The Veterinary Blood Glucose Market is estimated to be valued at US$ 460.3 million in 2023 and is expected to exhibit a CAGR of 9.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights
Market Overview:
The Veterinary Blood Glucose Market refers to the market for blood glucose testing devices and accessories used for monitoring and managing diabetes in animals. These devices are commonly used in veterinary clinics, hospitals, and laboratories. The market caters to the growing prevalence of diabetes in animals, especially in pets. The rising pet ownership and increasing awareness about pet healthcare are driving the demand for veterinary blood glucose testing devices. These devices aid in the diagnosis and management of diabetes in animals, enabling timely treatment and care.
Market Dynamics:
The Global Veterinary Blood Glucose Market Demand is driven by two key factors. Firstly, the rising prevalence of diabetes in animals, including both companion animals and livestock, is fueling the demand for blood glucose testing devices. Factors such as sedentary lifestyles, obesity, and genetic predisposition contribute to the increasing prevalence of diabetes in animals. Secondly, the growing pet ownership and increasing expenditure on pet healthcare are also driving the market growth. As pet owners become more aware of diabetes in animals, they are seeking advanced monitoring and management solutions, leading to the adoption of blood glucose testing devices. These devices provide accurate and timely measurements, allowing pet owners and veterinarians to monitor blood glucose levels and adjust treatment plans accordingly. Consequently, the Veterinary Blood Glucose Market is expected to experience high growth in the coming years.
Segment Analysis:
The veterinary blood glucose market can be segmented based on product type, animal type, end user, and region.
Based on product type, the dominating segment in the market is the handheld glucose meters. These handheld devices are easy to use and provide quick results, making them more convenient for veterinarians and pet owners. The handheld glucose meters are also portable, allowing for better mobility and ease of use in veterinary clinics and hospitals.
PEST Analysis:
Political: There are no specific political factors that directly impact the veterinary blood glucose market.
Economic: The rising disposable incomes of pet owners and the increasing expenditure on pet healthcare are driving the demand for veterinary blood glucose testing devices. The growing pet population and pet insurance coverage are also contributing to the market growth.
Social: The rising awareness about pet healthcare and the importance of regular monitoring of blood glucose levels in pets are driving the demand for veterinary blood glucose testing devices. The increasing adoption of pets and the growing human-animal bond are also fueling market growth.
Technological: Advancements in technology have led to the development of innovative and user-friendly veterinary blood glucose testing devices. The introduction of wireless and Bluetooth-enabled devices has made data transfer easier and more convenient for veterinarians and pet owners.
Key Takeaways:
The Global Veterinary Blood Glucose Market is expected to witness high growth, exhibiting a CAGR of 9.6% over the forecast period. This growth can be attributed to the increasing adoption of pets, rising awareness about pet healthcare, and advancements in technology in the veterinary blood glucose testing devices.
In terms of regional analysis, North America is the fastest-growing and dominating region in the market. The region has a high pet ownership rate and a well-established veterinary healthcare infrastructure. Europe and Asia-Pacific are also expected to contribute significantly to market growth due to the growing pet population and increasing expenditure on pet healthcare.
Key players operating in the veterinary blood glucose market include Zoetis, Merck, IDEXX Laboratories, Heska Corporation, bioMérieux, Neogen Corporation, URIT Medical Electronic Co., Randox Laboratories, DiaSys Diagnostic Systems, Nova Biomedical, Bioptik Technology, SD Biosensor, TaiDoc Technology Corporation, Woodley Equipment Company, i-SENS, EKF Diagnostics, Infopia, Roche Diagnostics, Abbott Laboratories, and Diamond Diagnostics. These key players are focused on developing innovative and technologically advanced veterinary blood glucose testing devices to gain a competitive edge in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
