According to Coherent Market Insights, the global blood ketone meter market is estimated to be valued at US$ 301.7 million in 2020 and is expected to exhibit a CAGR of 7.1% during the forecast period (2020-2027).
Key Trends and Analysis of the market:
The increasing number of product launches is expected to drive growth of the blood ketone meter market during the forecast period. For instance, in March 2020, EKF Diagnostics, the global in vitro diagnostics company, announced the launch of the U.S. FDA CLIA-waived β-ketone and glucose POC analyzer STAT-Site WB Analyzer in the U.S. market. This device is a new addition to its diabetes care portfolio in the U.S. The STAT-Site WB is a dual-use whole blood β-ketone and glucose meter for professional use in the management of diabetes.
Key manufacturers operating in the blood ketone meter market are engaged in developing more advanced products for the ease of diabetes patients. For instance, blood glucose & ketone testing meter by Foracare Inc., called FORA 6 Gtel, is a device that comes with 3G/4G connectivity. It can seamlessly transfer data to a TeleHealth System without the need for pairing it with a smartphone. With 5-Electrode Technology and strips made with gold, FORA 6 test strips ensure high accuracy and precision. It measures six parameters such as glucose, hematocrit, hemoglobin, β-ketone, total cholesterol, and uric acid in blood.
The global blood ketone meter market is expected to witness significant growth, owing to increasing partnerships and collaborations. For instance, in February 2020, the global diabetes nonprofit Beyond Type 1 announced a new collaboration with the National Association of School Nurses to create awareness about the warning signs of type 1 diabetes (T1D). With this new collaboration, awareness materials will be distributed to tens of thousands of school nurses nationally in the U.S. Moreover, Beyond Type 1 advocates will be enhancing efforts in ten target states: Arkansas, Connecticut, Florida, Massachusetts, New Jersey, North Carolina, Ohio, Oklahoma, Pennsylvania, and Texas.
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Key Market Takeaways:
The global blood ketone meter market is expected to exhibit a CAGR of 7.1% during the forecast period (2020-2027), owing to the rising prevalence of type 1 diabetes worldwide. For instance, according to the National Diabetes Statistics Report by Centers for Disease Control and Prevention of 2017, around 1.25 million Americans suffered from type 1 diabetes and over 300,000 Canadians lived with type 1 diabetes in 2017. Furthermore, as per the same source, over 100,000 children in India and 50,000 children and adolescents in China were living with type 1 diabetes as of 2017.
Key players in the North America blood ketone meter market are focused on launching new products, which is expected to drive growth of the market during the forecast period. For instance, in March 2020, EKF Diagnostics launched the STAT-Site WB, a blood β-ketone and glucose meter in the U.S. The device is used for measuring ketone and for the management of diabetes.