The pet diabetes care devices market includes glucose monitoring devices and insulin delivery devices that help diabetic pets manage their blood glucose levels. Glucose monitoring devices enable pet owners to monitor blood glucose levels without drawing blood from pets using test strips. Insulin delivery devices such as insulin pens, syringes, and pumps deliver insulin subcutaneously to lower blood glucose levels. Growing pet obesity is fueling the risk of diabetes in cats and dogs. According to recent studies, more than 50% of pets in the United States are overweight or obese, which is a key factor for diabetes in pets.
The global pet diabetes care devices market is estimated to be 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.
Key Takeaways
Key players operating in the pet diabetes care devices market 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. The companies are focusing on new product launches and partnerships for developing advanced diabetes care devices for pets. The rising pet healthcare expenditure and increasing awareness about diabetes management in pets presents significant growth opportunities for players in the market. The industry players are expanding their global footprint with focus on untapped markets of Asia Pacific and Latin America.
Market Drivers
The Pet Diabetes Care Devices Market Growth pet obesity rates due to consumption of calorie-rich diet and lack of physical activity is a key driver. According to recent studies, an average increase of 2 pounds boosts pet obesity risk by 10-15%. Early diagnosis of diabetes using glucose monitoring devices enables timely treatment and management of the disease in pets and improves the quality of life. Increasing pet healthcare expenditure and rising awareness about pet health issues among owners is fueling the adoption of diabetes management devices. Focus on development of user-friendly and painless instruments for insulin delivery and glucose monitoring is propelling the pet diabetes care devices market growth.
PEST Analysis
Political: The growth of the pet diabetes care devices market is positively influenced by increasing government initiatives and awareness programs about pet healthcare.
Economic: Rising disposable incomes and increasing willingness to spend on pet healthcare have boosted demand for pet diabetes care devices over the forecast period.
Social: Rising pet adoption and increasing humanization of pets are key social drivers augmenting the growth of this market. People are treating their pets like family members.
Technological: Advancements in diabetes care devices, increased availability of internet of things (IoT) enabled devices, and miniaturization of devices are shaping the future of this market. Wireless connectivity and automated data sharing are expected to gain more traction going forward.
Geographical regions with high market concentration
North America dominates the Pet Diabetes Care Devices Market Regional Analysis in terms of value owing to high pet ownership, increased awareness regarding pet health, and advanced healthcare infrastructure. The US accounts for the largest share within the North American market due to high spending on pet healthcare.
Fastest growing region
The Asia Pacific region is expected to witness the highest CAGR over the forecast period. Factors such as rising pet adoption, increasing per capita expenditures on pet care, growing awareness regarding pet diabetes diagnosis and treatment, and rising disposable incomes are fueling market growth in the Asia Pacific region. Additionally, growing penetration of major international players through partnerships and joint ventures with regional players is supporting market expansion.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author – Money Singh
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, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile