The pet diabetes care devices market is poised for substantial growth, having secured a valuation of US$ 2.3 billion in 2023. Projections indicate that by 2033, the market will reach US$ 4.3 billion, demonstrating a commendable compound annual growth rate (CAGR) of 6.2% during the forecast period. This upward trajectory underscores the growing significance of pet diabetes management and the increasing demand for advanced care solutions for furry companions.
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How are Veterinary Clinics Growing the Market Growth?
Veterinary clinics play a vital role in upsurging the global market during the forecast period. Healthcare professionals and animal caretakers in veterinary clinics are promoting pet diabetes care devices for better pet care. These devices detect pet healthcare by monitoring and managing common health issues to prevent complications.
Pet diabetes care devices include insulin pens, glucose monitoring systems, and glucose meters. These pet diabetes are designed with different sizes and shapes and add an advanced feature to access easily. Veterinary clinics inform pet owners about pet conditions and guide them about the devices and their benefits. They educate pet owners to provide better nutritious food and monitor blood glucose.
Veterinary clinics provide pet diabetes care devices to their clients to monitor their pets regularly at home. They also provide training on the uses of these devices with comprehensive care. Pets diagnosed with diabetes are continuously rising, and are surging the demand for pet diabetes care devices. Veterinary clinics play a key role in expanding the market by offering pet owners a better tool to support their pets' health conditions.
Key Takeaways:
- The pet diabetes care devices market is registering a CAGR of 6.2% with a valuation of US$ 4.3 billion by 2033.
- In the historical period, the market captured a CAGR of 5.7%, with a valuation of US$ 1.7 billion in 2018.
- The United States is a prominent leader in the global market, registering a share of 27% during the forecast period.
- China is one of the significant countries in the Asia Pacific that securing a CAGR of 8.20% by 2033.
- During the forecast period, India is registering a CAGR of 7.50% in the global market.
How Key Players are Focus on Adding Values in the Global Market?
Key players are focusing on innovating pet diabetes care devices by adding advanced features resulting in accuracy, convenience, and ease to use. The key players are deploying small sensors in these devices to monitor pets' health conditions, such as blood glucose levels. These devices work on a real-time basis as pet owners track the condition of their pets and provide them with healthy nutrition with a proper dietary plan.
The key players developing specially design insulin syringes to provide more accurate information than other devices. These devices provide quick results, increasing the adoption of pet healthcare to treat pets' poor health conditions. Conversely, guiding pet owners, growing awareness, and innovating easy-to-access pet care devices improve pet health.
Recent Developments in the Global Pet Diabetes Care Devices Market are:
- In September 2021, Zoetis Inc launched its new product VETSCAN IMAGYST. This device offers to monitor pets' diabetes and health conditions.
- In July 2021, Merck Animal Health launched Vetsulin to manage pets' diabetes.
- In 2020, IDEXX Laboratories announced its new product device IDEXX SDMA Test to identify kidney disease in cats and dogs and also the complication of diabetes.
- In 2019, Vetoquinol announced its acquisition with Epitopix to provide vaccination for diabetes-diagnosed pets.
Pet Diabetes Care Devices Market by Category
By Animal Type:
• Cats
• Dogs
• Horses
By Device:
• Insulin Delivery Devices
• Insulin Delivery Pen
• Insulin Syringes
• Glucose Monitoring Devices
By End User:
• Veterinary Clinics
• Home Care Settings
• Veterinary Hospitals
Region:
• North America
• Europe
• Latin America
• Asia Pacific
• The Middle East and Africa
