The global serum lactate testing market is anticipated to expand at a lucrative growth rate of about 8.9% CAGR over the forecast period from 2023 to 2033. The global serum lactate testing market enjoyed a valuation of US$ 193.8 Million in 2022. 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. The market is predicted to be valued at US$ 491.7 million during the year 2033. The global market holds around 6.9% share of the overall global SpO2 monitoring market with a value of around US$ 2.8 Billion, in 2022. The growth of the market is attributed to the rising prevalence of various chronic and infectious diseases.
Serum lactate analyzers are massively recognized as serum lactate diagnostic tools. They 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. One of the major factors propelling the growth of the market over 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. Furthermore, 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.
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Athletes primarily utilize lactate level measurements in order to track oxygen levels in muscle fibers and lactate levels in tissue. For athletes, the serum lactate test is known to be a very useful predictor for effective and safe training. It assists an athlete in avoiding under or overtraining, both of which can result in exhaustion. Numerous metabolic disorders such as diabetes, are becoming increasingly common. This is expected 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.
Key Takeaways
- The market is predicted to be widespread at a phenomenal pace due to a surge in athletics and sports activities, creating a huge opportunity for market players to step into the market.
- As a matter of fact, athletes and sportspersons require to check their lactate levels throughout the training process or a race because at 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.
- A significant surge in athletic and sports activities drives the need and usage of lactate meters in order to test lactate levels before and during the performance. Hence, an increase in sports activities presents lucrative opportunities in the market during the assessment period.
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Competitive Landscape
Prominent companies in the serum lactate testing market are focusing on 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.
More Insights into the Serum Lactate Testing Market
North American region is anticipated to dominate the global serum lactate testing market over the projection period. The U.S.A dominated 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. The growth of the market is attributed to the rising technological adoption and increased awareness of the chronic disease, the United States will maintain its lead in the global market.
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Key Market Segments Covered in the Serum Lactate Testing Industry Research
Product:
- Table Top Analyzers
- Hand-Held Meters
- Test Strips
Application:
- Medical Intervention
- Hypoxia
- Obstetrics
- Post Surgery Infection
- Other
- Sports Application
- Veterinary Application
End User:
- Hospitals
- Diagnostic Laboratories
- Sports Institutes
- Specialty Clinics
- Home Care Settings
About FMI:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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