Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
The production of ketones in excessive amounts can cause ketoacidosis, a condition where the blood becomes acidic. Diabetic ketoacidosis (DKA) is a serious complication of type 1 diabetes and much less common in type 2 diabetes. Hence, it is very important for people who are suffering from diabetes to monitor their ketone levels. Blood ketone meter is a device used to measure the level of ketones present in the blood. The most accurate way of testing for ketones is to use a meter that measures blood ketone levels. The blood glucose meters are able to test blood ketone levels in addition to blood glucose levels.
Blood Ketone Meter Market – Impact of Coronavirus (Covid-19) Pandemic
The demand for blood ketone meter is increasing during the COVID-19 pandemic, as it is observed that both type 1 and type 2 diabetes patients are at high risk of being in contact with the COVID-19 infection. For instance, according to Primary Care Diabetes Society data of February 2020, during this COVID-19 pandemic, ketone monitoring must not be postponed as people with pre-existing medical conditions such as diabetes, asthma, and heart disease are at high risk of COVID-19 infection. Thus, the demand for blood ketone meters is increasing, as the blood ketone levels need to be monitored in every 4 to 6 hours.
The 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).
Figure 1. Global Blood Ketone Meter Market Share (%) Analysis, By Product Type, 2020 & 2027
The increasing product approvals and increasing prevalence of ketoacidosis are expected to boost growth of the blood ketone meter market
Increasing incidence of diabetes coupled with rising cases of diabetic ketoacidosis are expected to drive the blood ketone meter market growth. For instance, according to the International Diabetes Federation (IDF) report, 2019, around 463 million adults of age group 20 to 79 years were suffering from diabetes worldwide in 2019 and is estimated to reach 700 million by 2045. Moreover, according to the Centers for Disease Control and Prevention (CDC), March 2018, around 30 per 1,000 patients were hospitalized due to diabetic ketoacidosis in the U.S. during 2009 to 2014.
Furthermore, product launches of blood ketone meters for monitoring of diabetic ketoacidosis is expected to drive the global blood ketone meter market growth. For instance, in December 2019, ForaCare Suisse AG (Europe subsidiary of ForaCare Inc.) announced the launch of its FORA 6 GTel multi-functional monitoring device with its new 'Lab in the Pocket' technology. The company also introduced its new mini-website, Fora Connect. The innovative 6-in-1 monitoring technology provides seamless 3G/4G data transmission of six key health parameters via a single device: Blood Glucose (BG), Hematocrit (HCT), Hemoglobin (HB), β-ketone (KB), Total Cholesterol (TCH), and Uric Acid (UA) levels. Hence, such approvals are expected to positively impact the global blood ketone meter market growth.
Blood Ketone Meter Market Report Coverage
| Report Coverage |
Details |
| Base Year: |
2019 |
Market Size in 2020: |
US$ 301.7 Mn |
| Historical Data for: |
2017 to 2019 |
Forecast Period: |
2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: |
7.1%
|
2027 Value Projection: |
US$ 486.3 Mn |
| Geographies covered: |
- North America: U.S. and Canada
- Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
- Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
- Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of APAC
- Middle East: GCC, Israel, and Rest of Middle East
- Africa: South Africa, North Africa, and Central Africa
|
| Segments covered: |
- By Product Type: Only Blood Ketone Monitoring, Blood Glucose and Ketone Monitoring, Consumables.
- By Application: Human, Veterinary.
- By End User: Hospitals, Diagnostic Centers, Ambulatory Surgical Centers, Home Care Settings, Veterinary Hospitals and Clinics, Others.
|
| Companies covered: |
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
|
| Growth Drivers: |
- Rising Prevalence of Diabetic Ketoacidosis and Diabetes
- Increasing Product Approvals and Launches
|
| Restraints & Challenges: |
|
Blood Ketone Meter Market – Restraints
Blood ketone meters are technologically advanced devices, which may sometimes lead to technical faults, inconsistent results, and other issues, which could result in product recalls. Thus, increasing product recalls by the government authorities is expected to hamper the blood ketone meter market growth in the near future. For instance, in November 2019, the U.S. Food and Drug Administration announced the product recall of Precision Xtra Blood Glucose & Ketone Monitoring System manufactured by Abbott Laboratories. The reason for recall of the product was fault in the instruction letter. The original instruction letter distributed wrongly-mentioned multiple-patient use, which was not according to the U.S. FDA terms and the device was not cleared for multiple-patient use as per the U.S. FDA. The instructions could lead to inappropriate meter disinfection or improper handling of contaminated meters, which may cause infection or exacerbation of an existing infection.
Blood Ketone Meter Market – Regional Analysis
North America is estimated to hold the dominant position in the global blood ketone meter market in 2020 due to various mergers, agreements, and acquisitions by key players in the region. For instance, in March 2019, Keto Mojo, a blood glucose and ketone testing meters manufacturing company, entered into a collaboration with Heads Up Health, a software company for personal health data analytics, in order to develop Keto-Mojo App, which can be synced with the ketone meter. The integration will help users to keep a constant check on their health profile.
Moreover, increasing launches and approvals of new ketone meters for veterinary applications is expected to propel the blood ketone market growth over the forecast period. For instance, in July 2016, ACON Laboratories, Inc. launched CentriVet GK Blood Glucose & Ketone Monitoring System, which is designed for veterinary use. The veterinary clinics, emergency animal hospitals, farms, and animal caregivers can use the CentriVet GK Blood Glucose & Ketone Monitoring System to check the blood ketone and blood glucose levels in animals.
Figure 2. Global Blood Ketone Meter Market Value (US$ Mn) & Y-o-Y Growth (%), 2016-2027
Blood Ketone Meter Market - Competitive Landscape
Key players operating in the global blood ketone meter market include 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.
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