Blood Ketone Meter Market Size, Share & Trends Analysis Report By Product Type (Blood Ketone Monitoring, Blood Glucose And Ketone Monitoring, Consumables), By Application, By End-use, By Region, And Segment Forecasts, 2021 - 2028

Report Overview

The global blood ketone meter market size was valued at USD 279.6 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.7% from 2021 to 2028. A rise in diabetes-related complications has led to the introduction of novel products for monitoring ketone and glucose. Increasing investments in R&D by key market players to design multi-functional blood ketone meters are anticipated to accelerate the demand for blood ketone meters over the forecast period. COVID-19 has had a profound impact on the healthcare system and has drastically impacted the global economy. The pharmaceutical companies are focusing on innovating numerous devices, such as blood ketone meters, and increasing their production as well as supply to curb the demand during the pandemic. The usage of blood ketone meters has increased since the emergence of COVID-19. Patients with diabetes are at high risk of getting infected with COVID-19. With proven or suspected COVID-19 disease, individuals with diabetes need to monitor blood ketone and glucose levels as appropriate. With such increasing demand for blood ketone meters throughout the globe, the market is expected to witness significant growth during the forecast period.

The rising incidence of diabetes is among the major factors augmenting the market growth. According to the CDC, around 10.5% of the U.S. population was suffering from diabetes and around 26.9 million people of the U.S. were diagnosed with diabetes in 2020. Similarly, in 2018, as per the American Diabetes Association, around 210,000 Americans under age 20 were projected to have been diagnosed with diabetes. This rise in the number of diabetes among youth is anticipated to create the demand for blood ketone meters.

Various manufacturers such as Abbott, Keto-Mojo, and EKF Diagnostics are focusing on technologically advanced blood ketone meters to maintain a strong market presence. Market participants are getting CE as well as FDA approval for their advanced blood ketone meters, which, in turn, will help in capturing a larger market share. For instance, in March 2019, Keto-Mojo partnered with Heads Up Health. This partnership helped patients to instantly Sync Keto-Mojo ketone and glucose reading in their personalized Heads Up Health dashboard.

Product Type Insights

The blood ketone monitoring segment captured the largest share of over 40.0% in 2020. Ketone monitoring meters may help in the early identification of the production of ketones and may also warn of impending ketoacidosis that may eventually reduce the complications of diabetic ketoacidosis. Hence, the increasing cases of diabetes-related complications are anticipated to foster the demand for blood ketone meters over the forecast period.

The blood glucose and ketone monitoring segment are expected to register a growth rate of 6.6% during the forecast period. The demand for blood glucose and ketone testing is increasing globally. Blood glucose and ketone monitoring devices are designed for use with diabetic human patients, however later on, as ketone strips were produced with these devices, they are widely adopted by dairy farmers and vets to monitor ketones in cattle. Thus, the increasing usage of blood glucose and ketone monitoring among humans as well as animals is predicted to secure the market position.

End-use Insights

The hospital's segment captured the largest share of more than 32.0% in 2020. The increasing number of hospital admissions, especially the older patients suffering from diabetes due to the recent outbreak of COVID-19, is anticipated to propel the segment growth. Rising cases of diabetic ketoacidosis are also anticipated to fuel the segment growth.

The home care settings segment is predicted to register a significant CAGR during the forecast period. The availability of trained nurses and the rising preference for home care in developing as well as developed countries are expected to fuel the segment growth during the forecast period. Hence, a rise in the demand for home healthcare services is predicted to boost the segment growth. 

Application Insights

The human segment accounted for the largest share of over 50.0% in 2020. Blood ketone meters improve the recovery time among patients that develop diabetic ketoacidosis. They may also be useful in humans with different types of diabetes that are insulin-dependent. And patients with insulin-dependent diabetes are recommended to opt for a ketone test. Hence, a rise in the cases of insulin-dependent diabetes among individuals is predicted to foster the growth. Blood ketone meters are also useful for athletes that adhere to a ketogenic diet and want to verify that they are in the state of ketosis. Such a rise in the usage of blood ketone meters among humans is predicted to accelerate the growth.  

The veterinary segment held a considerable revenue share in 2020. The rising focus of manufacturers such as TaiDoc Technology and Porta Check on developing veterinary blood ketone meters is anticipated to spur the segment growth during the forecast period. Veterinary blood ketone meters are easy to use and are affordable for routine monitoring, thereby surging their demand among animals.

Regional Insights

North America held the largest share of over 40.0% in 2020. Improved infrastructure in healthcare facilities and the high adoption of blood ketone meters, especially during the COVID-19 pandemic, across the U.S. and Canada are estimated to contribute to the market growth in North America. Government initiatives to promote glucose and ketone monitoring are estimated to substantially augment the market growth. The increasing occurrence of diabetes is anticipated to create demand for blood ketone meters for measuring ketone levels. For instance, as per the American Diabetes Association, around 34.2 million Americans were suffering from diabetes in 2018.

The presence of a large patient pool, rising awareness regarding diabetes, and increasing government healthcare expenditure in developing countries, such as India and Japan, are predicted to accelerate the market growth in Asia Pacific. An increase in the population’s access to health services, coupled with a rise in awareness regarding point-of-care testing, is anticipated to drive the demand for blood ketone meters in the region.

Europe is expected to register a significant CAGR during the forecast period. Diabetes is increasing tremendously in the European region affecting people of all ages. An unhealthy diet, physical inactivity, and obesity are the major cause of diabetes. The increasing number of patients suffering from diabetes is expected to contribute to the regional market growth. For instance, as per the OECD, around 32.3 million adults were diagnosed with diabetes in the EU in 2019.

Key Companies & Market Share Insights

Product approvals, new product launches, acquisitions, collaborations, and innovations are key strategies adopted by major market players to maintain their share in the market. Major manufacturers are focusing on combination products that provide blood glucose reading along with ketone levels.  Some prominent players in the global blood ketone meters market include:

• Abbott Laboratories

• APEX Biotechnology Corporation

• TaiDoc Technology Corporation

• EKF Diagnostics

• Nova Biomedical

• KETO-MOJO

Blood Ketone Meter Market Report Scope 

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global blood ketone meter market report on the basis of product type, application, end-use, and region:

• Product Type Outlook (Revenue, USD Million, 2016 - 2028)

  • Blood Ketone Monitoring

  • Blood Glucose and Ketone Monitoring

  • Consumables

• Application Outlook (Revenue, USD Million, 2016 - 2028)

  • Human

  • Veterinary

• End-use Outlook (Revenue, USD Million, 2016 - 2028)

  • Hospitals

  • Diagnostic Centers

  • Homecare Settings

  • Others

• Regional Outlook (Revenue, USD Million, 2016 - 2028)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

    • Colombia

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE