Market Size of Blood Ketone Meter Industry
| 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 |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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.
