhance the adoption of blood ketone monitoring devices.
Moreover, according to the data published by IDF in 2022, there were an estimated 8.75 million individuals worldwide with type 1 diabetes, and one-fifth (1.9 million) of these individuals live in low-income and lower-middle-income countries. The source also stated that there were an estimated 530,000 new cases of type 1 diabetes diagnosed in 2022. Thus, the high prevalence of type 1 diabetes is also expected to boost segment growth.
Furthermore, according to the World Population Prospects 2022 Report published UN in 2022, it was estimated the share of the global population aged 65 years or above is projected to rise from 10% in 2022 to 16% in 2050. By 2050, the number of persons aged 65 years or over worldwide is projected to be more than twice the number of children under age 5 and about the same as the number of children under age 12. As diabetes is often associated with old age, the rising geriatric population is also expected to enhance segment growth.
Thus, the aforementioned factors such as the rising prevalence of diabetes and diabetes ketoacidosis, and the rising geriatric population are expected to enhance the segment growth.
North America is Expected to Hold a Significant Market Share During the Forecast Period
North America holds a significant market share in the blood ketone meter market. The major factors responsible for the growth in the region include the rising geriatric and obese population, the increasing prevalence of diabetes, and the increasing developments by key market players.
According to the data published by Diabetes Canada in March 2022, it was estimated that there were more than 5.7 million Canadians living with diagnosed diabetes (type 1 or type 2 diabetes) in 2022, and there are 11.7 million Canadians living with diabetes or prediabetes. The source also stated that diabetes was also costing the healthcare system USD 30 billion per year to treat people with diabetes, and the high prevalence of diabetes had an overwhelming impact on the communities and healthcare system of the country. Thus, the rising prevalence of diabetes in the region is expected to boost market growth.
Moreover, the rising geriatric population is also a major factor in market growth. For instance, according to the data published by Statistics Canada in July 2022, it is estimated that around 7,330,605 people are 65 years of age or older in Canada, which accounts for 18.8% of the total population.
Additionally, the rising developments by major market players are also expected to enhance the market growth in the region. For instance, in January 2022, Abbott Laboratories, a United States-based company, announced that it is developing a new category of consumer wearables called Lingo, which is being designed to track key signals in the body such as glucose, ketones, and lactate, to help people better understand their general health and take action to improve it.
Thus, the aforementioned factors such as the rising prevalence of diabetes, and the rising geriatric population are expected to enhance the market growth in the region.
Blood Ketone Meter Industry Overview
The blood ketone meter market is moderately fragmented, with a few major players and small players. The market players are focusing on research and development to develop technologically advanced products in the market. Some of the major players in the market are Abbott Laboratories, Nova Biomedical, Nipro Corporation, TaiDoc Technology Corporation, ForaCare Inc., and A. Menarini Diagnostics Srl among others.
Blood Ketone Meter Market Leaders
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Abbott Laboratories
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Nova Biomedical
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Nipro Corporation
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TaiDoc technology Corporation
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ForaCare, Inc.
*Disclaimer: Major Players sorted in no particular order
Blood Ketone Meter Market News
- In February 2023, Assure Tech launched a new platform for comprehensive health solutions for pets in China. This platform includes a glucose and blood ketone monitoring device that offers a novel technique for diagnosing blood ketone and glucose levels in pets.
- In June 2022, Abbott announced that they are developing a new biowearable that will continuously monitor glucose and ketone levels in one sensor.
Blood Ketone Meter Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
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4.2 Market Drivers
- 4.2.1 Rising Prevalence of Diabetes
- 4.2.2 Increasing Product Launches and Approvals
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4.3 Market Restraints
- 4.3.1 Rising Instances of Product Recalls
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4.4 Porter's Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD million)
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5.1 Product Type
- 5.1.1 Blood Ketone Monitoring
- 5.1.2 Blood Glucose and Ketone Monitoring
- 5.1.3 Consumables
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5.2 Application
- 5.2.1 Human
- 5.2.2 Veterinary
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5.3 End User
- 5.3.1 Hospitals and Clinics
- 5.3.2 Diagnostic Centers
- 5.3.3 Other End Users
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5.4 Geography
- 5.4.1 North America
- 5.4.1.1 United States
- 5.4.1.2 Canada
- 5.4.1.3 Mexico
- 5.4.2 Europe
- 5.4.2.1 Germany
- 5.4.2.2 United Skingdom
- 5.4.2.3 France
- 5.4.2.4 Italy
- 5.4.2.5 Spain
- 5.4.2.6 Rest of Europe
- 5.4.3 Asia-Pacific
- 5.4.3.1 China
- 5.4.3.2 Japan
- 5.4.3.3 India
- 5.4.3.4 Australia
- 5.4.3.5 South Korea
- 5.4.3.6 Rest of Asia-Pacific
- 5.4.4 Middle East and Africa
- 5.4.4.1 GCC
- 5.4.4.2 South Africa
- 5.4.4.3 Rest of Middle East and Africa
- 5.4.5 South America
- 5.4.5.1 Brazil
- 5.4.5.2 Argentina
- 5.4.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
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6.1 Company Profiles
- 6.1.1 Abbott Laboratories
- 6.1.2 Nova Biomedical
- 6.1.3 Nipro Corporation
- 6.1.4 TaiDoc Technology Corporation
- 6.1.5 ForaCare Inc.
- 6.1.6 A. Menarini Diagnostics Srl
- 6.1.7 ACON Laboratories Inc.
- 6.1.8 APEX Biotechnology Corporation
- 6.1.9 EKF Diagnostics
- 6.1.10 GlucoRx Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityBlood Ketone Meter Industry Segmentation
As per the scope of the report, a blood ketone meter is a device used to measure the level of ketones in the blood. Ketones are elements made by the body when it does not 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. Ketones in a blood test can prompt you to get treatment before a medical emergency occurs. The Blood Ketone Meter Market is Segmented by Product Type (Blood Ketone Monitoring, Blood Glucose and Ketone Monitoring, and Consumables), Application (Human and Veterinary), End User (Hospitals and Clinics, Diagnostic Centers, and Other End Users), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (in USD million) for all the above segments.
| Product Type | Blood Ketone Monitoring | |
| Blood Glucose and Ketone Monitoring | ||
| Consumables | ||
| Application | Human | |
| Veterinary | ||
| End User | Hospitals and Clinics | |
| Diagnostic Centers | ||
| Other End Users | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Skingdom | ||
| France | ||
| Italy | ||
| Spain | ||
| Rest of Europe | ||
| Geography | Asia-Pacific | China |
| Japan | ||
| India | ||
| Australia | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | Middle East and Africa | GCC |
| South Africa | ||
| Rest of Middle East and Africa | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America |
Blood Ketone Meter Market Research FAQs
What is the current Blood Ketone Meter Market size?
The Blood Ketone Meter Market is projected to register a CAGR of 6.70% during the forecast period (2024-2029)
Who are the key players in Blood Ketone Meter Market?
Abbott Laboratories, Nova Biomedical, Nipro Corporation, TaiDoc technology Corporation and ForaCare, Inc. are the major companies operating in the Blood Ketone Meter Market.
Which is the fastest growing region in Blood Ketone Meter Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Blood Ketone Meter Market?
In 2024, the North America accounts for the largest market share in Blood Ketone Meter Market.
What years does this Blood Ketone Meter Market cover?
The report covers the Blood Ketone Meter Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Blood Ketone Meter Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Blood Ketone Meter Industry Report
Statistics for the 2024 Blood Ketone Meter market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Blood Ketone Meter analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
