Ketoacidosis is a condition in which the blood turns acidic due to the overproduction of ketones. The life-threatening condition known as diabetic ketoacidosis (DKA) is more likely in those with type 1 diabetes. Those with diabetes should therefore pay close attention to their ketone levels. A blood ketone meter is a tool for checking the concentration of ketones in the blood. A BKM provides the most precise results when checking for ketones. Level of ketones in the blood can also be checked with the blood glucose meters.
Market for Blood Ketone Meter – Effect of Coronavirus (Covid-19) Pandemic
Patients with diabetes of any type, including type 1, are highly vulnerable in contracting the infection of COVID-19, driving up demand for blood ketone meters. For example, patients with preexisting medical illnesses like asthma, heart disease and diabetes have a significant danger of contracting COVID-19 during this pandemic; hence ketone monitoring should not be delayed. Since level of ketones in the blood should be checked each 4-6 hours, there has been a rise in the popularity of blood ketone meters.
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During the forecast period (2015–2020), the global market for blood ketone meters is projected to grow at a Compounded Annual Growth Rate of 7.1%, from an anticipated value of US$ 301.7 Mn in 2020. (2020-2027).
Growth in the blood ketone meter market is anticipated to be driven by rising product consents and the rising incidence of ketoacidosis.
The increased prevalence of diabetes and the number of reported circumstances of diabetic ketoacidosis will fuel demand for blood ketone meters. For example, the number of people with diabetes is expected to rise from 463 Mn in 2019 to 700 Mn by 2045, as reported by the IDF (International Diabetes Federation). The rate of diabetic ketoacidosis-related hospitalizations in the United States between 2009 and 2014 was around 30 per 1,000 patients, as reported by the CDC (Centers for Disease Control and Prevention), March 2018.
The launch of blood ketone meters developed to monitor DKA (diabetic ketoacidosis) is anticipated to stimulate the growth of the market. For example, in December 2019, ForaCare Suisse AG will release the FORA 6 GTel, a multi-functional monitoring gadget with innovative “Lab in the Pocket” technology (Europe affiliate of ForaCare Inc.). New to the company is the microsite Fora Connect. The state-of-the-art 6-in-1 monitoring technology enables for the wireless transmission of data over 3G/4G while measuring Blood Glucose (BG), Hematocrit (HCT), Hemoglobin (HB), -ketone (KB), and Total Cholesterol (TCH). As a result, it is expected that these approvals will fuel the development of the worldwide market of BKM.
Market for Blood Ketone Meter – Restraints
Due to the technological complexity, blood ketone meters are sometimes recalled due to faulty construction, inaccurate readings, or other problems. As a result, rising instances of product recalls by regulatory agencies are anticipated to slow the global blood ketone meter market. For example, in November 2019, the FDA notified the recall of Abbott Laboratories’ Precision Xtra Blood Glucose & Ketone Monitoring System. An error in the included instructions prompted the product recall. Incorrect information on multiple-patient use was included in the first distribution of the device’s instructions; this use was not approved by the U.S. Food and Drug Administration. Infection or worsening of an existing infection could occur if the instructions led to improper meter disinfection or handling of contaminated meters.
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Market for Blood Ketone Meter– Regional Analysis
Due to the high concentration of key players in the region, analysts believe that North America will rule the worldwide market for BKMby 2020. Keto Mojo, a maker of blood glucose and ketone testing meters, collaborated with Heads Up Health, a maker of software for personal health data analytics, in March 2019 to produce the Keto-Mojo App, which is compatible with the ketone meter. Consumers would have an easier time tracking their health with the help of the link.
Increased releases and approvals of cutting-edge ketone meters for veterinary usage are expected to fuel the growth of the blood ketone market. The CentriVet GK Blood Glucose & Ketone Monitoring System, for example, was released in July 2016 by ACON Laboratories, Inc. Animals’ blood glucose and ketone levels can be tracked using the CentriVet GK Blood Glucose & Ketone Monitoring System in veterinary clinics, ERs, farms, and private residences.
Market for Blood Ketone Meter – Competitive Landscape
Some of the most important companies in the blood ketone meter industry 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.
| The market size value in 2023 |
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Table of Contents with Major Points:
Executive Summary
- Introduction
- Key Findings
- Recommendations
- Definitions and Assumptions
Market Overview
- Definition of Keyword Market
- Market Dynamics
- Drivers
- Restraints
- Opportunities
- Trends and Developments
Key Insights
- Key Emerging Trends
- Key Developments Mergers and Acquisition
- New Product Launches and Collaboration
- Partnership and Joint Venture
- Latest Technological Advancements
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
Qualitative Insights Impact of COVID-19 on Global Keyword Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
Conclusion
Appendix
- Data Sources
- Abbreviations
- Disclaimer
TOC Continued…!
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