The global lactate meter market is expected to register a substantial CAGR during the forecast period, 2021-2028. The growth of the market is attributed to rising prevalence of diabetes and increasing inclination toward fitness activities.
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Blood lactate analyzers or blood lactate testing equipment are machines that test lactate levels in blood. A blood lactate analyzer is used as a symptomatic instrument. High lactate levels can be observed due to shock, anemia, malignancy, and diabetes. The measurement of lactate levels can show the outcome or effectiveness of exercise in the body. Moreover, it can provide crucial information about the progression of the condition and the effectiveness of the treatment on the body.
Market Drivers, Restraints, Trends, and Opportunities:
Rising number of geriatric population in the developed and emerging economies is anticipated to propel the market growth during the forecast period. Growing concerns related to cholesterol level, weight loss, and sugar level among health-conscious people is acting as a major factor that can boost the market in the coming years. Integration of advanced technology that can help the incorporation of the lactate meter data on the smartphone and reveal data about pulse and glucose level and skin temperature. Features of lactate meters such as cost-effectiveness and durability is speculated to propel the market growth. Increasing concerns related to fitness among sports athletes and rising participation of people in sport activities are anticipated to boost the market growth in the projected timeline. The market growth between 2019 and 2020 had been affected due to the adverse impact of the COVID-19 pandemic and the trend is expected to continue till mid-2021. This is due to the imposition of lockdown, which led to the disruption in the manufacturing industry and deranged supply chain activities. Lack of awareness about lactate maters in low and middle-level countries can impede the market growth. Growing investment in the R&D activities to innovative lactate meter devices is projected to offer key opportunities for the industry players in the foreseeable future.
Scope of the Report
The report on the global lactate meter market of trends, segments, and regional markets. Overview and dynamics have also been included in the report.
The Global Lactate Meter Market Segment Insight:
On the basis of types, the market is divided into chargeable lactate meters and battery-operated lactate meters. The battery-operated lactate meter segment is speculated to capture a large market share during the forecast period owing to increasing demand for large storage lactate meter from medium- and large-scale industries. However, the chargeable lactate meters the segment is estimated to witness considerable growth due to the wide adoption of the chargeable lactate meters in various applications.
Based on applications, the global lactate meter market is segmented into medical and sports training. The sport training segment is anticipated to constitute a major share of the market during the analysis period owing to growing demand for lactate meters among sports institution. Growing inclination towards fitness related activities is driving the growth of the market segment. Moreover, increasing number of people focusing on technicalities of exercises is fostering the segment growth.
In terms of regions, the market is categorised as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Asia Pacific is projected to expand at a high CAGR throughout the forecast period. Increasing awareness about lactate meter in the sports institutions and rapid growth in the healthcare sector are spurring the growth of the market in this region. Conversely, North America held a significant position in the market in 2020 owing to early adoption of latest technologies and presence of major industry players in countries such as the US and China.
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