Wilmington, Delaware, United States, April 10, 2023 (GLOBE NEWSWIRE) -- According to market report by TMR, the global lactate meter market size was worth USD 141.3 Mn in 2022 and is expected to reach with a CAGR of 8.5%. The exhaustive market research conducted by TMR suggests that the rising trend of wellness and health is expected to spur prodigious growth in the global business.
Lactate is generated in the body when an individual is involved in high-intensity physical exercise. Lactate levels indicate the performance and fitness of an individual. A lactate meter is a portable device used to measure the lactate level in human blood. It is preferred largely because it displays the result instantly on the screen. Trainers and athletes need to monitor their lactate levels regularly owing to the intense workouts they carry out.
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Lactate Meter Market Scope:
| Report Coverage | Details | |
| Market Revenue | USD 141.3 Mn in 2022 | |
| Estimated Value | USD 299.5 Mn by 2031 | |
| Growth Rate | 8.5% | |
| Forecast Period | 2022–2031 | |
| No. of Pages | 177 Pages | |
| Market Segmentation | By Product Type, Application and End-user | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | ApexBio, EKF Diagnostics, Nova Biomedical, Sensa Core Medical Instrumentation Pvt. Ltd., Arkray, Inc., BST Bio Sensor Technology, TaiDoc Technology, and F. Hoffmann-La Roche Ltd | |
Lactometers are also used in medical settings to monitor health conditions such as heart failure, sepsis, and lung diseases. Lactate meters are available in various types, such as mobile lactate meters, point-of-care lactate meters, wearable lactate meters, and non-invasive lactate meters. Wide application of lactate meters across various sectors, such as sports, healthcare, and fitness, offers significant opportunities in the global market.
Lactate Meter Market: Growth Drivers
- Inclination of millennials and Gen-Z toward sports and fitness offers lucrative business opportunities for market players. The escalating demand for lactate meters in sports medicine is ascribed to increase in awareness among sportspersons, coaches, and trainers about the importance of monitoring lactate levels for optimal performance and prevention of injuries. Features of lactate meters, such as enhanced user interface and cost-efficiency, have created immense growth opportunities for the lactate meter market.
- Wearable technology has created immense growth opportunities in the lactate market, as these devices can be integrated with lactate meters. This aspect helps track the heart rate and blood levels with ease. Comprehensive details about the physical condition of the sportsperson can be accessed through these devices. Such features facilitate accurate training schedules and enhanced performance outcomes. These aspects have increased the scope of growth for the lactate meter market in the next few years.
- Rise in cases of metabolic disorders across the globe is likely to fuel industry growth. Metabolic disorders such as obesity, diabetes, metabolic syndrome, and others have increased globally. These disorders increase the risk of stroke, diabetes, and heart disease. In such conditions, lactate meters provide a clear picture of the metabolic status and assist medical professionals in providing appropriate treatment.
- Non-invasive lactate testing procedures are gaining traction, as these do not require collection of blood. Other alternatives, such as sweat, urine, saliva, and interstitial fluids, are used to measure the lactate level. Thus, the painless method of testing lactate levels has been increasingly preferred by sports professionals. Hence, the lactate meter market is expected to witness lucrative growth in the next few years.
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Key Findings of Lactate Meter Market
- In terms of product type, the battery-operated lactate meters segment is expected to witness robust growth during the forecast period. The segment is estimated to acquire 80% share of the market during the forecast period. Demand for battery-operated lactate meters has increased because these can be used efficiently in various settings, such as critical care, research, and sports medicine.
- Based on application, the sports performance monitoring segment is expected to experience significant growth due to its efficiency in improving sports performance through optimized training programs designed based on the health conditions of the athletes. Furthermore, the risk of injuries can be controlled due to accurate monitoring of lactate levels. Therefore, demand for sports performance monitoring applications has increased considerably, which, in turn, is likely to propel the segment.
Lactate Meter Market: Regional Dynamics
North America is expected to witness lucrative growth owing to increase in incidence of chronic diseases. Countries such as the U.S. are focusing on well-established healthcare infrastructure with advanced technological support, including sports medicine. The presence of major market players in this region has increased the production capacities. In addition, the rising popularity of sports in this region may prove to be crucial in the market growth.
The market in Asia Pacific is expected to experience moderate growth due to high demand for point-of-care testing. Additionally, rise in incidence of diabetes in countries such as China and India has led to increase in sales of lactometers.
The market Europe is projected to witness steady growth due to surge in awareness about early diagnosis and treatment of chronic diseases.
Lactate Meter Market: Competitive Analysis
Key players operating in the market are focusing on rigorous research and development activities to develop handheld and wearable devices that can efficiently monitor health conditions. Integration of IoT to provide accuracy in measurements has accelerated market growth.
Key players operating in the market are:
- Arkay, Inc.
- BST Bio Sensor Technology
- EKF Diagnostics
- Sensa Core Medical Instrumentation Pvt. Ltd.
- F. Hoffmann-LaRoche Ltd.
- ApexBio
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Lactate Meter Market: Segmentation
Product Type
- Chargeable Lactate Meters
- Battery Operated Lactate Meters
Application
- Sports Performance Monitoring
- Monitoring Medical Intervention
- Others (Research Use, etc.)
End-user
- Hospitals
- Clinics
- Long term Care Services
- Home Care
- Others (Sports Institutes, Rehabilitation Centers, etc.)
Regions
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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