Press release
Lactate Meter Market Competitive Analysis By 2031
Lactate Meter Market
The global lactate meter market was valued at US$ 127.8 Mn in 2021
The global market is projected to grow at a CAGR of 8.7% from 2022 to 2031
The global lactate meter market is anticipated to reach more than US$ 299 Mn by the end of 2031
Overview of Lactate Meter Market
Blood lactate analyzers, also known as blood lactate testing equipment, are machines that measure the amount of lactate in the blood. Blood lactate analyzer is a diagnostic tool that uses a small drop of blood to quickly assess muscle performance. Lactate test is virtually painless, yet quick and accurate. Lactate level measurement is primarily used by athletes to monitor oxygen levels in the muscles and lactate levels in tissues. Blood lactate test is a reliable guide to safe and effective training for athletes. It helps an athlete avoid under or overtraining, which can lead to exhaustion.
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Rise in Prevalence of Metabolic Disorders to Drive Global Lactate Meter Market
Metabolic disorders, such as diabetes, are becoming increasingly common. This is likely to drive the demand for blood lactate testing equipment, which is used to monitor blood sugar levels and detect complications in an early stage. Increase in urbanization is expected to boost the demand for lactate testing devices in hospital settings and mobile devices that can be used at home.
Demographics is also estimated to play a key role in market growth. According to the World Health Organization (WHO), there are more than 600 million diabetics across the globe. This number is likely to reach over 800 million by 2030. Rise in prevalence of other chronic diseases, such as cardiovascular diseases and cancer, is also driving the demand for efficient and advanced lactate meters such as Lactate Plus.
Increase in Awareness about Health and Fitness to Propel Global Lactate Meter Market
Rise in popularity of various sports across the world and increase in fitness awareness among the general population are projected to drive the global lactate meter market in the next few years. Surge in geriatric population across the globe is also propelling the demand for various sports medicine products such as blood lactate meters. Increase in interest of geriatric population in fitness and exercise to lower cholesterol levels, control diabetes & obesity, and increase life expectancy have led to a rise in the usage of various sports gear and equipment. This has augmented the demand for lactate meters.
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The American College of Sports Medicine, the American Orthopedic Society for Sports Medicine, the European Federation of Sports Medicine Association, the Chinese Association of Sports Medicine, and the Asian Federation of Sports Medicine fund various sports medicine research projects. They also run educational programs and offer fellowships for advanced education in sports medicine. Portable lactate meters are becoming increasingly popular due to their small size and wireless data transfer technology. These devices can be linked to smartphones. They provide statistical analysis of the heart rate, glucose level, skin temperature, and posture.
Growth in Adoption of Battery-operated Lactate Meters for Accurate Results
The battery-operated lactate meters segment is projected to dominate the global market, accounting for more than 80% share by 2031. Battery-powered lactate meter uses photometric reflectance to measure lactate levels in capillary blood samples. It accurately determines the lactate level in patient's bloodstream by measuring the color change in the reagent pad after 60 seconds. Blood lactate meters are used in home care settings and long-term care services.
These devices have the facility to save multiple measurements with date and time. Manufacturers are increasing their investment in R&D to introduce devices that use Bluetooth and cutting-edge software to send measurements to Android and iOS devices. Devices with stopwatches and countdown timers are preferred for performance measurement.
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Regional Outlook of Global Lactate Meter Market
North America dominated the global lactate meter market in 2021. The market in the region is anticipated to grow at the fastest CAGR from 2022 to 2031. Growth of the lactate meter market in North America can be ascribed to advancements in sports medicine in the region. High prevalence of chronic diseases such as diabetes and hypertension is a major driver of the market in North America.
Increase in demand for blood lactate testing equipment due to the rise in adoption of sports and fitness regime among the young and geriatric population is further propelling the market in North America. The market in the U.S. is anticipated to be driven by the presence of companies such as Nova Biomedical, EKF Diagnostics, ARKRAY, Inc., and ApexBio.
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Analysis of Key Players in Global Lactate Meter Market
The global lactate meter market is fragmented, with the presence of a small number of leading players. Several companies are investing significantly in research & development activities. Cleaning the sample site incorrectly can lead to contamination and influence the result. Furthermore, storing the meter or strips at extremely high or low temperatures can result in erroneous readings.
Hence, companies should raise awareness about storing and monitoring of lactate meter results. They should also raise awareness about the importance of double-checking readings that appear to be abnormally high or low. Expansion of product portfolio and mergers & acquisitions are the important strategies adopted by market players. ApexBio, EKF Diagnostics, Nova Biomedical, Sensa Core Medical Instrumentation Pvt. Ltd., Arkray, Inc., BST Bio Sensor Technology, TaiDoc Technology, and Hoffmann-La Roche Ltd. are the key players in the global lactate meter market.
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