by The Australia blood ketone meter market comprises blood glucose monitoring devices that help monitor ketone levels in the blood. Such meters have gained traction among consumers looking to monitor their ketone bodies for various purposes like managing diabetes, losing weight and practicing keto diets. These meters employ test strips on which a small amount of blood is applied. The readings help establish the levels of beta-hydroxybutyrate or BHB, the ketone produced in the liver from fat breakdown.
The Global Australia blood ketone meter market is estimated to be valued at US$ 10.9 Mn in 2024 and is expected to exhibit a CAGR of 7.0% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the Australia blood ketone meter are Abbott, ACON Laboratories Inc., Nipro Corporation, Keto-Mojo, PortaCheck Inc., Nova Biomedical, GlucoRx Limited, EKF Diagnostics Holdings Plc., Taidoc Technology Corporation, and Apex Biotechnology Corporation. The growing adoption of the ketogenic diet and rising prevalence of diabetes are providing numerous opportunities for players in this market. Several players are investing in technological advancements and product innovations to consolidate their presence.
The Australia blood ketone meter market is witnessing significant opportunities due to the rising popularity of the ketogenic diet for weight loss. Manufacturers are launching innovative products with advanced features like Bluetooth and cloud connectivity.
The market is also witnessing high growth owing to increasing awareness about diabetes and rise in diabetic population in Australia. Players are expanding their presence through new product approvals and strategic collaborations with regional distributors.
Market Drivers
The Australia blood ketone meter market is witnessing strong growth driven by the increasing incidence of diabetes. As per findings of the Australian Institute of Health and Welfare, around 1.3 million Australians aged over 18 years have been diagnosed with type 2 diabetes as of 2021-22 financial year. This is propelling the demand for blood glucose monitoring devices like ketone meters. Further, the surging adoption of the ketogenic diet for weight management and other health benefits is another key factor boosting the Australia market.
PEST Analysis
Political: The requirement of medical device approval by the Therapeutic Goods Administration (TGA) regulates the product offerings and operations in the market. Manufacturers have to comply with quality control and safety standards set by the regulatory body.
Economic: Rising disposable income and growing awareness about diabetes management are fueling the demand for blood ketone meters in Australia. However, economic uncertainties due to COVID-19 pandemic may have a short term negative impact on the market growth.
Social: Increasing prevalence of obesity and lifestyle diseases like diabetes has made people conscious about health monitoring. Self-monitoring of ketone levels is considered important for managing diabetes and related ketoacidosis conditions.
Technological: Advanced technologies facilitate accurate, quick, and pain-free testing of ketone levels. Bluetooth connectivity in newer devices enables automated transfer of results to mobile healthcare apps. Touchscreen interfaces and data analytics features offer enhanced user experience.
The market in Australia is concentrated majorly in urban regions like Sydney, Melbourne, Brisbane, Perth and Adelaide owing to higher awareness, disposable income and accessibility to advanced healthcare facilities. The dense population in these cities generates significant demand for blood ketone meters.
Victoria and New South Wales account for around 60% of the total market value in Australia due to rising diabetic patient pool and developed medical infrastructure in these states. Being the most populated region, these states offer huge growth opportunities for key players in the coming years.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
What Are The Key Data Covered In This Australia Blood Ketone Meter Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Australia Blood Ketone Meter ‘s growth between 2024 and 2031.
:- Accurate calculation of the size of the Australia Blood Ketone Meter and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Australia Blood Ketone Meter Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Australia Blood Ketone Meter vendors
FAQ’s
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
