Overview and Scope
Pet diabetes care devices are medical devices to treat pet diabetes through routine check-ups, blood and urine testing, and observation of the animal’s weight, appetite, drinking, and urination. These devices control diabetic pets by keeping their blood sugar levels close to normal and preventing dangerously high or low levels.
Sizing and Forecast
The pet diabetes care devices market size has grown strongly in recent years. It will grow from $2.4 billion in 2023 to $2.58 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to introduction of glucose monitoring devices, increase in pet diabetes cases, improvement in treatment outcomes, rise in pet healthcare expenditure, education and veterinary support..
The pet diabetes care devices market size is expected to see strong growth in the next few years. It will grow to $3.6 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to rise in pet health awareness, adoption of connected devices, personalized treatment solutions, telehealth expansion, research and development investments.. Major trends in the forecast period include collaboration and partnerships, innovations in insulin delivery, education and awareness, telemedicine and remote veterinary care, personalized and targeted treatment..
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Segmentation & Regional Insights
The pet diabetes care devices market covered in this report is segmented –
1) By Animal Type: Dogs, Cats, Horses
2) By Device: Glucose Monitoring Devices, Insulin Delivery Devices
3) By End Users: Homecare, Veterinary Hospitals, Others End Users
North America was the largest region in the pet diabetes care devices market in 2023. The regions covered in the pet diabetes care devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
Increasing pet health expenditure is expected to propel the growth of the pet diabetes care device market going forward. Pet health expenditure refers to the amount of money spent by owners on their pets’ health issues. The expenditure for pet healthcare includes the veterinary care, equipment, and pet healthcare devices required. For instance, in October 2022, according to the data released by the American Veterinary Medical Association, a US-based non-profit organization, between 2020 and 2022, Consumer spending on dogs and cats has increased across the board. Yearly veterinarian visits expenditures for households with one dog grew from $224 in 2020 to $362 in 2022. In 2020, the average annual expenditure on veterinarian visits for homes with cats was $189, rising to $321 in 2022. Therefore, the increasing pet health expenditure is driving the growth of the pet diabetes care device market.
Key Industry Players
Major companies operating in the pet diabetes care devices market are adopting a strategic partnership approach to expand capabilities. Strategic partnerships refer to a process in which companies leverage each other’s strengths and resources to achieve mutual benefits and success. For instance, in December 2022, ALR Technologies SG Ltd., a Singapore-based medical device company, announced a co-branded distribution agreement with Covetrus Inc. for the continuous glucose monitoring (or “CGM”) device for diabetic dogs and cats made by ALRT, called the GluCurve Pet CGM. GluCurve Pet CGM is the very first and only continuous blood sugar monitoring device available directly to veterinarians. The agreement provides Covetrus with the exclusive right to offer ALRT’s GluCurve Pet CGM as a co-branded device to veterinary clinics in the United States, Brazil, the United Kingdom, the European Union, and several other countries worldwide. Sales in the United States are planned to begin by the end of 2022. Covetrus Inc. is a US-based company offering animal medical and related products.
The pet diabetes care devices market report table of contents includes:
1. Executive Summary
2. Pet Diabetes Care Devices Market Characteristics
3. Pet Diabetes Care Devices Market Trends And Strategies
4. Pet Diabetes Care Devices Market – Macro Economic Scenario
5. Global Pet Diabetes Care Devices Market Size and Growth
….
31. Global Pet Diabetes Care Devices Market Competitive Benchmarking
32. Global Pet Diabetes Care Devices Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Pet Diabetes Care Devices Market
34. Pet Diabetes Care Devices Market Future Outlook and Potential Analysis
35. Appendix
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