Save up to 30% on The Business Research Company’s comprehensive market research reports for a limited time only!

What Growth Rate is Forecasted for the Pet Diabetes Care Devices Market over the 2024-2033 Period?

In recent times, the market size for pet diabetes care devices has experienced significant growth. The market is projected to expand from $2.4 billion in 2023 to $2.58 billion in 2024, with a compound annual growth rate (CAGR) of 7.8%. The historic growth can be attributed to factors such as the introduction of glucose monitoring devices, a rise in cases of diabetes in pets, better treatment results, an increase in spending on pet healthcare, and enhanced education and support from veterinarians.

It is anticipated that the market size of pet diabetes care devices will witness significant growth over the next years, reaching an estimated value of $3.6 billion in 2028, displaying a compound annual growth rate (CAGR) of 8.6%. Factors contributing to this upsurge during the forecast period include increasing awareness about pet health, the use of interconnected devices, access to individualized treatment solutions, advancement of telehealth, and enhancements in research and development. Obvious trends during the forecast era involve collaborative efforts and partnerships, breakthroughs in insulin delivery methods, initiatives towards education and awareness, remote animal healthcare via telemedicine, as well as personalized and goal-oriented treatment approaches.

Claim Your Free Sample of the Global Pet Diabetes Care Devices Market Report Today!

https://www.thebusinessresearchcompany.com/sample.aspx?id=9374&type=smp

Which Factors Are Stimulating Growth in the pet diabetes care devices Market?

The growth of the pet diabetes care device market is anticipated to be propelled by a rise in pet health expenditure. Pet health expenditure can be defined as the financial sum that pet owners allocate to address the health concerns of their pets. This spending on pet healthcare encompasses veterinary care, necessary equipment, and pet healthcare devices. For example, data from the American Veterinary Medical Association, a non-profit organization based in the US, in October 2022 indicated that consumer spending on the healthcare for dogs and cats increased overall between 2020 and 2022. During this period, the annual expenses for veterinary visits for households with a single dog surged from $224 in 2020 to $362 in 2022. Moreover, in reviewing households with cats, the average yearly expenditure on veterinarian visits rose from $189 in 2020 to $321 in 2022. Thus, the escalating pet health expenditure is acting as a catalyst for the growth of the pet diabetes care device market.

What Are the Main Segments of the Pet Diabetes Care Devices Market?

1) By Animal Type: Dogs, Cats, Horses

2) By Device: Glucose Monitoring Devices, Insulin Delivery Devices

3) By End Users: Homecare, Veterinary Hospitals, Others End Users

What Innovative Trends Are Redefining the Pet Diabetes Care Devices Landscape?

A key trend in the pet diabetes care device market is technological advancements. To bolster their market position, leading corporations in this industry are introducing cutting-edge technologies. For example, Zoetis Inc., an American veterinary pharmaceutical company, unveiled the AlphaTrak 3 blood glucose monitoring system specifically for cats and dogs in the United States in February 2023. AlphaTrak 3 features a novel mobile app that allows pet owners and veterinary professionals to collect, store, and share data. The AlphaTrak 3 system allows for simple data transferring and interaction via a smartphone app, which streamlines the process of sharing a pet’s glucose levels and other vital facts with the vet in real time. This provides greater reassurance to veterinarians and pet owners in the care of diabetic pets. The AlphaTrak 3 device delivers accurate readings in as little as five seconds, which is faster than the earlier AlphaTrak 2 device. It needs just 0.3 microliters of blood and measures a blood glucose range of between 20 and 750 milligrams per deciliter. The innovative AlphaTrak 3 mobile app collects more data from pet owners than previous systems, including pet food and water intake, activity levels, and insulin administration schedules.

Order Now for Fast Delivery of Your Pet Diabetes Care Devices Market Report!

https://www.thebusinessresearchcompany.com/report/pet-diabetes-care-devices-global-market-report

Which Regions Are Key Players in the Growth of the Pet Diabetes Care Devices Market?

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 Pet Diabetes Care Devices Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the pet diabetes care devices market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Pet Diabetes Care Devices Market Include

1. Pet Diabetes Care Devices Market Executive Summary

2. Pet Diabetes Care Devices Market Segments

3. Pet Diabetes Care Devices Market Size And Template Market Growth Rate

4. Key Pet Diabetes Care Devices Market Trends

5. Major Pet Diabetes Care Devices Market Drivers

……

25. Key Mergers And Acquisitions In The Pet Diabetes Care Devices Market

26. Top Pet Diabetes Care Devices Companies

27. Pet Diabetes Care Devices Market Opportunities And Strategies

28. Pet Diabetes Care Devices Market, Conclusions And Recommendations

29. Appendix

Learn More About The Business Research Company

The Business Research Company has published over 15000+ reports in 27 industries, spanning 60+ geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

Contact us at:

The Business Research Company: https://www.thebusinessresearchcompany.com/

Americas +1 3156230293

Asia +44 2071930708

Europe +44 2071930708

Email us at [email protected]

Follow us on:

LinkedIn: https://in.linkedin.com/company/the-business-research-company

YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ

Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model

Found this article helpful? Share it on: