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
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.
Key Players Operating in Global Market
Major players operating in the global blood ketone test meter market are:
- ForaCare Inc.
- Bruno Pharma
- Care Touch
- Nova Diabetes Care
- Trividia Health, Inc.
Global Blood Ketone Test Meter Market: Research Scope
Global Blood Ketone Test Meter Market, by Product Type
- Testing Meters
- Ketone Strips
Global Blood Ketone Test Meter Market, by End-user
- Home Care Setting
Global Blood Ketone Test Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.