Pet Diabetes Care Devices Market 2024 - Business Opportunities, Industry Growth, Regional Analysis And Forecast To 2033

The Business Research Company recently released a comprehensive report on the Global Pet Diabetes Care Devices Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, 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 Drivers and Trends:

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.

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.

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Major Key Players of the Market:

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

Pet Diabetes Care Devices Market 2024 Key Insights:

• The pet diabetes care devices market will grow to $3.6 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%.
• Rising Pet Health Expenditure Fuels Growth In The Pet Diabetes Care Device Market
• Technologically Advanced Blood Glucose Monitoring System
• North America was the largest region in the pet diabetes care devices market in 2023

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