The global market enjoys a valuation of USD 193.8 Million in 2023, and it is further projected to expand at a CAGR of 8.9% over the forecasted years. According to a recent study by Future Market Insights, handheld meters are leading the market with a share of about 45.3% in the year 2022, within the global market.
Market Outlook
| Data Points | Market Insights |
|---|---|
| Market Value 2023 | USD 193.8 Million |
| Market Value 2033 | USD 491.7 Million |
| CAGR 2023 to 2033 | 8.9% |
| Market Share of Top 5 Countries | 57.6% |
| Key Market Players | F. Hoffmann-La Roche AG, Nova Biomedical, COSMED srl, ApexBio, Arkray, Inc., EFK Diagnostics, Sensa Core, Medical Instrumentation Pvt. Ltd., TaiDoc Technology, BST Biosensor Technology, Analox Instruments Limited, and Marshal Scientific LLC |
Serum lactate analyzers, also widely recognized as serum lactate diagnostic tools, are devices that detect the presence of lactate in the blood. A serum lactate analyzer is a diagnostic tool that assesses muscle performance using a small drop of blood. The lactate test is almost painless, but it is also quick and accurate.
Athletes primarily use lactate level measurement to track oxygen levels in muscle fibers and lactate levels in body tissue. For athletes, the serum lactate test is a useful predictor to effective and safe training. It assists an athlete in avoiding under or overtraining, both of which can result in exhaustion.
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The global sales of the market are anticipated to rise at a CAGR of 8.9% between 2023 and 2033, owing to the rising prevalence of various chronic and infectious diseases.
The global market holds around 6.9% share of the overall global SpO2 monitoring market with a value of around USD 2.8 Billion, in 2022.
One of the key factors propelling the growth of the market in the coming years is the surge in the demand for early diagnosis and treatment due to the increase in chronic conditions like cancer, diabetes etc.
Metabolic disorders, such as diabetes, are becoming increasingly common. This is likely to drive the demand for blood lactate testing equipment, which is also used to monitor blood sugar levels and detect complications in an early stage. An 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.
According to the The International Diabetes Federation (IDF) 2021, Diabetes affects an estimated 537 million adults aged 20 to 79. The overall number of diabetics is expected to grow to 643 Million by 2030 & 783 Million by 2045. Three out of every four individuals who have diabetes are from low- and middle-income nations. Almost one-half of all adults (240 million) with diabetes are underrecognized. Diabetes claimed the lives of 6.7 million people.
Diabetes accounted for at least USD 966 Billion in health expenditure, accounting for 9% of total adult spending. Type 1 diabetes affects over 1.2 Million children and adolescents aged 0 to 19. Diabetes affects one out of every six live births (21 million). 541 Million adults are more likely to develop type 2 diabetes.
The rise in prevalence of other chronic diseases, such as cardiovascular diseases and cancer, is also driving the demand for efficient and advanced serum lactate testing such as Lactate Scout 4.
Owing to the above-mentioned factors, the global market is expected to grow at a prominent pace, and reach a valuation of around USD 491.7 million during the year 2033.
The market is anticipated to expand due to a surge in athletics and sports activities, creating a huge opportunity for market players to step into the market.
Athletes and sportspersons require to check their lactate levels during training or a race, as during that time the lactate flows to various parts of the body, including the bloodstream. Serum lactate testing shows accurate levels of lactate, as it is in an equilibrium state in the body. The rise in sports activities and participation of individuals in these activities increases the number of participants who would need to test their lactate levels, as a surge in the level of lactate in the blood could lead to adverse effects in the body.
Appropriate lactate measures are considered markers for accessing the conditioning of the energy systems which aid in predicting the race performance. Hence, a trainer needs to test and measure the lactate levels of a performer.
Therefore, an increase in athletic and sports activities drives the need and usage of lactate meters to test lactate levels before and during the performance. Hence, an increase in sports activities presents lucrative opportunities in the market during the forecast period.
The market is expected to grow owing to the lack of precision & device-related issues creating glitches in the market growth. However, some factors limit the market.
Although most of the self-testing devices & kits claim to have high precision, the rate of false negative and false positive results is significant. Accuracy depends on several factors including the type of test, skills and other similar factors.
Patients have shifted from standard lactate testing devices toward modern alternatives that are easily available in the market. The high cost of lactate testing devices, patients' preference for laboratory tests for blood lactate analysis, and the availability of more feasible and trustworthy alternatives are further factors influencing the lower adoption rates of lactate testing devices.
The lack of precision may reduce the uptake of the products and thereby restrain the growth of the serum lactate testing market.
The USA dominates the North American region with a total market share of around 92.6% in 2022 and is expected to continue to experience the same growth throughout the forecast period.
Because of rising technological adoption and increased awareness of the chronic disease, the United States will maintain its lead in the global market.
According to the Centers for Disease Control and Prevention (CDC), shortness of breath and oxygen causes more than 200,000 hospitalisations and 36,000 deaths in the United States each year. According to the American Heart Association's 2017 data, there are 2,353 cardiovascular deaths per day. The American population's growing awareness of cardiac disorders and acceptance of newer technology is a major factor in its dominance in this field.
Germany holds a market share of 24.5 % in 2022 in the European serum lactate testing market, owing to the presence of many established players and the rise of chronic diseases with an increase in the rate of infections is boosting the market for serum lactate testing in Germany. According to an article entitled “Sepsis incidence in Germany and worldwide : Current knowledge and limitations of research using health claims data, 2021”, sepsis is responsible for approximately 20% of all deaths worldwide. A study in Germany based on country-wide admission and discharge data from nearly all German hospitals discovered a sepsis incidence of 158 per 100,000 inhabitants. The increase in septic conditions increases the point-of-care testing market in the given forecasted period.
India holds a share of around 37.2% in the South Asia market in 2022. Both diabetic and immunocompromised patients are currently overrepresented in India. An increase in sports participation has led the serum lactate testing market to grow in the given forecasted period. Diabetes is becoming increasingly prevalent in India. In India, the prevalence of Type 2 diabetes is particularly alarming. According to the International Diabetes Federation's Diabetes Atlas 2021, India accounts for one in every seven adults worldwide who have diabetes.
China has a market share of 60.7%, with a market value of USD 17.1 Million in the East Asia serum lactate testing market in 2022.
As China's infrastructure matures and offers more device alternatives due to technological advancements, access to serum lactate monitoring devices will increase rapidly. To support the predicted rise of serum lactate testing monitoring, domestic companies specialising in devices for structural heart disorders and other infectious diseases are also expanding quickly.
Hand-held meters are expected to give high growth at a CAGR of 8.9% between 2023 and 2033. A hand-held lactate serum testing device is a portable, compact device with is used for point-of-care testing as well while at home. A small amount of blood is required.
Capillary action fills the reagent strip. Lactate in the specimen reacts with the strips' reagents. These reagents generate a current when a given voltage is applied. This reaction is calculated amperometric ally and is proportional to the blood sample's lactate concentration. These factors promote product adoption globally.
Serum lactate testing is widely used in the medical intervention segment in patients with cardiac, blood disorders and infectious conditions. It has a market share of 66.5% in the global market in 2022.
Increasing prevalence of metabolic disorders globally will further grow serum lacate testing market in the forecasted period. Cardiovascular diseases (CVD) have emerged as a major cause of disability and death around the world, and metabolic abnormalities such as hypertension, diabetes, and hyperlipidemia dramatically increase the risk of CVD. The most important risk factor for metabolic diseases is age, thus promoting market expansion.
Hospitals hold a market share of 45.3% during the year 2022. Hospitals are the primary places where the point of care testing is in demand. The increase in emergency department visits, and the increase in patient count has been increasing the sales of lactate testing. Owed to comprehensive care within the hospital settings, the segment is set to expand at a lucrative rate over the forecast period.
Serum lactate testing companies are adopting key differentiating strategies such as increasing product pipelines and regulatory approvals, expanding into other regions, and brand management approvals in different regions. Because of increased awareness, the market's dynamics have shifted.
Instances of important developmental strategies used among market participants in the serum lactate testing market are presented below
Similarly, recent developments related to companies manufacturing serum lactate testing products have been tracked by the team at Future Market Insights. These are available in the full report.
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2015 to 2022 |
| Market Analysis | USD Million for Value & ‘000 Units for Volume |
| Key Regions Covered | North America; Latin America; Europe; South Asia; East Asia; Oceania; and the Middle East & Africa |
| Key Countries Covered | The USA, Canada, Brazil, Mexico, Argentina, The United kingdom, Germany, Italy, Russia, Spain, France, Benelux, India, Thailand, Indonesia, Malaysia, Japan, China, South Korea, Australia, New Zealand, Türkiye, GCC Countries, South Africa and North Africa |
| Key Market Segments Covered | Product, Application, End User, and Region |
| Key Companies Profiled | F. Hoffmann-La Roche AG; Nova Biomedical; COSMED srl; ApexBio; Arkray, Inc.; EFK Diagnostics; Sensa Core Medical Instrumentation Pvt. Ltd.; TaiDoc Technology; BST Biosensor Technology; Analox Instruments Limited; Marshal Scientific LLC |
| Pricing | Available upon Request |
The market is valued at USD 491.7 million in 2023.
F. Hoffmann-La Roche AG, Nova Biomedical are key market players.
The market is forecast to register a CAGR of 8.9% through 2033.
Hand held meters segment is likely to remain preferred through 2033.
Increase in athletics and sports activities, is encouraging the sales.
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Serum Lactate Testing Market
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