Global Veterinary Glucose Monitoring Devices Market 2024-2031

Global Veterinary Glucose Monitoring Devices Market 2024-2031

Global Veterinary Glucose Monitoring Devices Market Size, Share & Trends Analysis Report by Product (Glucose Meters, Continuous glucose monitors (CGMs), Veterinary Blood Analyzer, and Consumables) by End-User (Veterinary Hospitals & Clinics, Home Care Settings, and Veterinary Diagnostic Centers), by Animal Type (Dogs, Cats, and Horses), by Distribution Channel (Online Stores and Offline Stores) Forecast Period (2024-2031)

Veterinary glucose monitoring devices market is anticipated to grow at a considerable CAGR of 6.4% during the forecast period (2024-2031). Veterinary glucose monitoring devices are physical devices used to measure glucose levels in pets, such as continuous glucose monitors (CGMs) and point-of-care blood glucose meters, for managing diabetes. It is a software structure that provides a foundation for building applications, such as data analysis and trend tracking for managing pet diabetes data.

Market Dynamics

Rising pet ownership

The global pet population is on the rise, with more people keeping dogs, cats, and other animals as companions. This translates to a larger market for pet healthcare products and services. For instance, in April 2024 pet ownership in the US led to a surge in pet care spending, exceeding $136 billion in 2022. This growth is expected to continue as pet owners are gaining higher awareness regarding animal diseases such as diabetes.

Market Segmentation

Based on product, the market is sub-segmented into glucose meters, continuous glucose monitors (CGMs), veterinary blood analyzers, and consumables.

Based on animal type, the market is segmented into cats, dogs, and horses.

Based on end-users, the market is segmented into veterinary hospitals & clinics, home care settings, and veterinary diagnostic centers.

Based on distribution channels, the market is segmented into online stores and offline stores.

Offline Stores is Projected to Emerge as the Largest Segment

Based on the distribution channel, the global veterinary glucose monitoring devices market is sub-segmented into online stores and offline stores. Among these, the offline stores sub-segment is expected to hold the largest share of the market. The presence of professional guidance, trust, training, product complexity, regulatory compliance, immediate availability, and building relationships are major contributing factors to the high share of this market segment. Veterinarians provide expert advice on suitable devices, while offline stores offer hands-on demonstrations and answers to questions. They ensure compliance with regulations, providing peace of mind about the device's safety and accuracy. Despite online retail's convenience and competitive pricing, offline stores offer personalized guidance, training, and immediate availability for pet owners.

Glucose Meters Holds a Considerable Market Share

Glucose meters hold a considerable market share in the veterinary glucose monitoring devices market. Glucose meters are the most popular choice due to their affordability, ease of use, and established technology. They are less expensive than continuous glucose monitors and veterinary blood analyzers, making them accessible to a wider range of pet owners.

Regional Outlook

The global veterinary glucose monitoring devices market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America).

North America Holds Major Market Share

North America holds a significant share owing to the rising demand for glucose monitoring devices across the region. High pet ownership, growing pet population, rising disposable income, growing pet health awareness, and favorable conditions for pet diabetes are major contributors to the regional market growth. The growing emphasis on preventative care and pet insurance further contributes to the market growth. The region's supportive veterinary infrastructure, focus on preventative care, and rising pet insurance coverage also incentivize pet owners to invest in these devices.

Market Players Outlook

The major companies serving the global veterinary glucose monitoring devices market include Zoetis Inc., IDEXX, Trividia Health, Inc., TaiDoc Technology Corp., and UltiMed, Inc. among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers, and acquisitions to stay competitive in the market. For instance, in February 2023, Zoetis Inc. launched the AlphaTrak 3 blood glucose monitoring system for diabetic cats and dogs in the US, featuring a new mobile app for seamless data sharing between pet owners and vets.