by Pet diabetes care devices are indispensable for pets undergoing diabetes treatment and care. These devices help in lowering blood sugar levels in pets and detecting complications in diabetes management. Pet diabetes care devices include blood glucose monitors, insulin delivery devices, and other care and monitoring equipment. The growing companion pet population suffering from diabetes is driving demand for these specialized care devices.
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 from 2024 to 2031.
Pet diabetes care devices play a vital role in managing diabetes in pets by facilitating blood glucose level monitoring, delivering insulin doses, and detecting early stage complications. Rising pet adoption and increase in obesity and inactive lifestyles leading to diabetes in pets are propelling the need for specialized pet diabetes management products.
Key Takeaways
Key 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 growing companion pet population suffering from diabetes and increasing pet healthcare expenditure are fueling demand for pet diabetes care devices. North America dominates the pet diabetes care devices market due to rising pet healthcare awareness and growing per capita pet expenditure in the region.
Market key trends
The key Pet Diabetes Care Devices Market Trends gaining traction is the rising popularity of convenient and affordable self-care insulin delivery devices. Wearable insulin pumps and patches that can be attached to the pet’s skin are revolutionizing diabetes management in companion pets. These novel insulin delivery formats ensure consistent insulin administration without the need for multiple daily injections. Their affordability and user-friendliness are boosting their adoption among pet owners.
Porter’s Analysis
Threat of new entrants: Entry barriers such as R&D costs and regulations from regulatory authorities are high.
Bargaining power of buyers: Large customer base results in lower bargaining power of individual buyers.
Bargaining power of suppliers: Supplier base is fragmented without dominant players resulting in lower bargaining power.
Threat of new substitutes: Limited threat as no close substitutes exist for pet diabetes care devices.
Competitive rivalry: Highly competitive with focus on innovation and expanding product portfolios.
Geographical regions:
North America region accounts for the largest market value share currently driven by higher pet ownership and increasing incidence of Pet Diabetes Care Devices Market Regional Analysis. Asia Pacific region is expected to witness the fastest growth during the forecast period due to rising pet ownership and growing awareness regarding pet health management.
Asia Pacific region is poised to witness the fastest growth over the forecast period majorly supported by rapidly growing pet population, rising disposable incomes, and increasing awareness among pet owners regarding pet health and wellness in countries like China and India. Expansion ofpet product manufacturing bases and retail networks by key players will further supplement the regional market growth.
*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
