Blood Ketone Meter Market, by Product Type (Only Blood Ketone Monitoring, Blood Glucose and Ketone Monitoring, and Consumables), by Application (Human and Veterinary), by End User (Hospitals, Diagnostic Centers, Ambulatory Surgical Centers, Home Care Settings, Veterinary Hospitals and Clinics, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2023 - 2030 was valued at US$ 342.8 million in 2022 and is expected to grow at a CAGR of 6.9% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
The COVID-19 pandemic is expected to have a significant impact on the market. An increase in the incidence of diabetes and rising cases of diabetic ketoacidosis are expected to drive market growth. For instance, in February 2023, in China, Assure Tech, a developer and producer of diagnostic reagents, POCT (Point of care Testing), and biological materials, announced the launch of a brand-new platform for comprehensive pet health solutions. This platform has blood ketone and glucose monitoring equipment that gives a cutting-edge method for determining blood ketone and glucose levels in animals.
Blood ketone meter Market– Impact of Coronavirus (COVID-19) Pandemic
COVID-19 is a disease caused by the SARS-CoV-2 virus that emerged in Wuhan, China in late 2019. Its rapid spread had a significant impact on the global economy, social behavior, and healthcare systems. The virus affected production and demand, disrupted distribution channels, and had a financial impact on firms and markets. The lockdowns imposed by many countries led to transportation problems for drugs in several nations like India, China, and Brazil.
The novel coronavirus illness (COVID-19), which has a severe impact on health conditions and a high mortality rate, presents a significant challenge to the global healthcare systems. Notably, poorer clinical outcomes of COVID-19 disease are directly related to obesity and its associated comorbidities. The clinical application of ketogenic diets (KDs) has received more attention recently, notably in the setting of extreme obesity and its associated metabolic problems. KDs are effective in reducing fat mass quickly, maintaining lean mass, and ensuring a sufficient nutritional status. Particularly, the physiological rise in ketone body levels in the blood has significant anti-inflammatory and immunomodulatory effects that may prove to be useful tools in the fight against infection and other potential side effects of COVID-19 disease. Based on the known effects of ketone bodies on inflammation, immunology, metabolic profile, and cardiovascular function, so to explore the significance of KDs for a rapid reduction of a number of crucial risk factors for COVID-19, such as obesity, type 2 diabetes, and hypertension. In light of upcoming waves of SARS-CoV-2 infection, to feel that a rapid reduction of all modifiable risk factors, especially obesity with its metabolic consequences, should be a cornerstone of public health policies and treatments. For instance, Data from the Primary Care Diabetes Society from February 2020 shows that ketone monitoring during this COVID-19 pandemic must not be postponed since people with pre-existing medical conditions like diabetes, asthma, and heart disease are more likely to get the virus.Because blood ketone levels must be checked every 4 to 6 hours, there is an increasing need for blood ketone meters.
Blood ketone meter Market: Key Developments
In February 2022, DiaMonTech, a medical technology start-up pioneering non-invasive blood glucose measurements, announced a US$5 million investment round, bringing its total funding to over US$20 million. Adding Samsung Ventures and a global medical technology company as strategic partners reaffirms DiaMonTech’s ambition to revolutionize non- invasive diabetes management.
In December 2022, ALR Technologies Inc., the diabetes management company, announced the completion of a long-term manufacturing and supply agreement with Infinovo Medical Co., Ltd for the Continuous Glucose Monitor (CGM) hardware used in the GluCurve Pet CGM.
In November 2021, PKvitality- a biotechnology company that has made excellent progress with its K’Watch Glucose CGM smart watch, which has been developed to provide a blood-free and painless option for taking regular blood sugar level measurements for those having to manage their lives with diabetes.
As a result, these variables are generating profitable chances for the growth of the blood ketone meter market all over the world. Leading players are also concentrating on technology developments, like the launch of multi-functional devices and various body function monitoring gadgets, which can also affect the rise of effective device service. The ideal alternative, according to key players, to propose multifunctional gadgets and speed up the spread of cutting-edge medical diagnostic equipment is rising investments in R&D operations.
Browse 35 Market Data Tables and 34 Figures spread through 170 Pages and in-depth TOC on “Blood ketone meter Market”- Forecast to 2030, Blood ketone meter Market, by Product Type (Only Blood Ketone Monitoring, Blood Glucose and Ketone Monitoring, and Consumables), by Application (Human and Veterinary), by End User (Hospitals, Diagnostic Centers, Ambulatory Surgical Centers, Home Care Settings, Veterinary Hospitals and Clinics, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis.
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https://www.coherentmarketinsights.com/market-insight/blood-ketone-meter-market-3498
Key Takeaways of the Blood ketone meter Market:
In March 2023, Sanofi and Provention Bio, Inc., a U.S.-based, publicly traded biopharmaceutical company focused on intercepting and preventing immune-mediated diseases including type 1 diabetes (T1D), have entered into an agreement under which Sanofi, an innovative global healthcare company has agreed to acquire Provention Bio, Inc., for US$25.00 per share in cash, representing an equity value of approximately US$2.9 billion.
As per International Diabetes Federation (IDF) Diabetes Atlas 2021, one in ten (10.5%) adults around the world are currently living with diabetes. The total number is predicted to rise to 643 million (11.3%) by 2030 and to 783 million (12.2%) by 2045.
Major players operating in the blood ketone meter market include Abbott Laboratories, ACON Laboratories Inc., Keto-Mojo, EKF Diagnostics, Taidoc Technology Corporation, Apex Biotechnology Corporation, Bruno MD, Nova Biomedical, Nipro Corporation, ForaCare Inc., GlucoRx Limited, and PortaCheck Inc.
