Global Blood Ketone Meter Market, by Product Type (Only Blood Ketone Monitoring, Blood Glucose and Ketone Monitoring, and Consumables), by Application (Human and Veterinary), by End User (Hospitals, Diagnostic Centers, Ambulatory Surgical Centers, Home Care Settings, Veterinary Hospitals and Clinics, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), 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), as highlighted in a new report published by Coherent Market Insights.
Blood Ketone Meter Market - Impact of Coronavirus (COVID-19) Pandemic
The rapid global spread of COVID-19 is challenging healthcare systems worldwide in terms of healthcare planning, infrastructure, and spending. Healthcare professionals are forced to treat severely ill patients with limited access to ventilation equipment, qualified intensive care personnel or protective patient monitoring devices. Since December 2019, a novel coronavirus spread throughout China and across the world, causing a continuous increase in confirmed cases within a short period of time. For instance, according to the World Health Organization Coronavirus Disease (COVID-19) Dashboard (WHO) report, the manifestation of the coronavirus disease (COVID-19) has resulted in more than 35 million infected individuals worldwide as of September 2020. Moreover, as blood ketone meters are used for testing ketone levels in the blood in diabetic patients, it is an important device in diabetes management. Diabetic ketoacidosis (ketone builds up in the blood which can lead to diabetic coma and even death) is a condition, which arises due to low levels of insulin (particularly in type 1 diabetic patients).
The increasing number of product approvals and launches, clinical trials, and collaboration and partnership strategies adopted by key players are the major factors, which are expected to drive growth of the blood ketone meter market during the forecast period.
The product approvals of advanced blood ketone meters from regulatory bodies is expected to contribute significantly to the blood ketone meter market growth. For instance, in January 2019, AmVentureX, Inc. announced that it received the U.S. FDA approval for the KetoCoach Blood Ketone Monitoring System. This meter features auto-coding technology and offers the smallest amount of blood sample needed for any ketone test in the market. The cost of strips for KetoCoach Blood Ketone Monitoring System starts from US$ 0.59 cents and it is also 40% more affordable than any other ketone test meter currently available in the market.
Product approvals is leading to increasing product launches of blood ketone meters and this is expected to propel the blood ketone meter market growth over the forecast period. For instance, in April 2020, Nova Biomedical announced the launch of the Stat EMS Basic blood testing system for ambulance and emergency care in CE mark countries (European countries). Stat EMS Basic measures fingerstick capillary lactate, glucose, ketone, hemoglobin, and hematocrit in six to 40 seconds with laboratory-quality results.
Browse 42 Market Data Tables and 34 Figures spread through 184 Pages and in-depth TOC on Blood Ketone Meter Market, by Product Type (Only Blood Ketone Monitoring, Blood Glucose and Ketone Monitoring, and Consumables), by Application (Human and Veterinary), by End User (Hospitals, Diagnostic Centers, Ambulatory Surgical Centers, Home Care Settings, Veterinary Hospitals and Clinics, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Forecast to 2027"
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The rising adoption of inorganic growth strategies such as collaborations and partnerships by major companies is expected to drive growth of the blood ketone meter market. For instance, in January 2019, ForaCare Suisse AG (Europe subsidiary of ForaCare Inc.) announced a service-oriented partnership with B. Braun with initial plans to launch a new glucose and ketone monitoring system. The FORA Advanced pro GD40 Multi-Functional Monitoring System provides a complete blood glucose testing and data solution. The companies plan to offer additional services together including telehealth and self-care.
Key Takeaways of the Blood Ketone Meter Market: