According to a new analysis by Future Market Insights Inc., the Global Veterinary Glucometer Industry is predicted to develop at an astonishing rate, reaching US$ 574.9 million by 2033 from its estimated US$ 351.3 million in 2023. This amazing growth might revolutionize the animal healthcare sector. The remarkable expansion can be ascribed to the growing need for accurate and effective monitoring instruments in the veterinary field, with a projected Compound Annual Growth Rate (CAGR) of 5.0% throughout the forecast period.
The global veterinary glucose meter market is adapting to the growing demand for cutting-edge diagnostic tools in veterinary care by introducing cutting-edge technologies that measure animal blood glucose levels with previously unheard-of precision. Veterinary professionals are now equipped with cutting-edge tools to diagnose and treat illnesses like diabetes, ultimately improving animal health outcomes.
Emerging trends in the Global Veterinary Glucometer Industry indicate a significant rise in cases of animal diabetes. The efficiency of glucometers, specially tailored for dogs and cats, is expected to drive the demand for veterinary glucometers through 2032. Key players in the industry are responding to this demand by introducing new portable devices and setting new standards and manufacturing trends for the market.
The expanding veterinary glucometer market size is attributed to its easy-to-use glucose test in practice in the field or at home. It is based on biosensors and auto-code technology. These veterinary glucometers have an additional bell or whistle and can upload readings in an electronic format after performing the test. These are some of the primary factors boosting the demand for veterinary glucometers.
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What are the Major Drivers and Restraints of the Global Veterinary Glucometers Industry?
The global market of veterinary glucometers is expected to be driven by advancements in technology. The market is expected to grow by some factors such as clients expecting a higher level of care and nominally invasive procedures for their pets which propositionally boost the sales of veterinary glucometers.
Based on animal type, it is the major segment of the veterinary glucometer market which includes companion animals such as dogs and cats. The other segment of the Global Veterinary Glucometers Industry is based on end-users which includes veterinary hospitals, veterinary clinics, and home care settings.
Global Veterinary Glucometers Industry is Boosted by Rising Pet Obesity Rates
Obesity is the main risk factor for developing diabetes. The main element influencing the adoption of veterinary glucometers is thought to be the rise in the number of obese dogs. Approximately 35% of pets, according to statistics from the American Veterinary Medical Association, are obese or overweight. Diabetes and liver disease are two conditions that can develop in overweight animals. If untreated, these disorders could be lethal. Therefore, during the projection period, key players are likely to witness a considerable increase in sales of veterinary glucometers due to the rising incidence of obese pet populations that are at a greater risk of getting diabetes.
Additionally, increased awareness of animal health presents a profitable opportunity for the manufacturers in the Global Veterinary Glucometers Industry. In addition, factors like an increase in the prevalence of diabetes in animals and a rise in the demand for livestock products also contribute to the veterinary glucometers market growth. However, the veterinary glucometers market growth is constrained by the absence of veterinary infrastructure facilities in poor countries.
Pet Glucose Monitors are devices used to measure the blood glucose levels of animals. These devices work in a similar way to human glucometers, using a small amount of blood to determine the glucose concentration in the blood.
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Regional Analysis
What is the North America Growth Outlook for the Global Veterinary Glucometer Industry?
North America is expected to lead the market with better healthcare facilities and growing advancing technology in the region. North American market holds a significant share in the veterinary glucometers market with 42% of the global market share. The rising demand for veterinary glucometers is mainly rising in the North American region due to the changing lifestyle of pets and animals, especially native lifestyle being the biggest problem.
How is Europe Performing in the Global Veterinary Glucometer Industry?
With a global market share of 33%, the European veterinary glucometers market grows at a steady CAGR for veterinary glucometers. The second largest market is held by Europe market followed by Asia Pacific due to increasing awareness for veterinary diseases. The veterinary glucometers market in this region is anticipated to be one of the fastest growing markets due to a large number of animal populations and rising diseases amongst animals due to inactive lifestyles and poor management.
Recent mergers and product launches
- Pro zinc (protamine zinc recombinant human insulin) was introduced by Boehringer Ingelheim International GmbH in August 2020 as a daily single-dose medication for dogs with diabetes.
- In August 2019, Zoetis said that partner firms Merck Animal Health and Purina continue to support its Diabetes Pet Care Alliance initiative.
- Nova Biomedical introduced Ketone/Glucose Meter known as Nova Vet under its Nova biomedical section that measures blood beta-hydroxybutyrate (BHB) that gives the results in just 10 seconds. These fuels the sales of veterinary glucometers.
- TaiDoc Technology Corporation has added new modern vet glucose monitoring machines that have a reaction time of 5 seconds with a memory of 400 sets. These fuels the sales of veterinary glucometers.
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Global Veterinary Glucometers Industry Key players
- Nova Biomedical
- TaiDoc Technology Corporation
- BioNote Inc
- Woodley Equipment Company Ltd
- i-SENS. Inc.
- MED TRUST
- UltiMed, Inc.
- Biotest Medical Corp
Global Veterinary Glucometer Industry Key segments
By Animal Type:
- Dogs
- Cats
By End User:
- Veterinary Hospitals
- Veterinary Clinics
- Homecare Settings
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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