Blood Ketone Test Meter Market Overview and Regional Outlook Study
Blood Ketone Test Meter Market: Introduction
- Ketones are produced by the body as an alternative source of energy to sugar. Ketone testing is a key part of Type 1 diabetes management, as it helps to prevent a dangerous short-term complication called diabetic ketoacidosis from occurring. The human body primarily runs on glucose. When there is a deficiency of glucose in the body, the body starts breaking down fats for energy. This breaking down of fats results in the creation of ketones. It is important for patients with diabetes on insulin to note that ketones can be produced when the body has insufficient insulin. Thus, it is necessary to check the ketosis level in the blood or else, increase in number of ketones in blood can lead to Type 2 diabetes.
- The global blood ketone test meter market is anticipated to expand at a significant pace during the forecast period, owing to rise in prevalence of diabetes
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Key Drivers of Global Blood Ketone Test Meter Market
- According to Beyond Type 1, a non-profit organization that works for the benefit of people suffering from diabetes, the rate of incidence of Type 1 diabetes is rising globally. It further states that in the U.S. alone, 1.25 million people have Type 1 diabetes and in the countries such as Germany, around 18 per 100,000 children aged between 1 years and 14 years are suffering from Type 1 diabetes. Such high incidence rate across the world is expected to drive the demand for blood ketone test meters.
- Government initiatives to promote glucose monitoring are likely to drive the blood ketone test meter market. In 2016, the CDC, ADA, and the American Medical Association launched a campaign to raise awareness about prediabetes and encourage people to undergo test for the condition. Every year, November is considered as the National Diabetes Awareness month with the aim to raise awareness about diabetes prevention and control.
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Key Opportunities in Global Blood Ketone Test Meter Market
- Incorporation of multiple functional tools in devices, technological advancements, and rise in diabetes-related complications have led to the introduction of several new and innovative products for use in the monitoring of ketones. These innovations have also resulted in the development of devices with multi-functional tools to perform different functions for diagnosis and monitoring of Type 1 diabetes.
- Key players operating in the global blood ketone test meter market are focusing on technological advancements in devices. Manufacturing of multi-functional devices and different body function monitoring devices can lead to a rise in functional utility of devices. Investments in R&D is being considered as an opportunity by key players to design multi-functional devices and boost the rate of adoption of innovative health care diagnostic tools.
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North America to Hold a Major Share of Global Blood Ketone Test Meter Market
- Rise in incidence rate of diabetes and reimbursement of ketone test meter under Medicaid and Medicare facilities are some of the major factors driving the blood ketone test meter market in North America. According to the National Diabetes Statistics Report, which is a periodic publication of the Centers for Disease Control and Prevention (CDC), diabetes was the seventh leading cause of death in the U.S. in 2015, with 79,535 deaths reported due to the condition.
- China, India, Russia, and Brazil, among others have become attractive markets for companies engaged in the development and marketing of blood glucose monitoring devices. A number of factors, such as presence of large patient pool, increase in population access to health services, rise in awareness about point-of-care testing, and increase government health care expenditure in developing countries offer high growth opportunities for market players in these countries.
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