Market Overview:
A blood ketone meter is a small handheld medical device used to measure the levels of ketone bodies (beta-hydroxybutyrate) in the bloodstream of patients with diabetes. An elevated level of ketones in the blood can be an indication of ketoacidosis, a serious complication of diabetes that occurs when the body cannot produce enough insulin to convert blood sugar into energy. Monitoring blood ketone levels is important for patients with diabetes to manage their condition and prevent any health risks. With the growing prevalence of diabetes globally, blood ketone meters have become an essential monitoring tool for diabetic patients.
Market key trends:
The global blood ketone meter market is expected to witness significant growth owing to increasing penetration of digital health devices. Rapid digitalization of healthcare services and growing adoption of remote monitoring technologies is boosting demand for wireless connected glucometers and ketone meters. Several market players are focusing on launching smartphone integrated blood ketone meters that allow wireless transmission of readings to mobile apps for easy monitoring. Growing popularity of digital health platforms for diabetes management will support the growth of advanced blood ketone meters with remote monitoring capabilities over the forecast period.
The global Blood Ketone Meter Market is estimated to be valued at US$ 365.8 Mn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the blood ketone meter market requires high R&D investments and stringent regulatory approvals.
Bargaining power of buyers: The bargaining power of buyers is low as the availability of substitutes is limited and the products offered have considerable switching costs.
Bargaining power of suppliers: The bargaining power of suppliers is moderate owing to the presence of numerous raw material suppliers.
Threat of new substitutes: The threat of substitutes is moderate as new monitoring technologies can replace ketone meters.
Competitive rivalry: Competition in the blood ketone meter market is high due to the presence of many global and regional players.
Key Takeaways
The global blood ketone meter market is expected to witness high growth, exhibiting CAGR of 6.9% over the forecast period, due to increasing prevalence of diabetes and ketogenic diet trend. The global market for blood ketone meters is estimated to reach a value of US$ 634.1 Mn by 2030.
Regional analysis
North America dominates the global blood ketone meter market and is expected to continue its dominance over the forecast period. This is attributed to the increased diagnosis rates of diabetes and growing adoption of keto diets in the region. Asia Pacific exhibits the fastest growth over the forecast period due to rising healthcare expenditure and increasing patient awareness in the region.
Key players
Key players operating in the blood ketone meter market are 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. Abbott Laboratories maintains its leading position, particularly in the U.S. market, due to its large product portfolio and wide distribution channels.