May 23, 2024
Blood Glucose Monitoring Market

The Veterinary Blood Glucose Market is Estimated to Witness High Growth Owing to Rising Prevalence of Diabetes in Companion and Livestock Animals

The veterinary blood glucose market involves products such as glucometers, lancets, blood glucose test strips, and control solutions used for testing glucose levels in companion animals, horses, and food-producing animals. Growing adoption of glucometers for quick and easy testing of glucose levels in veterinary practices is driving the market. Glucometers offer accurate and rapid results within 5 seconds and is a handy tool for detecting hyperglycemia and hypoglycemia in animals.

The Global veterinary blood glucose market is estimated to be valued at US$ 530.27 Bn in 2024 and is expected to exhibit a CAGR of 15% over the forecast period 2024 To 2031.

Key Takeaways

Key players operating in the veterinary blood glucose market are IBM Corporation (IBM Watson Health), Exscientia, GNS Healthcare, Alphabet, Inc. (DEEPMIND), Benevolent AI, Biosymetrics, Euretos, Berg LLC., Atomwise, Inc., Insitro, and among others. These players are investing in AI and machine learning based approaches to develop advanced diagnostic tools and technologies for monitoring glucose levels in animals.

The key opportunities in the veterinary Blood Glucose Monitoring Market Size include rising pet care expenditures, increasing adoption of companion animals, growing prevalence of diabetes in dogs and cats, and investments in veterinary healthcare infrastructure and facilities across developed countries. Pet owners are more willing to spend on advanced healthcare solutions for their pets mirroring human healthcare practices.

The global expansion of the veterinary blood glucose market will be driven by increasing awareness regarding animal health, growth of veterinary clinics and hospitals in emerging nations of Asia and Latin America. Expanding livestock industry in countries such as China and India will also fuel the adoption of glucometers for farm animals. International animal welfare organizations promote medical checkups and testing for nutrition and disease detection in stray animal shelters.

Market drivers

The rising prevalence of diabetes in companion and livestock animals is a major market driver. According to certain estimates, 1 in 4 cats and 1 in 200 dogs suffer from diabetes in the US. Early detection and Monitoring of glucose levels is important for effective diabetes management in pets. In horses and cattle, diabetes has become an important health concern requiring routine testing. Growing incidence of obesity, less active lifestyles, and improper diet in companion animals increase the risk of diabetes which drives the uptake of glucometers.

PEST Analysis
Political: Growing expenditure on animal health and healthcare along with increased focus on animal protection laws will support growth of veterinary blood glucose market.
Economic: Rising pet adoption and animal meat consumption has boosted veterinary healthcare industry. This will have positive impact on veterinary blood glucose testing market.
Social: Increasing awareness about animal health monitoring and preventive care has encouraged pet owners to seek veterinary care services. This fuels demand for veterinary blood glucose monitoring.
Technological: Advancements in rapid diagnostic tests, portable glucose monitors and IoT-enabled veterinary care solutions are expanding capabilities of veterinary practitioners and making glucose monitoring more convenient.

The market for Blood Glucose Monitoring Market Size is concentrated majorly in North America and Europe due to high pet ownership, growing animal healthcare expenditure and presence of leading market players. United States holds the largest share in North American region accounting for over 60% of regional revenues owing to extensive quality animal care services and growing awareness among pet owners. Asia Pacific region is expected to witness fastest growth during forecast period due to rising pet adoption, increasing per capita veterinary healthcare spend and growing number of veterinary practitioners in countries like China and India. Governments in Asia Pacific are also promoting animal welfare measures which is supporting healthcare services uptake.

The fastest growing regional market for veterinary blood glucose is expected to be Asia Pacific. This is attributed to factors like growing pet population, rising per capita incomes, increasing awareness about preventive pet healthcare and improving veterinary infrastructure in countries such as China, India and other Southeast Asian nations. Pet ownership is no longer a luxury in Asia and owners are willing to spend more on pet health and wellness. This presents lucrative opportunities for players operating in veterinary glucose monitoring market to expand their presence and offerings in Asia Pacific region over coming years.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it