Pet
diabetes care devices are used for monitoring and treating diabetes in pets, mainly
dogs and cats. These devices help in improving glucose management through
insulin delivery and blood glucose monitoring. The prevalence of diabetes is
rising in pets owing to increase in pet obesity caused by unhealthy dietary
habits and lack of physical activity.
Pet
Diabetes Care Devices Market Growth obesity has doubled over the past
decade leading to growing instances of diabetes in companion animals. Obesity
puts additional strain on pets’ systems making them more susceptible to
diseases. Pet diabetes care devices help caregivers effectively manage diabetes
and prevent unnecessary distress for pets.
The pet diabetes care devices market is valued at US$
2.42 Bn in 2024 and is expected to exhibit a CAGR of 7.1% over the forecast
period 2024 to 2031.
The
global pet diabetes care devices market is led by key players such as Abbot
Laboratories, Inc, Virbac, Medtronic plc, Johnson & Johnson Services, Inc,
Roche Diagnostics, Bio-Rad Laboratories, Inc, Novo Nordisk A/S, Zoetis Inc,
Terumo Corporation, and Boehringer Ingelheim International GmbH who offer a
wide range of blood glucose meters, insulin delivery devices, and other
ancillary products.
Key Takeaways
Key players operating in the pet
diabetes care devices market:
– Key players are Abbot Laboratories, Inc, Virbac, Medtronic plc, Johnson &
Johnson Services, Inc, Roche Diagnostics, Bio-Rad Laboratories, Inc, Novo
Nordisk A/S, Zoetis Inc, Terumo Corporation, Boehringer Ingelheim International
GmbH, IDEXX Laboratories, Johnson & Johnson Services, Inc, Terumo
Corporation, Eli Lilly and Company, Vetoquinol S.A., and i-SENS, Inc.
Growing demand in the market:
– Increasing pet obesity levels has resulted in rapid rise in diabetes cases
globally. Growing awareness about diabetes management in pets is fueling demand
for pet diabetes care devices.
Global expansion of the market:
– Leading manufacturers are expanding their geographical footprint through
strategic partnerships and acquisitions to tap opportunities in emerging
markets like Asia Pacific and Latin America. Regional private labels are also
launching affordable product lines.
Market key trends
Pet
Diabetes Care Devices Market Size and Trends is the growing popularity
of wearable glucose monitors. Non-invasive continuous glucose monitoring
devices are gaining acceptance as they eliminate the need for frequent finger
pricks while measuring glucose levels. This is expected to boost demand over
the forecast period.
Porter’s Analysis
Threat of new entrants: High capital requirement and
stringent regulations limit the threat of new entrants.
Bargaining power of buyers:
Increasing consumer awareness increases the bargaining power of buyers.
Bargaining power of suppliers:
Established suppliers and proprietary technologies lower the bargaining power
of suppliers.
Threat of new substitutes: Limited
substitute products maintain the threat of new substitutes.
Competitive rivalry: Technological
innovation and new product launches intensify competitive rivalry.
The geographical region where the pet diabetes care devices market is
concentrated in terms of value is North America. North America accounts for the
largest share of the global pet diabetes care devices market due to favorable
reimbursement policies, rising pet healthcare expenditure, and growing pet
ownership in the US and Canada.
The fastest growing geographical region for the pet diabetes care devices
market is Asia Pacific. Asia Pacific is expected to witness the highest growth
during the forecast period owing to increasing pet healthcare awareness, rising
pet adoption, growing pet humanization, and rising veterinary expenditure in
India and China.
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About Author:
Money Singh is a seasoned content writer with over
four years of experience in the market research sector. Her expertise spans
various industries, including food and beverages, biotechnology, chemical and materials,
defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
