July 21, 2024

Veterinary Blood Glucose Market is Estimated to Witness High Growth Owing to Rising Pet Ownership

Veterinary blood glucose meters are handheld devices used to measure the glucose level in animal blood. They are widely used in veterinary clinics and hospitals to diagnose and monitor diabetes in pets such as dogs and cats.

Market Dynamics:
Rising pet ownership around the globe is driving the growth of the veterinary blood glucose market. According to the American Pet Products Association, around 90.5 million cats and 79.7 million dogs were owned as pets in the United States in 2023. Proper care and monitoring of pets’ health has become a priority for pet owners. Moreover, increasing incidence of diabetes in canines and felines is also propelling the demand for veterinary blood glucose meters for accurate diagnosis and treatment of the condition. Various factors such as lack of physical activity, obesity, and genetic predisposition are contributing to the growth in diabetes cases among pets. As per statistics, about 1 in 450 dogs and 1 in 300 cats are affected by diabetes. This rising prevalence of diabetes in pets will continue to fuel the veterinary blood glucose market over the forecast period.

Veterinary Blood Glucose Meters Are Increasing due to Rise in Pet Healthcare Expenditure
As the rate of pet ownership has increased globally, so has spending on pet healthcare. According to a study, pet healthcare expenditure has grown over 6% per year for the past decade. Pet owners are increasingly willing to spare no expense when it comes to ensuring the wellbeing of their furry companions. Diabetes is a common condition seen in older dogs and cats. Just as in humans, managing blood glucose levels is important for diabetic pets. Point-of-care glucose meters have made it easier for vets and pet owners to regularly monitor glucose at home or at clinics. This has driven the demand for veterinary blood glucose meters.

Growing Adoption of Self-Monitoring among Pet Owners
With point-of-care meters, pet owners can easily test blood glucose from a small sample without needing to visit the vet each time. This allows for frequent monitoring of levels and timely adjustments to insulin dose if needed. The ease of use and reliability of digital readout have encouraged more pet owners to self-test their pets. They can monitor for fluctuations and catch irregularities early. This reduces vet visits and gives owners peace of mind knowing they can manage their pet’s condition from home. The convenience of self-monitoring is a major factor propelling the sale of veterinary blood glucose meters.

Rising Pet Obesity Poses New Healthcare Challenges
In recent years, there has been a notable rise in the number of overweight and obese pets. Pet obesity has become a serious medical issue affecting an estimated 60% of dogs and cats in some countries. Just like humans, overweight pets are at higher risk of chronic conditions like diabetes. According to surveys, diabetes diagnosis in pets has increased 5-10% annually due to the obesity epidemic. Managing diabetic pets requires regular glucose monitoring. This has been driving demand from veterinary clinics that are seeing more obese and diabetic patients. The growing prevalence of pet obesity presents both a health challenge and an opportunity for the veterinary blood glucose market.

Cost can restrain widespread adoption of meters
While glucose meters for pets have gained wider acceptance, cost remains a restraining factor for some pet owners. Replacement supplies like test strips and lancets need to be constantly replenished and can get expensive, adding up over the long term. Low-cost generic strips are now available but branded strips from major manufacturers tend to be more expensive. The initial purchase price of certain advanced digital meters is also higher compared to basic analog models. For owners with multiple pets requiring testing, the recurring costs may not be affordable without pet insurance or other financial aid. This could potentially limit market growth.

Opportunity for affordable meters and supplies
To help address the financial barrier and facilitate greater adoption rates, there is an opportunity for manufacturers to develop more affordable veterinary glucose monitoring solutions. Low-cost meters and generic test strips offer an avenue to make testing accessible to median-income pet owners without compromising on quality. Partnerships with insurance providers to offer subsidies could expand the target customer base. Streamlining production and optimizing supply chains can help drive down costs. There is also scope for making test strips and meters compatible across different pet brands to give buyers more budget-friendly options. This presents a chance for companies to gain market share by offering value-priced products.

Veterinary Telehealth Gaining Traction as Remote Monitoring Option
With advances in technology, telehealth has emerged as an important trend in the pet care industry. The COVID-19 pandemic accelerated this shift as more vet appointments moved online. Several veterinary clinics now offer virtual consultations and remote patient monitoring programs. This allows conditions like diabetes that require frequent monitoring to be managed remotely. Owners can submit glucose readings online for the vet’s review without needing in-person visits. Some telehealth services provide monitoring devices, meters, and training to help owners transition to remote care. This improves access and convenience. As telehealth adoption rises amongst vets and owners see its benefits, remote monitoring is likely to drive additional meter sales versus only clinic-based testing.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it