Press release
Pet Wellness: Pet Diabetes Care Devices Market Expands with Trends, Size, and Market Segments
Pet Diabetes Care Devices Global Market Report 2024
The Business Research Company offers in-depth market insights through Pet Diabetes Care Devices Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth 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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Market Segmentation:
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
Major Driver - Rising Pet Health Expenditure Fuels Growth In The Pet Diabetes Care Device Market
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.
Competitive Landscape:
Major companies operating in the pet diabetes care devices market report are Allison Medical Inc., Zoetis Inc., Becton Dickinson and Company, Boehringer Ingelheim Vetmedica Inc., Henry Schein Animal Health, Apotex Inc., Merck Co. Inc., Trividia Health Inc., UltiMed Inc., ACON Laboratories Inc., i-SENS Inc., TaiDoc Technology Corporation, Abbott Laboratories, Medtronic Inc., Novo Nordisk AS, Covetrus AG, Med Trust Co., F. Hoffmann-La Roche AG, Sanofi SA, Eli Lilly and Company, Novartis AG, Johnson & Johnson Services Inc., Bayer AG, Terumo Corporation, Insulet Corporation, Medline Industries Inc., Nipro Corporation, Senseonics Holdings Inc., Ypsomed Holding AG .
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Top Trend - Technologically Advanced Blood Glucose Monitoring System
Technological advancements are a key trend in the pet diabetes care device market. Major companies operating in the pet diabetes care device market are developing innovative technologies to strengthen their position in the market. For instance, in February 2023, Zoetis Inc., a US-based veterinary pharmaceutical company, launched the AlphaTrak 3 blood glucose monitoring system intended for cats and dogs in the United States. AlphaTrak 3 encompasses a new mobile app that allows owners of animals and veterinary medical professionals to gather, save, and share data. The AlphaTrak 3 blood glucose monitoring system enables effortless data exchange and communication via the smartphone app, making it quicker to share a pet's glucose levels and other essential details with the veterinary practice in real time and providing veterinarians and pet owners with increased confidence in diabetic pet care. The AlphaTrak 3 blood glucose monitoring device gives accurate information in as little as five seconds, which is quicker than the existing AlphaTrak 2 blood glucose monitoring system. AlphaTrak 3 uses only 0.3 microliters of blood and delivers a blood sugar dynamic that varies from 20 to 750 milligrams per deciliter. The new AlphaTrak 3 mobile app captures more data from pet owners than prior systems, including their pet's feeding, drinking, activity, and insulin administration timing.
The Table Of Content For The Market Report Include:
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. Pet Diabetes Care Devices Market Size And Growth
…..
27. Pet Diabetes Care Devices Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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