Veterinary Blood Glucose Monitoring Devices Market Will Grow At The Highest Pace Owing To Rising Pet

Author : Nishant Sherkhane | Published On : 25 Apr 2024

The veterinary blood glucose monitoring devices market comprises products used for monitoring blood glucose levels in animals. Blood glucose monitoring devices are used to check the health and diagnose conditions such as diabetes in pets. Continuous glucose monitoring systems are gaining popularity as they help veterinarians closely track glucose levels in real-time. The growing humanization of pets and rising pet healthcare expenditure are fueling the demand for advanced veterinary healthcare products.

The global veterinary blood glucose monitoring devices market is estimated to be valued at US$ 530.27 billion in 2024 and is expected to exhibit a CAGR of 15% over the forecast period of 2024 to 2031.

Key Takeaways

Key players operating in the veterinary Blood Glucose Monitoring Market Size devices market are IBM Corporation (IBM Watson Health), Exscientia, GNS Healthcare, Alphabet, Inc. (DEEPMIND), Benevolent AI, Biosymetrics, Euretos, Berg LLC., Atomwise, Inc., Insitro, and among others.

The rising pet population worldwide is driving the demand for veterinary blood glucose monitoring devices. Pet owners are increasingly spending more on pet healthcare to ensure the wellbeing of their pets. This has increased the sales of advanced veterinary diagnostic devices.

Technological advancements are also fueling the growth of the market. Players are focusing on developing smart, wearable, and continuous glucose monitoring devices for pets. This is allowing for frequent monitoring of glucose levels without repeatedly drawing blood samples from animals.

Market Trends

Increasing adoption of wireless and portable veterinary blood glucose monitors: Major players are launching wireless and portable blood glucose monitoring devices that can easily measure glucose levels at home and send data to veterinarians. This trend is driven by the need for convenience and real-time monitoring.

Growing popularity of self-monitoring devices: Self-monitoring blood glucose systems are gaining popularity as they allow pet owners to regularly check glucose levels at home and track health on their own without veterinary assistance. This provides better glucose management.

Market Opportunities

Untapped emerging markets: Emerging economies like India, China, Brazil, etc. present lucrative opportunities for players due to growing pet adoption, increasing pet healthcare expenditure, and lack of competition.

New technologies & product innovations: Companies can focus on developing advanced products integrated with AI, IoT, and machine learning. Novel form factors like patches can further propel the market growth.

Impact of COVID-19 on Veterinary Blood Glucose Market:
The COVID-19 pandemic has created disruptions in the supply chain and production of veterinary blood glucose monitoring devices. Lockdowns imposed by various governments led to the closure of manufacturing facilities, which impacted the availability of devices. However, veterinary hospitals remained operational during the pandemic to provide essential healthcare services for animals. This helped sustain the demand for blood glucose monitoring devices to a certain extent.

Prior to the pandemic, veterinary blood glucose monitors were primarily used for veterinary diagnosis and treatment of diabetes in pets. The pandemic heightened awareness about the zoonotic potential of diseases that can spread from animals to humans. This prompted more pet owners to be vigilant about their pet's health and monitor blood glucose levels regularly. It also encouraged the development of affordable at-home veterinary blood glucose monitors. Going forward, affordable home-use monitors and online consultations are expected to see higher adoption. Manufacturers will need to focus on bolstering supply chains and ramping up production to cater to pent-up demand as the pandemic situation eases.

Geographical Regions with Highest Value Concentration:
North America accounts for the largest share of the global veterinary blood glucose monitoring market in terms of value. The region has a high population of companion animals and pet owners' growing willingness to spend on pet health drives market growth. Europe is the second largest regional market favored by increased pet adoption, rising awareness about pet diabetes, and availability of advanced veterinary healthcare facilities.

Fastest Growing Region:
The Asia Pacific region is expected to exhibit the fastest growth in the veterinary blood glucose monitoring market during the forecast period. Factors such as increasing pet adoption, rising pet healthcare expenditure, growing awareness about zoonotic diseases, and improving veterinary healthcare infrastructure are fueling market expansion in the region. China and India are identified as emerging high potential markets attributed to growing pet care needs of an expanding middle-class population.

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