Global Veterinary Glucometer Market Overview
As per MRFR analysis, the Veterinary Glucometer Market Size was estimated at 0.59 (USD Billion) in 2022. The Veterinary Glucometer Market Industry is expected to grow from 0.65 (USD Billion) in 2023 to 1.5 (USD Billion) by 2032. The Veterinary Glucometer Market CAGR (growth rate) is expected to be around 9.7% during the forecast period (2024 - 2032).
Key Veterinary Glucometer Market Trends Highlighted
The Veterinary Glucometer market report provides an effective business perspective and, therefore, restaurants in such growing markets. Some of the key market drivers include growing awareness and concern for pet health, increasing diabetes incidences in pets, increase in pet adoption and ownership and market development in glucose monitoring devices. There exists potential and opportunity for penetration and further growth in the introduction of more accurate, more compact and easier-to-use devices, as well as proving presence in fast-developing regions with many pet owners. Marketing industry analysis discusses the factors that are responsible for the changing trends in the Veterinary Glucometer Market, highlighting non-invasive automatic and extended-time gastrin glucose monitoring devices, recording of real-time data for offsite monitoring using Integrated IoT and Artificial Intelligence technology and increasing number of glucose meters for home usage. Attempting to enable such trends indicates the concern most players in the industry have towards attempts at enhancing the well-being of pets and their owners through more effective methods of controlling glucose levels in pets.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Veterinary Glucometer Market Drivers
Increasing Prevalence of Diabetes in Pets
Diabetes is the most common endocrine disorder in pets, especially in dogs and cats. The increasing prevalence of diabetes in pets is primarily due to obesity, lack of exercise and genetic predilection. As the number of diabetic pets is increasing, the demand for veterinary glucometers for regular checking of blood glucose levels is also expected to increase. Therefore, the global veterinary glucometer market industry is being driven by the increasing need for effective diabetes management of pets.
Technological Advancements and Innovation
The Veterinary Glucometer Market Industry has witnessed significant technological advancements in recent years. Manufacturers are continuously innovating to develop more accurate, user-friendly, and cost-effective glucometers. The introduction of advanced features such as Bluetooth connectivity, data logging, and integration with pet health management apps has enhanced the convenience and efficiency of blood glucose monitoring in pets. These technological advancements are expected to drive market growth as they cater to the evolving needs of veterinarians and pet owners.
Rising Awareness and Education about Pet Health
The growing awareness and education about pet health and well-being among pet owners is another important driver of the Veterinary Glucometer Market Industry. With increasing access to information through online resources and veterinary consultations, pet owners are becoming more proactive in managing their pets' health. This increased awareness about diabetes and the importance of regular blood glucose monitoring is leading to a greater demand for veterinary glucometers among pet owners.Educational campaigns and initiatives by veterinary organizations and animal welfare groups are further contributing to the rising adoption of veterinary glucometers.
Veterinary Glucometer Market Segment Insights
Veterinary Glucometer Market Product Type Insights
The Veterinary Glucometer Market 2023 by product type is classified into Handheld Glucometers, Strip-based Glucometers, and Continuous Glucose Monitors. In 2023, the handheld glucometer segment is projected to grab the market share, and it is expected to maintain the segment’s leading position during the forecast period. Growth of the segment is attributed to the increasing adoption of handheld glucometers in veterinary clinics, and hospitals due to their easy handling and portability. Strip-based glucometers are projected to show steady growth throughout the forecast period.These types of glucometers are cheaper when compared to handheld glucometers. However, they use test strips, and this can be a limitation for some strip-based glucometer users. Continuous Glucose Monitors are anticipated to register a higher growth rate during the forecast period. The market is anticipated to rise to USD 1.5 billion by 2032, up from USD 0.65 billion in 2023. The growth is influenced by several factors, including the rising prevalence of diabetes in pets, the increasing adoption of veterinary glucometers, and pet owners’ awareness of pet diabetes management.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Veterinary Glucometer Market Application Insights
The application segment of the Veterinary Glucometer Market is segmented into Diabetes Management, Blood Glucose Monitoring, and Glucose Tolerance Testing. The demand for Diabetes Management is preliminary due to the increasing prevalence of diabetes in companion animals, especially dogs and cats. Blood Glucose Monitoring will register healthy growth statistics due to the growing popularity of home-based glucose monitoring devices for pets, and Glucose Tolerance Testing will rise as a diagnostic tool for determining glucose intolerance and insulin resistance in animals under the Veterinary Glucometer Market.The falling reasons drive the market, including the rising pet population, improving the technology for manufacturing veterinary glucometers and increasing awareness about animal health.
Veterinary Glucometer Market Animal Type Insights
The Animal Type segment of the Veterinary Glucometer Market is classified into Dogs, Cats, Horses, and Other Animals. Among these, Dogs and Cats account for a significant share of the market, owing to the high prevalence of diabetes in these companion animals. In 2023, the Dogs sub-segment held a dominant position in the market, with a revenue of around USD 0.32 billion. The Cats sub-segment is expected to witness a robust growth rate of 10.2% during the forecast period 2023-2032, driven by the increasing adoption of cats as pets and the rising awareness about diabetes management in these animals.The Horses sub-segment is projected to expand at a CAGR of 9.9% over the same period, attributed to the growing demand for performance horses and the need for regular blood glucose monitoring to ensure optimal health and performance. The Other Animals sub-segment is anticipated to exhibit a moderate growth rate, catering to the unique diabetes management needs of various other animal species.
Veterinary Glucometer Market Technology Insights
The Veterinary Glucometer Market is segmented by Technology into Electrochemical Sensors and Optical Sensors. The Electrochemical Sensors segment held the largest market share in 2023, accounting for approximately 60% of the global market. The Optical Sensors segment is expected to grow at a faster CAGR during the forecast period. Electrochemical sensors are widely used in veterinary glucometers due to their accuracy, reliability, and cost-effectiveness. They work by measuring the electrical current generated when glucose reacts with an enzyme on the sensor surface.Optical sensors, on the other hand, use light to measure glucose levels. They are less invasive than electrochemical sensors and can be used to measure glucose levels in a wider range of samples. The Veterinary Glucometer Market is expected to grow at a CAGR of 9.7% from 2023 to 2032, reaching a market size of USD 1.5 billion by 2032. The growth of the market is attributed to the increasing prevalence of diabetes in pets, the rising adoption of pets, and the growing awareness of pet health.
Veterinary Glucometer Market Sales Channel Insights
Veterinary clinics held the largest share of the global veterinary glucometer market in 2023, accounting for approximately 45%. This is due to the fact that veterinary clinics are the primary point of care for pets and, therefore, have a high demand for glucometers. Pet stores are the second largest segment, with a share of around 30%. This is because pet stores sell a wide range of pet supplies, including glucometers. Online retailers are the third largest segment, with a share of around 25%. This is due to the growing popularity of online shopping and the convenience of being able to purchase glucometers from home.The increasing prevalence of diabetes in pets, rising pet ownership, and growing awareness of pet healthcare are the major factors driving the growth of the market.
Veterinary Glucometer Market Regional Insights
The regional market segmentation of the Veterinary Glucometer Market presents a diverse landscape with varying market dynamics and growth opportunities. North America and Europe dominate the market, accounting for a significant share of the Veterinary Glucometer Market revenue in 2023. The presence of well-established veterinary infrastructure, advanced healthcare systems, and high pet ownership rates contribute to the strong market position in these regions. APAC is expected to witness robust growth in the coming years, driven by the increasing pet population, rising disposable income, and growing awareness about pet healthcare.South America and MEA offer potential growth opportunities, with expanding veterinary sectors and increasing demand for veterinary glucometers. The market is expected to continue expanding in these regions, supported by government initiatives, rising pet ownership, and growing investments in animal healthcare. These regional insights provide valuable information for stakeholders to tailor their strategies and capitalize on the growth opportunities in specific geographic markets.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Veterinary Glucometer Market Key Players And Competitive Insights:
Major players in the Veterinary Glucometer Market are focusing on product development and innovations to gain a competitive edge in the industry. Leading Veterinary Glucometer Market players are also looking at strategic partnerships and collaborations to expand their reach and improve their offerings. The Veterinary Glucometer Market industry is expected to witness significant growth in the coming years due to rising awareness about pet health and growing demand for advanced healthcare technologies for animals.Pethealth Inc. is one of the leading Veterinary Glucometer Market players globally. The company offers a wide range of veterinary diagnostic products and services, including glucometers for pets. Pethealth Inc. has a strong presence in various countries and is known for its innovative products and customer-centric approach. The company is committed to providing high-quality and affordable veterinary healthcare solutions to pet owners.Another major player in the Veterinary Glucometer Market is Zoetis Inc. The company is a global leader in animal health and offers a comprehensive range of veterinary products and services. Zoetis Inc.'s Veterinary Glucometer Market products are used by veterinarians to monitor blood glucose levels in animals. The company has a strong focus on research and development and is committed to delivering innovative and effective veterinary healthcare solutions.
Key Companies in the Veterinary Glucometer Market Include:
- Abbott Laboratories
- Zoetis
- LifeScan, Inc.
- Ascensia Diabetes Care Holdings AG
- Nova Biomedical
- EKF Diagnostics Holdings plc
- Thermofisher Scientific
- MediSense Products Inc.
- Alere Inc.
- Roche Diagnostics
- Bionime Corporation
- Bayer Animal Health
- Idexx Laboratories
- Nipro Corporation
- ARKRAY, Inc.
Veterinary Glucometer Market Industry Developments
The global veterinary glucometer market is anticipated to grow significantly between 2023 and 2032. Increasing pet ownership, rising awareness about pet health, and technological advancements in veterinary medicine are key factors driving market expansion. In 2023, the market was valued at approximately USD 0.65 billion, and it is projected to reach USD 1.5 billion by 2032, exhibiting a CAGR of 9.7%. The increasing prevalence of diabetes in pets, particularly in cats and dogs, is a major contributor to market growth. Moreover, the development of innovative and user-friendly glucometers specifically designed for veterinary use is further propelling market expansion. Key players in the market include Abbott Laboratories, Bayer AG, and Zoetis, among others. Recent developments include the launch of new glucometer models with enhanced features and the expansion of veterinary telemedicine services, which are expected to drive market growth in the coming years.
Veterinary Glucometer Market Segmentation Insights
Veterinary Glucometer Market Product Type Outlook
-
- Handheld Glucometers
- Strip-Based Glucometers
- Continuous Glucose Monitors
Veterinary Glucometer Market Application Outlook
Veterinary Glucometer Market Animal Type Outlook
-
- Dogs
- Cats
- Horses
- Other Animals
Veterinary Glucometer Market Technology Outlook
-
- Electrochemical Sensors
- Optical Sensors
Veterinary Glucometer Market Sales Channel Outlook
-
- Veterinary Clinics
- Pet Stores
- Online Retailers
Veterinary Glucometer Market Regional Outlook
-
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
0.59 (USD Billion) |
| Market Size 2023 |
0.65 (USD Billion) |
| Market Size 2032 |
1.5 (USD Billion) |
| Compound Annual Growth Rate (CAGR) |
9.7% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Abbott Laboratories, Zoetis, LifeScan, Inc., Ascensia Diabetes Care Holdings AG, Nova Biomedical, EKF Diagnostics Holdings plc, Thermofisher Scientific, MediSense Products Inc., Alere Inc., Roche Diagnostics, Bionime Corporation, Bayer Animal Health, Idexx Laboratories, Nipro Corporation, ARKRAY, Inc. |
| Segments Covered |
Product Type, Application, Animal Type, Technology, Sales Channel, Regional |
| Key Market Opportunities |
Increasing pet ownership demand for advanced veterinary diagnostics technological advancements, rising prevalence of diabetes in pets, growing awareness of pet health |
| Key Market Dynamics |
Increased awareness Technological advancements Growing pet ownership Expanding veterinary healthcare Rising prevalence of diabetes in animals |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The global veterinary glucometer market size was valued at USD 0.65 billion in 2023 and is projected to reach USD 1.5 billion by 2032, exhibiting a CAGR of 9.7% during the forecast period.
North America is expected to dominate the veterinary glucometer market due to the high prevalence of companion animals, advanced veterinary infrastructure, and increasing awareness about pet health.
Veterinary glucometers are primarily used for monitoring blood glucose levels in diabetic animals. They are also used for diagnosing diabetes, managing glucose levels during surgery or critical illness, and monitoring the effectiveness of diabetes treatment.
Some of the key players in the global veterinary glucometer market include Abbott Laboratories, Arkray, Inc., Bayer AG, Becton, Dickinson and Company, and F. Hoffmann-La Roche Ltd.
The increasing prevalence of diabetes in companion animals, rising pet ownership rates, and growing awareness about pet healthcare are the primary factors driving the growth of the veterinary glucometer market.
The high cost of veterinary glucometers and consumables, the lack of reimbursement for diabetes management in animals, and the need for skilled professionals to operate the devices are some of the challenges faced by the veterinary glucometer market.
The development of affordable and user-friendly veterinary glucometers, increasing adoption of telemedicine in veterinary care, and growing demand for pet health insurance are some of the opportunities for the veterinary glucometer market.
The key trends in the veterinary glucometer market include the integration of advanced technologies such as Bluetooth and Wi-Fi connectivity, the development of non-invasive glucometers, and the increasing use of continuous glucose monitoring systems.
The global veterinary glucometer market is projected to grow at a CAGR of 9.7% from 2024 to 2032.
The veterinary glucometer market is segmented based on product type (handheld glucometers, benchtop glucometers, and continuous glucose monitoring systems), animal type (dogs, cats, horses, and other animals), and end-user (veterinary clinics, animal hospitals, and home use).
