Preparedness and Agility Help Serve Critical Medical Needs amid COVID-19 Pandemic
The med-tech industry has been scrambling to ensure business continuity and important deliveries during the COVID-19 pandemic. Companies in the North America lactate meters market are recalibrating across the value chain and serving critical healthcare needs. The unparalleled demand for products such as diagnostic tests, personal protective equipment (PPE), and lactate meters have compelled manufacturers to run production at break-neck speeds.
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Companies in the North America lactate meters market have responded with resilience and the ability to integrate innovations swiftly. Stakeholders are developing a strong state of preparedness and agility in serving customers without disruptions during the ongoing pandemic. They are maintaining a diversified product portfolio in order to keep the economies running. Manufacturers are ensuring that warehouses and depots are well-stocked to maintain continuous supply of lactate meters and other essential medical devices.
Potential False Low Readings Affect Sales of Lactate Meters
The North America lactate meters market is projected to reach US$ 115.2 Mn by 2031. However, many factors affect test results in lactate meters. For instance, having an insufficient amount of blood in the test sample can result in falsely low readings. Hence, med-tech companies are increasing awareness about these issues via product instructions and doctors to improve medical outcomes & enhance patient quality of life.
Nevertheless, manufacturers are boosting R&D to develop lactate meters that enable measurement quickly on a very small drop of blood. This facilitates a virtually painless, yet fast and accurate testing of lactate in the blood of an individual.
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Handheld Point-of-Care Testing Growing Popular with Portable Lactate Meters
Manufacturers in the North America lactate meters market are increasing the availability of portable devices. Nova Biomedical – a med-tech company based in Massachusetts, U.S., is being publicized for its portable lactate meter StatStrip, which has a fast turnaround time of only a few seconds. This helps to bring lactate testing directly to the patient’s bedside.
Portable lactate meters are increasingly replacing complex blood gas analyzers that require large sample volumes and long analysis times. Med-tech companies in the North America lactate meters market are capitalizing on this opportunity by bolstering output capacities for portable devices. Since blood gas analyzers are complex to operate, stay in a fixed location, and are expensive, companies are publicizing the advantages of portable lactate meters. These devices can be easily operated by the medical and nursing staff.
Use of Bluetooth Function & Software Technology in Lactate Meters
The Lactate Scout 4 Starter Set is gaining popularity for its Bluetooth function, software, spray bottle, and fast turnaround time. Companies in the North America lactate meters market are taking cues from such innovations to design small, handy devices that allow fast and precise measurements of the lactate value of capillary blood. Sports medicine and performance diagnostics of athletes are acting as growth drivers for the expansion of North America lactate meters market.
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There is a growing demand for lactate meters that save multiple measurements with date and time. Manufacturers are increasing R&D to innovate in devices that can transmit measurements to Android and IOS devices with the help of Bluetooth & leading edge software technology. Devices that feature stopwatch and countdown timers for performance measurement are being preferred.
North America Lactate Meters Market: Overview
- Lactate meter is a portable device that measures the value of the lactate in the whole blood. The determination of lactate value provides clear insights and functionality of the human circulatory system and the movement of oxygen in the muscles and tissues.
- It is extensively used by sports athletes to monitor the oxygen levels in the muscles and the lactate value in the tissues that are related to liver or hypoxia. Regular observation of the lactate value is important, as it helps the trainer/doctor to monitor the adequacy of the workout/treatment.
- Rise in popularity of various sports across the globe and increase in awareness about fitness among the general population are the major factors anticipated to drive the lactate meters market in North America
North America Lactate Meters Market: Key Drivers
- The easy-to-use option of lactate analysis and its cost-effectiveness attracts individuals to use lactate meters anywhere at their convenience
- Increase in technological advancements that enable a lactate meter data to be available on a smartphone and show all the meter reading and analysis. Key properties such as miniaturized form and wireless data transfer technology are increasing the popularity of portable lactate meters. The devices can be synchronized with smartphones and a statistical analysis of the heart rate, glucose level, skin temperature, and posture can be obtained.
- Demand for lactate meters is rising, as increase in level of lactate in blood could lead to reduced oxygen levels and minimize breathing, which could lead to sepsis, heart attack, severe lung diseases, low blood count, and other diseases
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- Underlying health conditions such as AIDS, leukemia, diabetes, liver diseases, and kidney diseases can cause reduction in oxygen levels. Hence, it is necessary for patients with these diseases to constantly check lactate levels in their blood.
Market Segmentation: North America Lactate Meters Market
- In terms of type, the lactate meters market in North America has been bifurcated into chargeable lactate meters and battery-operated lactate meters
- Based on end-user, the lactate meters market in North America has been divided into hospitals, clinics, home care, long term care services, and others
- In terms of application, the lactate meters market in North America has been classified into sports performance monitoring, medical intervention, and others
- Each of the segments has been analyzed in detail for market trends, recent trends, and developments, drivers, restraints, opportunities, and useful insights. The lactate meters market report provides current and expected revenue (US$ Mn) for each of these segments from 2021 to 2031, considering 2020 as the base year. The compound annual growth rate (percentage CAGR) has been provided for each segment and market from 2021 to 2031 along with market size estimations.
Regional Overview: North America Lactate Meters Market
- In terms of country, the lactate meters market in North America has been segmented into the U.S. and Canada
- The lactate meters market in the region was valued at US$ 49.2 Mn in 2020 and is projected to reach US$ 115.2 Mn by 2031, expanding at a CAGR of 7.4% from 2021 to 2031
- Early adoption of latest technologies and presence of key industry players drive the market in the region. Rise in awareness about lactate meters in sports institutions and rapid growth of the health care sector propels the lactate meters market in North America.
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Major Players
- The lactate meters market report concludes with the company profiles section, which includes key information about major players in North America
- Leading players analyzed in the report include
- ApexBio
- EKF Diagnostics
- Nova Biomedical
- Sensa Core Medical Instrumentation Pvt. Ltd.
- Arkray, Inc.
- BST Bio Sensor Technology
- TaiDoc Technology
- F. Hoffmann-La Roche Ltd.
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