Wilmington, Delaware, United States, June 23, 2022 (GLOBE NEWSWIRE) — A research report by Transparency Market Research (TMR) states that the global lactate meter market is estimated to attract growth at a CAGR of 8.7% during the forecast period from 2022 to 2031.
Key players in the lactate meter market are focusing on different strategies such as mergers and acquisitions in order to expand their businesses. This aside, several enterprises are increasing their R&Ds in order to launch innovative products. Such efforts are propelling the global lactate meter market. Moreover, enterprises are taking initiatives to spread awareness on proper uses of their products. Such efforts are expected to play key role in the future market outlook for lactate meter.
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North America is estimated to maintain its dominant position during the forecast period, states the lactate meter market demand analysis by TMR. The North America market growth is ascribed to several factors including rise in cases of chronic diseases including hypertension and diabetes in the region. This aside, the lactate meter market in North America is prognosticated to expand owing to rising trend of participating in fitness and sports activities among young as well as older population and increasing technological advancements in the regional sports medicine.
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Lactate Meter Market: Key Findings
- Due to rise in the prevalence of varied metabolic disorders including diabetes among the global population, this patient pool is increasing the demand for blood lactate testing equipment that can help them in monitoring the blood sugar levels and detecting complications in early stages. Hence, surge in the diabetic population around the world is creating promising scope for lactate meter market growth.
- With rise in urbanization across many developed and developing nations, the number of hospitals are being increasing around the world. This factor is boosting the demand for lactate testing devices utilized in the hospital settings. Moreover, rising trend of adopting at-home patient care is estimated to drive the sales of these devices for use at home. These factors are resulting into revenue-generation avenues in the global lactate meter market.
- The demand for battery-powered lactate meter is being increasing in the recent years as the device holds an ability to precisely determining lactate level in patient’s blood in minimum time. Moreover, these devices are gaining traction among patients who require long-term care services and are being monitored in home care settings. One of the key reasons for the adoption of these devices is their ability to save manifold measurements of patient’s tests with date and time.
- The number of people suffering from different chronic health disorders including cancer and cardiovascular diseases is being increasing in the recent years, according to analysts of a TMR report on the global lactate meter market. This factor is boosting the need for next-gen lactate meters such as Lactate Plus, thereby generating sizable business opportunities in the global market for lactate meter. Thus, the market share for lactate meter expected to reach a value of more than US$ 299 Mn by 2031.
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Lactate Meter Market: Growth Boosters
- Surge in the number of people suffering from diabetes is propelling the lactate meter market
- Rising awareness among about the importance of health is bolstering the market growth
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Lactate Meter Market: Key Players
Some of the key players profiled in the report are:
- EKF Diagnostics
- ApexBio
- Sensa Core Medical Instrumentation Pvt. Ltd.
- Nova Biomedical
- BST Bio Sensor Technology
- Arkray, Inc.
- F. Hoffmann-La Roche Ltd.
- TaiDoc Technology
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Lactate Meter Market Segmentation
Product Type
- Chargeable Lactate Meters
- Battery-operated Lactate Meters
Application
- Sports Performance Monitoring
- Medical Intervention
- Others
End-user
- Hospitals
- Clinics
- Home Care
- Long-term Care Services
- Others
Regions Covered
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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