A blood ketone meter is a medical device used to monitor ketone levels in the blood. It provides information to people managing certain health conditions like diabetes to help control their diet and avoid dangerous levels of ketones that could lead to diabetic ketoacidosis.
The global Blood Ketone Meter Market is estimated to be valued at US$ 365.8 million in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising prevalence of diabetes is a key factor driving the growth of the blood ketone meter market. According to the International Diabetes Federation, approximately 537 million adults were living with diabetes in 2021 globally. Diabetes often requires strict diet control and monitoring of ketone levels to avoid complications. Blood ketone meters help people with diabetes easily monitor their ketone levels from the comfort of their home, allowing for timely control of carbohydrate and calorie intake. They empower individuals to better manage their condition through real-time tracking. This has significantly boosted demand for blood ketone meters over the last few years.
SWOT Analysis
Strength: Blood ketone meters provide accurate and quick monitoring of ketone levels for people following ketogenic diets or managing diabetes. Instant results help track diet and make timely adjustments.
Weakness: Blood ketone monitoring requires pricking fingers for samples which can be painful and limit frequent testing. Alternative non-invasive methods are still in development stages.
Opportunity: Rising popularity of low-carb and ketogenic diets for weight management and other health benefits is increasing demand for blood ketone meters. Growing diabetic population also needs glucose level management tools.
Threats: Alternative non-invasive technologies threaten to disrupt the market if proven accurate and pain-free. Stringent regulations for medical devices approval delays new product launches.
Key Takeaways
The global blood ketone meter market size is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 365.8 Million in 2023 and grow at a CAGR of 6.9% through 2030.
Regional analysis: North America dominates the global market currently owing to higher consumer awareness levels and early adoption of ketogenic diet trends. The Asia Pacific region is expected to grow at the fastest pace on account of rapidly growing diabetic population combined with rising health consciousness.
Key players: Key players operating in the blood ketone meter market are Abbott Laboratories, ACON Laboratories Inc., Nipro Corporation, Keto-Mojo, PortaCheck Inc., Nova Biomedical, GlucoRx Limited, EKF Diagnostics Holdings Plc., Taidoc Technology Corporation, ForaCare Inc., Bruno MD, and Apex Biotechnology Corporation. Abbott Laboratories and ACON Laboratories command major market shares due to their established sales and distribution networks globally.
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