The pet diabetes care devices market comprises devices such as glucose monitoring devices, insulin delivery devices, and others that help manage diabetes in pets. Glucose monitoring devices help monitor blood glucose levels in pets through urine or blood tests. Insulin delivery devices such as insulin pens and syringes help deliver the prescribed insulin dose. The rising prevalence of diabetes in pets, especially cats and dogs, owing to obesity and unhealthy diets has boosted the demand for such devices for effective diabetes management 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 TakeawaysKey players operating in the Pet Diabetes Care Devices 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 key players are focusing on developing advanced pet diabetes care devices to increase their market share.The growing prevalence of diabetes in pets, mainly cats and dogs, has boosted the Pet Diabetes Care Devices Market Growth. According to the International Society for Companion Animal Infectious Diseases, about 1 in 200-400 dogs and 1 in 300-600 cats are affected by diabetes. This rising prevalence is expected to drive the pet diabetes care devices market.Technological advancements in pet diabetes care devices like self-administered insulin injections, portable glucose meters, and closed-loop insulin delivery systems are expected to provide new growth opportunities to market players.Market TrendsGrowing adoption of digital technologies - Many players are focusing on integrating digital technologies like Bluetooth and applications to manage diabetes remotely. This allows sharing data with veterinarians remotely.Increasing veterinary expenditure on diabetes care - With growing pet ownership and income levels, pet owners are willing to spend more on diabetes care devices and management. This is positively impacting the market.Market OpportunitiesRising pet insurance coverage - Growing pet health insurance coverage for diabetes treatment costs can facilitate higher affordability of advanced Pet Diabetes Care Devices Market Regional Analysis among pet owners.Emerging markets in Asia Pacific - Emerging pet care markets in Asia Pacific offer tremendous opportunities for players, given the increasing pet adoption and growing awareness about diabetes.Impact of COVID-19 on Pet Diabetes Care Devices Market growthThe COVID-19 pandemic has negatively impacted the growth of the pet diabetes care devices market. During the lockdown periods across various regions, there were restrictions on veterinary consultations and care services. Many pet owners postponed non-essential treatments including diabetes management and regular checkups. This led to a decline in the demand and sales of pet diabetes care devices such as insulin delivery devices, blood glucose monitors, and lancets in 2020. However, with the lifting of lockdowns and restrictions, the market is recovering steadily since 2021.But going forward, despite short term fluctuations, the overall demand for pet diabetes management devices is expected to increase significantly during the forecast period due to a growing pet diabetes patient pool. Factors like changing lifestyles, increased obesity levels among pets, early diagnoses, as well as advanced technologies for insulin administration and glucose monitoring are driving the long term growth. Manufacturers are also expanding their product offerings, focusing on user-friendly, hassle-free devices that encourage pet parents to better manage their furry companions' condition on a daily basis.Geographical concentration of Pet Diabetes Care Devices MarketIn terms of value, North America holds the largest share of the pet diabetes care devices market currently. This can be attributed to rising pet healthcare expenditure, high pet ownership rates, and growing awareness regarding animal health and wellbeing in countries like the US and Canada. Europe is the second largest regional market with countries such as the UK, Germany, France, Italy also witnessing increasing acceptance and adoption of pet diabetes management practices.Asia Pacific is projected to experience the fastest growth during the forecast period. Factors fueling demand growth include rising incomes, expansion of healthcare infrastructure, burgeoning middle-class population, and shifting of manufacturing operations of key players to cater to the immense pet care market potential in the region's emerging economies. Overall, developed as well as developing regions worldwide are demonstrating rising focus on companionship and quality pet care needs, which will drive sustained opportunities for pet diabetes technologies.Get more insights on Pet Diabetes Care Devices Market
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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)
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