The Australia blood ketone meter market has gained significant traction in recent years on account of growing prevalence of diabetes and adoption of self-monitoring practices among patients. Blood ketone meters help monitor diabetic patients by measuring the ketone levels in their bloodstream. These meters work by pricking a finger to draw blood, which is then placed on a disposable test strip inserted into the meter. Some key advantages of blood ketone meters include convenience of use, accuracy, and ability to monitor ketone levels at any time and location. With rising health awareness and growing emphasis on self-management of chronic diseases like diabetes, demand for advanced blood glucose monitoring devices has increased substantially.
The Global Australia blood ketone meter market is estimated to be valued at US$ 10.9 Mn in 2024 and is expected to exhibit a CAGR of 7.0% over the forecast period 2024-2031.
Key Takeaways
Key players: Key players operating in the Australia blood ketone meter market are Abbott, ACON Laboratories Inc., Nipro Corporation, Keto-Mojo, PortaCheck Inc., Nova Biomedical, GlucoRx Limited, EKF Diagnostics Holdings Plc., Taidoc Technology Corporation, and Apex Biotechnology Corporation. Abbott dominated the market in 2020 with over 30% market share.
Growing demand: Driven by increasing diabetic population, rising awareness about diabetes self-management, and favorable government initiatives, demand for blood ketone meters is expected to grow substantially in Australia over the next decade. Advancements in device features are further fueling adoption.
Technological advancement: Leading manufacturers are focusing on development of innovative, user-friendly, and accurate blood ketone meters integrated with data management systems and smart connectivity features. Introduction of meters with additional analytes like blood glucose, improved data sharing capabilities, and self-calibration are some key technological trends.
Market Trends
Miniaturization of devices: Major players are investing in development of compact, portable ketone meters in tandem with smartphone apps for seamless data monitoring on-the-go. This is expected to drive their popularity.
Integration with secure cloud platforms: Secure cloud-based platforms for automatic data sharing with healthcare providers is a growing trend. This allows remote monitoring and management of ketone levels.
Market Opportunities
Growing focus on CGM technologies: Continuous glucose monitoring technologies integrated with advanced algorithms for ketone monitoring are slated to provide new opportunities over the forecast period.
Increasing demand for bundled offerings: Bundled offerings comprising ketone meters, test strips, lancets and other accessories are gaining traction due to associated convenience and cost benefits.
Impact of COVID-19 on Australia Blood Ketone Meter Market
The COVID-19 pandemic impacted the growth of blood ketone meter market in Australia. During the initial months of pandemic, companies witnessed a dip in demand and sales as non-essential hospital visits and diagnostic tests were postponed. However, postponement of procedures led to buildup of demand which supported growth once lockdowns were lifted. With growing cases of diabetes and increasing health awareness among people, demand for home use blood glucose monitoring devices increased significantly. Prevalence of lifestyle diseases such as obesity and diabetes increased the susceptibility of Australians to COVID infections. This further drove the demand for self-monitoring devices in home care settings for management of chronic conditions. As a result of these factors, the market is anticipated to grow at a steady pace over the forecast period. Companies will need to focus on affordable products and marketing initiatives to strengthen supply chains and ensure smooth availability to cater to growing demand in future.
Australia witnessed maximum concentration of blood ketone meter market in value terms in New South Wales region. Being the most populous state of Australia with around 60% of Australian population concentrated in and around Sydney city, this region accounts for major share ofdiagnostics product sales. However, growth rates are expected to be highest in Western Australia region over next few years. Rising disposable income levels, increasing health awareness combined with growing geriatric population will drive higher adoption of personal healthcare devices in this region. Population in cities like Perth are relying more on preventive healthcare practices to manage chronic conditions and COVID disease susceptibility. This creates potential demand centers for blood ketone meters outside the major cities as well.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Get more insights on this topic: https://www.ukwebwire.com/australia-blood-ketone-meter-market-is-poised-to-witness-a-transition-to-digital-testing-by-2024/
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What Are The Key Data Covered In This Australia Blood Ketone Meter Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Australia Blood Ketone Meter 's growth between 2024 and 2031.
:- Accurate calculation of the size of the Australia Blood Ketone Meter and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Australia Blood Ketone Meter Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market's competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Australia Blood Ketone Meter vendors
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