Blood ketone meters are hand-held electronic devices used to measure ketone levels in human blood samples. They are used by patients suffering from diabetes to monitor and manage their ketone levels, especially when following a ketogenic diet. Some key uses of blood ketone meters include monitoring ketone levels in persons with type 1 diabetes to prevent diabetic ketoacidosis, and in persons adhering to low-carb/ketogenic diets to monitor nutritional ketosis. The devices work by inserting a small amount of blood, typically from the finger or forearm, into a disposable test strip which is then inserted into the meter to display the ketone concentration in the blood. The global blood ketone meter market is estimated to be valued at US$ 421.41 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing prevalence of diabetes across the globe is one of the key driversExpected to Flourished by Rising Prevalence of Diabetes. Rising cases of diabetes have boosted the demand for blood ketone meters to help manage ketone levels. According to International Diabetes Federation, around 537 million adults were living with diabetes in 2021 worldwide and the number is expected to rise to 643 million by 2030 and 783 million by 2045. Additionally, the growing popularity of low-carb and ketogenic diets for weight loss and other health benefits is fueling sales of blood ketone meters. Monitoring ketone levels is important for those following keto diets to ensure nutritional ketosis. Manufacturers are further developing advanced blood ketone meters with features like Bluetooth and app connectivity and data tracking capabilities to expand consumer base. However, high cost of newer innovative meters and testing strips may limit market growth to some extent.
Segment Analysis
There are two main segments in the blood ketone meter market – hospitals & clinics segment and homecare settings segment. The hospitals & clinics segment currently dominates the market due to increasing number of diabetic patients undergoing treatment in hospitals. However, the homecare settings segment is expected to witness higher growth during the forecast period owing to rising awareness about glucose monitoring and availability of advanced blood ketone meters for personal use.
PEST Analysis
Political: Governments in various countries are undertaking initiatives to spread awareness about diabetes management and provide subsidies on blood glucose monitoring devices to make them affordable. This is positively impacting the market growth.
Economic: Rising healthcare spending coupled with increasing disposable income in emerging nations is fueling the demand for advanced blood testing devices in homecare settings.
Social: Growing elderly population prone to diabetes and initiatives by health organizations to promote self-monitoring are driving the adoption of home-use blood ketone meters.
Technological: Key players are focusing on development of compact, wireless, smart ketone meters with advanced features like cloud connectivity and data tracking apps for convenient self-monitoring.
Key Takeaways
The Global Blood Ketone Meter Market Share is expected to witness high growth during the forecast period.
Regionally, North America accounts for the largest share currently due to presence of several leading manufacturers and early adoption of advanced technologies. However, Asia Pacific is poised to register fastest growth on back of rising healthcare expenditure, growing diabetes patient pool, and increasing preference for home-based glucose monitoring.
Key players operating in the blood ketone meter market are Arthrex, Inc., Stryker Corporation, Johnson and Johnsons Ltd., Zimmer Biomet Holdings Inc., Terumo Corporation, Glofinn Oy, Medira Ltd., Regen Lab S.A., CollPlant, Generex Biotechnology Corporation, Estar Technologies Ltd., Dr. PRP America, Cesca Therapeutics, Inc., Arteriocyte Medical Systems, Harvest Technologies Corp. These players are focused on developing innovative products through R&D and entering emerging markets to gain higher share.
