SAN FRANCISCO, Sept. 22, 2021 /PRNewswire/ -- The global blood ketone meter market size is expected to reach USD 501.5 million by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.7% from 2021 to 2028. Reimbursement scenario and favorable health insurance are significant factors that are anticipated to surge the demand for blood ketone meters. Technological advancements in Type 1 Diabetes care lead to the increasing preference for automated devices among individuals that aid in reducing disease burden.
Key Insights & Findings:
By product type, the blood glucose and ketone monitoring segment held the second-largest share in 2020 due to the increasing launch of blood glucose and ketone meters
Based on application, the veterinary segment is expected to witness considerable growth during the forecast period due to the increasing application of blood ketone meters among animals
The hospital end-use segment captured the largest share in 2020 due to the increasing number of hospitalizations every year
North America held the largest market share in 2020 due to the rising healthcare expenditure and increase in the healthcare spending
The presence of local and international players and the increasing prevalence of type 1 and type 2 diabetes has led to the surging demand for blood ketone meters in North America
Diabetes prevalence is increasing worldwide, due to which the number of hospital admissions with patients suffering from complications, including diabetic ketoacidosis (DKA), is also rising. DKA is a severe and life-threatening complication of diabetes. This disease is more common among people with type 1 diabetes and affects around 30 million people across the U.S. Lifestyle changes, rapid urbanization, increased life expectancy, and dietary changes are the major causes of diabetes.
The rise in the geriatric and obese population across the globe is expected to boost the growth of the market. As per the WHO, by 2050, the world's population aged 60 years and above is likely to reach 2 billion by 2050. Similarly, as per the American Diabetes Association, one-third of U.S. adults aged 65 and above had diabetes in 2017. Thus, a rise in the number of adults with diabetes is anticipated to boost the demand for blood ketone meters during the forecast period.
An increasing number of hospital admissions owing to the rising cases of DKA in developing as well as developed nations are estimated to foster the market growth. According to a Diabetes Care Study, DKA causes approximately 200,000 hospitalizations each year in the U.S. Rising hospital admissions eventually lead to an increase in healthcare costs, thereby fueling the market growth.
Grand View Research has segmented the global blood ketone meter market on the basis of product type, application, end-use, and region:
Blood Ketone Meter Product Type Outlook (Revenue, USD Million, 2016 - 2028)
Blood Ketone Monitoring
Blood Glucose and Ketone Monitoring
Blood Ketone Meter Application Outlook (Revenue, USD Million, 2016 - 2028)
Blood Ketone Meter End-use Outlook (Revenue, USD Million, 2016 - 2028)
Blood Ketone Meter Regional Outlook (Revenue, USD Million, 2016 - 2028)
Middle East & Africa
List of Key Players of Blood Ketone Meter Market
APEX Biotechnology Corporation
TaiDoc Technology Corporation
Check out more studies related to blood monitoring, conducted by Grand View Research:
Blood Glucose Monitoring Devices Market – The global blood glucose monitoring devices market size was valued at 12.64 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.6% from 2021 to 2028. The rising incidence of diabetes, coupled with the increasing geriatric population, which is prone to diabetes, is expected to drive the market.
Blood Testing Market – The global blood testing market size was valued at USD 73.9 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.3% from 2021 to 2028. Growing medical spending by the government and regulatory bodies is expected to drive the market during the forecast period.
Blood Screening Market – The global blood screening market size was valued at USD 1.6 billion in 2015 and is projected to grow at a CAGR of 10.2% over the forecast period. Blood screening is a process in which donated blood is screened for various infectious diseases such as HBV, HCV, HIV1, and HIV2. High growth of this market is attributed to rising blood donations, increase in the incidence of infectious diseases, and government initiatives.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.