Pet Diabetes Care Devices Global Market Report 2024

The pet diabetes care devices market size has grown strongly in recent years. It will grow from $2.4 billion in 2023 to $2.58 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth observed in the historical period can be attributed to several factors, including the introduction of glucose monitoring devices for pets, an increase in cases of pet diabetes, improvements in treatment outcomes, a rise in pet healthcare expenditure reflecting increased awareness and commitment to pet health, as well as education and support from veterinary professionals. These factors collectively contributed to the development and adoption of pet diabetes care devices, enhancing the management and well-being of pets dealing with diabetes.

The pet diabetes care devices market size is expected to see strong growth in the next few years. It will grow to $3.6 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The anticipated growth in the forecast period can be attributed to factors such as the rise in pet health awareness among owners, increased adoption of connected devices for pet healthcare, the demand for personalized treatment solutions, the expansion of telehealth services for pets, and continued investments in research and development within the pet healthcare sector. Major trends expected in the forecast period include collaboration and partnerships among stakeholders in the pet healthcare industry, innovations in insulin delivery technologies for pets, heightened emphasis on education and awareness initiatives, the integration of telemedicine and remote veterinary care for pets, and the development of personalized and targeted treatment options for pets with diabetes.

The anticipated rise in pet health expenditure is set to drive the growth of the pet diabetes care device market in the foreseeable future. Pet health expenditure encompasses the financial resources dedicated by pet owners to address their pets' health concerns, including veterinary care, equipment, and necessary healthcare devices. Notably, according to data from the American Veterinary Medical Association released in October 2022, consumer spending on dogs and cats has shown a consistent increase. Yearly veterinarian visit expenditures for households with one dog rose from $224 in 2020 to $362 in 2022. Similarly, average annual expenditures on veterinarian visits for homes with cats increased from $189 in 2020 to $321 in 2022. This upward trend in pet health expenditure is a driving force behind the growth of the pet diabetes care device market.

The growing trend of pet ownership is expected to fuel the expansion of the pet diabetes care device market in the coming years. Pet ownership involves a range of responsibilities, including providing food, water, shelter, physical exercise, and healthcare for domesticated animals such as dogs, cats, fish, birds, and others. Pet diabetes care devices play a crucial role in ensuring the well-being of diabetic pets by facilitating accurate monitoring, precise treatment, and effective communication between pet owners and veterinary professionals. According to data from the World Animal Foundation in October 2023, dog ownership is more prevalent, with 65.1 million dogs compared to 46.5 million cats. Additionally, 11 million households own saltwater fish tanks, surpassing the 2.2 million horses owned by horse owners. The increasing prevalence of pet ownership is thus a significant factor propelling the pet diabetes care device market.

A prominent trend in the pet diabetes care device market is the integration of technological advancements. Major companies in this market are actively developing innovative technologies to enhance their market positions. For instance, Zoetis Inc., a US-based veterinary pharmaceutical company, introduced the AlphaTrak 3 blood glucose monitoring system in February 2023. This system, designed for cats and dogs in the United States, features a new mobile app that enables pet owners and veterinary professionals to collect, store, and share data seamlessly. The app facilitates quick sharing of a pet's glucose levels and other essential details in real time, fostering increased confidence in diabetic pet care. The AlphaTrak 3 device delivers accurate information in as little as five seconds, utilizing only 0.3 microliters of blood and providing a blood sugar dynamic ranging from 20 to 750 milligrams per deciliter. The incorporation of advanced technology, including improved data capture from pet owners, underscores the industry's commitment to advancing diabetic pet care.

Major companies operating in the pet diabetes care devices market are adopting a strategic partnership approach to enhance their capabilities. Strategic partnerships involve leveraging the strengths and resources of collaborating companies to achieve mutual benefits and success. An illustrative example is the co-branded distribution agreement between ALR Technologies SG Ltd., a Singapore-based medical device company, and Covetrus Inc., announced in December 2022. This agreement concerns ALRT's continuous glucose monitoring device for diabetic dogs and cats, known as the GluCurve Pet CGM. Covetrus gains exclusive rights to offer GluCurve Pet CGM as a co-branded device to veterinary clinics in several countries worldwide, including the United States, Brazil, the United Kingdom, and the European Union. This strategic partnership aims to make continuous blood sugar monitoring more accessible to veterinarians and underscores the collaborative efforts within the pet diabetes care device market.

In September 2022, Zoetis, a US-based pet medicine vaccinations manufacturer, acquired NewMetrica for an undisclosed amount. This acquisition positions Zoetis to leverage NewMetrica's algorithms for earlier disease identification and treatment, enhancing their understanding of pet quality of life and becoming a crucial element in future product development. NewMetrica, a UK-based company specializing in pet diabetes care devices, becomes an integral part of Zoetis' strategic growth initiatives in the sector.

Major companies operating in the pet diabetes care devices market report are Allison Medical Inc., Zoetis Inc., Becton Dickinson and Company, Boehringer Ingelheim Vetmedica Inc., Henry Schein Animal Health, Apotex Inc., Merck Co. Inc., Trividia Health Inc., UltiMed Inc., ACON Laboratories Inc., i-SENS Inc., TaiDoc Technology Corporation, Abbott Laboratories, Medtronic Inc., Novo Nordisk AS, Covetrus AG, Med Trust Co., F. Hoffmann-La Roche AG, Sanofi SA, Eli Lilly and Company, Novartis AG, Johnson & Johnson Services Inc., Bayer AG, Terumo Corporation, Insulet Corporation, Medline Industries Inc., Nipro Corporation, Senseonics Holdings Inc., Ypsomed Holding AG.

North America was the largest region in the pet diabetes care devices market in 2023. The regions covered in the pet diabetes care devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the pet diabetes care devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main animal types addressed by pet diabetes care devices include dogs, cats, and horses. Dogs, as four-legged companions commonly kept as pets or used for various purposes, benefit from these devices for monitoring their health when dealing with diabetes. The key devices in this category include glucose monitoring devices and insulin delivery devices. These devices are utilized by various stakeholders, including pet owners for homecare purposes, veterinary hospitals, and other healthcare providers involved in managing diabetes in pets.

The pet diabetes care devices market research report is one of a series of new reports that provides pet diabetes care devices market statistics, including global market size, regional shares, competitors with a pet diabetes care devices market share, detailed pet diabetes care devices market segments, market trends and opportunities, and any further data you may need to thrive in the pet diabetes care devices industry. This pet diabetes care devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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