MARKET ANALYSIS
A lactate meter is a portable device used to measure the level of blood lactate in an individual, it is also known as lactate analyser or lactate test kit. Anaerobic metabolism takes place when the body is unable to obtain enough oxygen to meet its energy requirements, produces lactate as a byproduct. Lactate is produced during intense physical activity, such as high-intensity exercise, and it can be a useful indicator of a person fitness level and performance. Athletes, coaches, and trainers frequently use lactate meters to track training intensity and improved results. Additionally, these are utilized in healthcare facilities to keep track of people who have certain diseases, such as sepsis, heart failure, and lung disease. The test is performed by pricking finger to obtain a drop of blood, which is then placed on a test strip or inserted into a cartridge that is loaded into the meter, it measures the amount of lactate in a small blood sample. The meter measures the amount of lactate in the blood sample using an electrochemical reaction based on enzymes, and the result is displayed on a screen within a few seconds.
GROWTH DRIVERS AND CHALLENGES
An increase in demand in sports, fitness and healthcare, technological advancement, increase in the prevalence of chronic diseases, and increasing focus on precision medicine are fuelling market growth. In addition, several factors have contributed to the recent increase in lactate meters demand in sports medicine. In order to maximise performance and minimise injuries, athletes and coaches are becoming more and more aware of the significance of monitoring lactate levels throughout training. Lactate test metres provide a quick and easy way to measure lactate levels, allowing coaches and trainers to make informed decisions about training intensity and duration. Lactate metres are becoming more affordable and user-friendly, making them accessible to a wider range of athletes and sports medicine practitioners. This has led to increased adoption of lactate metres in both professional and amateur sports. Furthermore, the rise of wearable technology has led to the development of lactate metres that can be integrated with other sports performance monitoring devices, such as heart rate monitors and GPS trackers. This integration provides a more complete image of the athlete's physical condition, enabling more precise training plans and improved performance results.
REPORT SEGMENTATION AND SCOPE
The "Global Lactate Meters Market Analysis to 2030" is a specialized and in-depth study focusing on the global lactate meters market trends and growth opportunities. The report aims to provide an overview of the global lactate meters market with detailed market segmentation by product, application, end user, and geography. The global lactate meters market has witnessed high growth over the recent past and is expected to continue this trend during the forecast period. The report provides key statistics on the uses of lactate meters worldwide and their demand in major regions and countries. In addition, the report provides a qualitative assessment of various factors affecting the lactate meters market performance in major regions and countries. The report also includes a comprehensive analysis of the leading lactate meters market players and their key strategic developments. Several analyses on the market dynamics are also included to help identify the key driving factors, market trends, and lucrative lactate meters market opportunities that would, in turn, aid in identifying the major revenue pockets.
Further, ecosystem analysis and Porter's five forces analysis provide a 360-degree view of the global lactate meters market share. This helps understand the entire supply chain and various market lactate meters growth factors.
SEGMENTAL ANALYSIS
The global lactate meters market is segmented based product type, application, end-user, and geography. Based on product type, the lactate meters market is bifurcated into chargeable lactate meters and battery-operated lactate meters. Due to a rise in the demand for and use of battery-operated lactate metres, they held the largest share of the global market in 2022. Battery-operated lactate metres are a flexible tool for medical practitioners and researchers since they may be utilised in a variety of settings, including sports medicine, critical care, and research. On the basis of application, the lactate meters market is segmented into sports performance monitoring, medical intervention, and others. Based on end-user the lactate meters market size is classified into hospitals, clinics, long term care services, home care, and others. The hospitals segment is expected to have the largest market share and the fastest rate of expansion, owing to increase in adoption of lactate meters across the world.
REGIONAL ANALYSIS
North America has significant market share for lactate metres, with the U.S. being the largest contributor to market revenue. The lactate metres market in the region is driven by the high prevalence of chronic diseases like diabetes and heart disease. Well-established healthcare infrastructure and advanced medical technology are facilitating the adoption of lactate metres in hospitals, clinics, and other healthcare facilities in the region. In North America, Roche Diagnostics, EKF Diagnostics, Nova Biomedical, and Apex Biotechnology Corporation are the major participants in the lactate metre industry. In the near future, the market is anticipated to be supported by rising demand for precise and effective lactate monitoring devices in healthcare and sports performance contexts. However, Asia Pacific is expected to grow significantly due to the rising prevalence of diabetes and other chronic diseases, growth in healthcare spending, and a surge in demand for point-of-care testing. Diabetes is a significant public health issue in the Asia Pacific region, with a high prevalence in nations like China and India. These devices are useful for managing the condition because they are portable and simple to use.
INDUSTRY DEVELOPMENTS AND FUTURE OPPORTUNITIES
Partnership, acquisitions and new product launches were found to be the major strategies adopted by the players operating in the global lactate meters market.
In April 2020, Nova Biomedical launched the Stat EMS Basic Blood Testing System for an ambulance and emergency care in CE mark countries. Stat EMS Basic measures lactate, glucose, ketone, haemoglobin, and hematocrit from fingerstick capillaries in six to forty seconds with results that are of a lab-quality.
In November 2019, EKF Diagnostics launched the Lactate Scout 4 analyser, designed to monitor blood lactate levels. This portable instrument gives a precise and trustworthy assessment of lactate concentration in just 10 seconds.
IMPACT OF COVID/IMPACT OF GEOPOLITICAL SCENARIO/IMPACT OF RECESSION
The COVID-19 pandemic had a notable impact on the lactate metre market, experiencing both positive and negative effects. As a result of the pandemic, demand for lactate metres increased due to personal health monitoring, individuals are searching for ways to monitor their health from the comfort of their homes. Lactate metres, known for their ability to measure lactate levels in the blood, that became valuable tool for remote monitoring and self-assessment. The demand was triggered by several factors, including exercise physiology, critical care, and sports medicine. Additionally, the pandemic encouraged the development of telehealth and remote monitoring technology, which increased the significance of lactate metres. These devices were valued for their ability to facilitate remote data gathering and monitoring by both healthcare professionals and patients. Lactate metres allow healthcare providers to closely track patients' health conditions without the need for in-person visits, reducing the risk of exposure to the virus and ensuring continuous care. However, the lactate metre market also faced difficulties because of the pandemic. Due to the enormous burden that COVID-19 pandemic has placed on healthcare system globally, resources were diverted in order to control the pandemic. This change in priority has influenced the supply and distribution of lactate metres. Thus, limited healthcare personnel and disrupted supply chains resulted in delays and affected lactate meter market growth.
COMPETITIVE LANDSCAPE AND KEY COMPANIES
Some of the key players operating in the lactate meters market include ApexBio, Nova Biomedical, BST Bio Sensor Technology, F. Hoffmann-La Roche Ltd., EKF Diagnostics, Sensa Core Medical Instrumentation Pvt. Ltd., ARKAY Inc., Woodley Equipment, and TaiDoc Technology among others.
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
The List of Companies
1. F. HOFFMANN-LA ROCHE LTD
2. APEXBIO
3. EKF DIAGNOSTICS
4. NOVA BIOMEDICAL
5. SENSA CORE MEDICAL INSTRUMENTATION PVT. LTD.
6. ARKRAY, INC.
7. BST BIO SENSOR TECHNOLOGY
8. TAIDOC TECHNOLOGY
9. WOODLEY EQUIPMENT
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
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- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
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- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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