“Global Veterinary Glucose Monitoring Devices Market to reach a market value of USD 1.2 Billion by 2031 growing at a CAGR of 7.4%”
The Global Veterinary Glucose Monitoring Devices Market size is expected to reach $1.2 billion by 2031, rising at a market growth of 7.4% CAGR during the forecast period.
North America has one of the highest pet ownership rates globally, with a significant population of dogs, cats, and other companion animals. Therefore, the North America region acquired $285.01 million in 2023. animals may require glucose monitoring devices to effectively manage the condition. The Canadian Animal Health Institute reports that the dog and cat populations increased from 8.1 million to 8.5 million and 7.7 million to 7.9 million between 2020 and 2022.
The number of pets diagnosed with diabetes has increased noticeably in recent years. Factors such as changes in pet diets, reduced physical activity levels, and genetic predispositions contribute to this trend. As more pets are diagnosed with diabetes, there is a growing need for effective monitoring and management of their blood glucose levels. Therefore, the rising prevalence of diabetes in pets is driving the market's growth.
Additionally, as pet owners increasingly consider their pets family members, they are more willing to allocate funds for their healthcare needs. This trend has led to a rise in veterinary healthcare expenditure, including spending on diagnostic tests, treatments, and medical devices such as glucose monitoring devices. With advancements in veterinary medicine, there is a growing emphasis on advanced diagnostics and monitoring tools to provide better pet healthcare. Hence, increasing veterinary healthcare expenditure is propelling the growth of the market.
Further, the pandemic significantly decreased demand for veterinary glucose monitoring devices due to reduced veterinary clinic visits. Pet owners postponed non-essential appointments involving glucose monitoring, leading to declining sales. COVID-19 restrictions and logistical challenges disrupted the supply chains of veterinary glucose monitoring devices. This resulted in procurement, manufacturing, and distribution delays, affecting market availability. Veterinary practices and pet owners turned to digital solutions for consultations and monitoring, potentially driving the future demand for connected glucose monitoring devices. Thus, the COVID-19 pandemic had a moderate impact on the market.
However, Veterinary glucose monitoring devices can be expensive, and the initial cost and ongoing expenses for supplies and maintenance can pose a significant financial burden on pet owners. Many pet owners may find it challenging to afford these devices, especially if they have multiple pets or limited disposable income. Thus, the high cost of devices is hindering the market's growth.
Based on product, the veterinary glucose monitoring devices market is divided into glucose meters, continuous glucose monitors (CGMs), veterinary blood analyzers, and consumables. In 2023, the glucose meters segment garnered a 37% revenue share in the veterinary glucose monitoring devices market. Glucose meters are known for their high accuracy and precision in measuring pet blood glucose levels. The simplicity of glucose meters allows for convenient at-home monitoring by pet owners and quick glucose measurements during veterinary clinic visits.
By animal type, the veterinary glucose monitoring devices market is divided into dogs, cats, horses, and others. The cats segment procured a remarkable 25.3% revenue share in the veterinary glucose monitoring market devices in 2023. Cats are increasingly viewed as family members, and cat owners are willing to invest in their health and well-being. Veterinary professionals often prioritize educating cat owners about the importance of glucose monitoring in managing their cat’s diabetes, driving demand for monitoring devices.
On the basis of end-use, the veterinary glucose monitoring devices market is segmented into veterinary hospitals & clinics, home care settings, veterinary diagnostic centers, and others. The veterinary hospitals & clinics segment recorded a 36% revenue share in the veterinary glucose monitoring devices market in 2023. Veterinary hospitals and clinics serve as centralized healthcare hubs where pets receive comprehensive medical care, including diagnosis, treatment, and monitoring of chronic conditions like diabetes.
Based on distribution channel, the veterinary glucose monitoring devices market is categorized into online stores and offline stores. In 2023, the online stores segment registered a 36% revenue share in the veterinary glucose monitoring devices market. This extensive product selection ensures pet owners can find the device that best suits their pet’s needs and budget.
Free Valuable Insights: Global Veterinary Glucose Monitoring Devices Market size to reach USD 1.2 Billion by 2031
Region-wise, the veterinary glucose monitoring devices market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the Asia Pacific region generated a 24% revenue share in the veterinary glucose monitoring devices market. Rapid urbanization and changing lifestyles in the Asia-Pacific region have led to increased awareness of pet health and a shift towards Western-style pet care practices. These facilities are equipped with advanced diagnostic equipment and employ trained professionals capable of diagnosing and managing diabetes in pets using glucose monitoring devices.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 694 Million |
| Market size forecast in 2031 | USD 1.2 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 7.4% from 2024 to 2031 |
| Number of Pages | 301 |
| Number of Tables | 460 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Product, Animal Type, Distribution Channel, End-Use, Region |
| Country scope |
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| Companies Included | Zoetis, Inc., IDEXX Laboratories, Inc., Allison Medical, Inc., UltiMed, Inc., ACON Laboratories, Inc., Taidoc Technology Corporation, i-SENS, Inc., Trividia Health, Inc., AccuBioTech Co., Ltd., Teco Diagnostics |
By Distribution Channel
By Product
By Animal Type
By End-Use
By Geography
This Market size is expected to reach $1.2 billion by 2031.
Rising prevalence of diabetes in pets are driving the Market in coming years, however, High cost of devices restraints the growth of the Market.
Zoetis, Inc., IDEXX Laboratories, Inc., Allison Medical, Inc., UltiMed, Inc., ACON Laboratories, Inc., Taidoc Technology Corporation, i-SENS, Inc., Trividia Health, Inc., AccuBioTech Co., Ltd., Teco Diagnostics
The expected CAGR of this Market is 7.4% from 2023 to 2031.
The Offline Stores segment is generating the highest revenue in the Market by Distribution Channel in 2023; thereby, achieving a market value of $740 million by 2031.
The North America region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $475.8 million by 2031.
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