Revenue of Blood Ketone Meter from 2017 to 2021 Compared to Demand Outlook for 2022 to 2032
As per the Blood Ketone Meter industry research by Fact.MR - a market research and competitive intelligence provider, historically, from 2017 to 2021, market value of the Blood Ketone Meter market increased at around 7.4% CAGR, wherein, countries such as the U.S., China, Japan, U.K. and South Korea held significant share in the global market.The incorporation of multiple functional tools in devices, technological advancements, and an increase in diabetes-related complications have resulted in the introduction of several new and innovative products for use in the monitoring of ketones, which will help the blood ketone metre market gain momentum in the coming years. Owing to this, Blood Ketone Meter market is projected to grow at a CAGR of 8.1% over the coming 10 years.The Blood Ketone Meter market is estimated to reach a valuation of US$ 296.9 Mn in 2022 owing to which the worldwide revenues was up by 7.9% year-over-year.
Fact.MR estimates that Blood Ketone Meter revenue will grow 2.1X from 2022 to 2032, reaching nearly US$ 646.3 Mn in 2032.
Among product types, blood ketone monitoring meters is projected to grow at a CAGR of over 9% during the forecast period.
During the period of projection, the market is expected to grow at a CAGR of 8.7% through Human application.
What are the Key Challenges faced by the Blood Ketone Meter Market?
Blood ketone metres are highly advanced equipment, which may occasionally result in technical defects, inconsistent readings, and other difficulties, which may result in product recalls.As a result, growing product recalls by government authorities are projected to stymie the growth of the blood ketone metre market in the near future. For example, in November 2019, the U.S. Food and Drug Administration issued the recall of Abbott Laboratories' Precision Xtra Blood Glucose & Ketone Monitoring System. The product was recalled due to an error in the instruction letter. The initial instruction letter incorrectly indicated multiple-patient usage, which was not in accordance with US FDA conditions, and the device was not certified for multiple-patient use in accordance with US FDA.
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