The global Blood Ketone Meter Market size is expected to reach USD 501.5 million by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.7% from 2021 to 2028. Reimbursement scenario and favorable health insurance are significant factors that are anticipated to surge the demand for blood ketone meters. Technological advancements in Type 1 Diabetes care lead to the increasing preference for automated devices among individuals that aid in reducing disease burden.
Diabetes prevalence is increasing worldwide, due to
which the number of hospital admissions with patients suffering from
complications, including diabetic ketoacidosis (DKA), is also rising. DKA is a
severe and life-threatening complication of diabetes. This disease is more
common among people with type 1 diabetes and affects around 30 million people
across the U.S. Lifestyle changes, rapid urbanization, increased life
expectancy, and dietary changes are the major causes of diabetes.
The rise in the geriatric and obese population across
the globe is expected to boost the growth of the market. As per the WHO, by
2050, the world’s population aged 60 years and above is likely to reach 2
billion by 2050. Similarly, as per the American Diabetes Association, one-third
of U.S. adults aged 65 and above had diabetes in 2017. Thus, a rise in the
number of adults with diabetes is anticipated to boost the demand for blood
ketone meters during the forecast period.
An increasing number of hospital admissions owing to
the rising cases of DKA in developing as well as developed nations are estimated
to foster the market growth. According to a Diabetes Care Study, DKA causes
approximately 200,000 hospitalizations each year in the U.S. Rising hospital
admissions eventually lead to an increase in healthcare costs, thereby fueling
the market growth.
Related Press Release@ Blood Ketone Meter Market Report
Blood Ketone Meter Market Report
Highlights
- By product type, the blood glucose and ketone monitoring segment
held the second-largest share in 2020 due to the increasing launch of
blood glucose and ketone meters
- Based on application, the veterinary segment is expected to witness
considerable growth during the forecast period due to the increasing
application of blood ketone meters among animals
- The hospital end-use segment captured the largest share in 2020 due
to the increasing number of hospitalizations every year
- North America held the largest market share in 2020 due to the
rising healthcare expenditure and increase in the healthcare spending
- The presence of local and international players and the increasing
prevalence of type 1 and type 2 diabetes has led to the surging demand for
blood ketone meters in North America
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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