by Blood ketone meters are diagnostic tools used for monitoring blood ketone levels at home. They help detect the presence of ketones, substances produced during fat breakdown for energy, in the blood. The meters are popular among people following low-carb, ketogenic, or high-protein diets to lose or manage weight as monitoring ketones aids in regulating carbohydrate intake and fueling the body with ketones. They provide instant results for ketone levels, allowing for timely adjustments to diet and lifestyle. The global Blood Ketone Meter Market is estimated to be valued at US$ 421.41 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the blood ketone meter market is the growing popularity of portable home-based ketone monitoring devices. Technological advancements have led to the development of compact and easy-to-use blood ketone testing strips and meters that can be carried around conveniently. This allows users to test and track their ketone levels on the go without any hassle. Portable devices eliminate the need for repeat hospital or lab visits for testing, offering better insights into how diet and lifestyle impact ketone production. Their availability without prescription further boosts adoption. Growing health awareness among consumers and an increasing focus on preventive healthcare practices through self-monitoring are ascribing gains to the portable blood ketone meter segment.
Porter’s Analysis
Threat of new entrants: Low barriers to entry for small businesses to enter the market but established market dominance of largest players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternatives but brand loyalty and technological advantages increase switching costs.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitute components and focus on developing long term relationships.
Threat of new substitutes: Threat is moderate as new monitoring technologies can replace ketone testing but patient convenience and accuracy of results maintains demand.
Competitive rivalry: Intense competition between major players to gain market share and develop new product features.
Key Takeaways
The Global Blood Ketone Meter Market Share is expected to witness high growth over the forecast period of 2024 to 2031.
The regional analysis shows that North America currently dominates the market due to high consumer awareness and favorable reimbursement policies. Europe is the second largest market and Asia Pacific is expected to show fastest growth with rising healthcare expenditure and growing diabetic population in China and India.
Key players operating in the Blood Ketone Meter Market are Arthrex, Inc., Stryker Corporation, Johnson and Johnsons Ltd., Zimmer Biomet Holdings Inc., Terumo Corporation. Arthrex, Inc. is a leading player focusing on expanding availability of its meters through e-commerce platforms and retail channels. Terumo Corporation is gaining market share in Asia through partnerships with local distributors and marketing campaigns.
