The veterinary blood glucose monitoring market involves products utilized for checking blood glucose levels in pets and animals. Blood glucose monitoring is important for diagnosing and managing diabetes in pets. The devices offered include blood glucose meters, testing strips, and lancets. Blood glucose meters function similar to human ones and require only a small amount of blood obtained via a pinprick. Testing strips are inserted into the device to measure the blood glucose level. Lancets are utilized for pricking the animal's ear or paw to obtain a blood sample. They provide pet owners and veterinarians valuable insights into an animal's health status and diabetes management.
The Global veterinary blood glucose monitoring market is estimated to be valued at US$ 530.27 Bn in 2024 and is expected to exhibit a CAGR of 15% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the veterinary Blood Glucose Monitoring Market Size monitoring are IBM Corporation (IBM Watson Health), Exscientia, GNS Healthcare, Alphabet, Inc. (DEEPMIND), Benevolent AI, Biosymetrics, Euretos, Berg LLC., Atomwise, Inc., Insitro, and among others. These players are focusing on developing more advanced technologies for monitoring blood glucose levels and diabetes management in pets. For instance, IBM is working on artificial intelligence solutions for chronic disease management and drug discovery in pets.
The rising adoption of pets and increasing pet healthcare expenditures present significant growth opportunities for players in this market. Per capita spending on pet healthcare has doubled over the past decade in countries like the U.S. Further, increasing pet insurance penetration will further drive demand for advanced monitoring devices and management of chronic conditions like diabetes.
Major players are focusing their efforts on expanding to untapped markets in the Asia Pacific, Latin America, and Middle East regions. The growing pet owning population and rising pet care awareness in developing nations offers lucrative business opportunities. Furthermore, partnerships with local veterinary clinics and hospitals help companies increase sales volumes in new regional markets.
Market Drivers:
Rising prevalence of diabetes in pets- Various studies indicate a growing incidence of diabetes in dogs and cats owing to factors like obesity, lack of exercise, and genetics. According to statistics, 1 in 200-300 dogs and 1 in 300-400 cats suffer from diabetes. This increasing caseload will drive the need for routine blood glucose monitoring devices and management.
Market Restraints:
High costs associated with veterinary diabetes management- Animal diabetes requires long term management with expensive monitoring devices, insulin injections, and specialized pet foods. This poses a significant financial burden, limiting the scope of routine monitoring and adoption of advanced technologies, especially in price-sensitive developing markets.
Segment Analysis
The veterinary blood glucose market has been dominated by veterinary clinics segment. The segment accounted for around 60% of the overall market share in 2024. This is because majority of pet owners prefer to take their pets to veterinary clinics for checkups and treatments. The veterinary clinics have all the necessary equipment and trained staff to handle both routine and emergency blood glucose tests for pets. The home/personal users segment is also growing at a decent rate due to rising awareness about glucose monitoring and increasing ownership of glucometers by pet owners for monitoring blood glucose levels of pets at home.
Global Analysis
Regionally, North America dominated the veterinary blood glucose market and captured over 35% share of the overall market in 2024. This is attributed to high pet adoption and growing companion animal care expenditure in the US and Canada. However, Asia Pacific region is expected to witness highest growth during the forecast period owing to rising pet population, increasing disposable incomes, and growing awareness about animal health in China, India and other developing Asian countries. Europe holds second largest market position while Latin America and Middle East & Africa are emerging as lucrative regions for veterinary blood glucose market.
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