Market Overview:
Blood ketone meters are used to measure the ketone level in the blood of patients with diabetes. It helps patients monitor their ketone levels and take necessary actions or medical intervention whenever ketone levels go above normal range. With growing prevalence of diabetes globally, need for blood ketone monitoring is increasing to manage the condition properly.
Market key trends:
One of the key drivers of the blood ketone meter market is rising incidence of diabetes across the globe. According to International Diabetes Federation, approximately 537 million adults were living with diabetes in 2021 globally and the number is projected to reach 643 million by 2030 and 783 million by 2045. Growing diabetic population remains vulnerable to diabetic ketoacidosis, hence monitoring of blood ketone levels is important. Thus, increasing prevalence of diabetes is expected to drive the demand for blood ketone meters over the forecast period. Another major trend is increasing awareness about self-monitoring of blood ketone levels among diabetes patients. Various awareness campaigns by government and other healthcare organizations are promoting self-care practices among diabetes patients, fuelling the adoption of blood ketone meters.
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 in moderate as the blood ketone meter market requires investments in R&D and approval from regulatory bodies. However, established players in the market provide opportunities for new players to collaborate and introduce innovative products.
Bargaining power of buyers: The bargaining power of buyers is moderate to high as the presence of many players in the market provides buyers with various options in terms of price and product offerings. Switching costs are also low for buyers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as suppliers of key materials play a crucial role in innovation and development of new products. Suppliers may charge high prices due to their technical expertise.
Threat of new substitutes: The threat of substitutes is low as blood ketone meters are unique in their application of monitoring ketone levels in diabetic patients and athletes pursuing a ketogenic diet.
Competitive rivalry: High due to presence of many global players offering strong competition on pricing and features.
SWOT Analysis
Strengths: Wide range of products and presence across regions. Established brand name and trust among customers.
Weaknesses: High R&D costs and regulatory compliances increase production costs. Supply chain disruptions affect delivery timelines.
Opportunities: Growing geriatric population and prevalence of diabetes and obesity drives demand. Adoption of internet-of-things aids remote monitoring.
Threats: Competition from alternative technologies impacts pricing. Data privacy and cybersecurity concerns over connected devices.
Key Takeaways
The global blood ketone meter market size was valued at US$ 365.8 million in 2023 and is expected to witness high growth, exhibiting a CAGR of 6.9% over the forecast period, due to increasing prevalence of diabetes and obesity worldwide. North America dominated the market with over 30% market share in 2023 due to rising healthcare expenditure and growing obese population in the US and Canada.
Regionally, Asia Pacific is expected to witness fastest growth in the market at a CAGR of around 8% during 2023-2030. Rising medical tourism in countries like India and China along with growing health awareness will aid the market expansion.
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. Major players are focusing on new product launches, partnerships and regional expansion strategies to gain competitve edge.
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