What Will The Pet Diabetes Care Devices Market Look Like In 2023?
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The Business Research Company’s pet diabetes care devices market report forecasts the pet diabetes care devices market size to grow to $3.2 Billion by 2027, with a CAGR (compound annual growth rate) of more than 7%.
Learn More On The Pet Diabetes Care Devices Market Report 2023 – https://www.thebusinessresearchcompany.com/report/pet-diabetes-care-devices-global-market-report
Pet Diabetes Care Devices Market Size Forecast
The global pet diabetes care devices market is expected to grow from $2.25 billion in 2022 to $2.42 billion in 2023 at a compound annual growth rate (CAGR) of 7.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global pet diabetes care devices market size is expected to reach $3.2 billion in 2027 at a CAGR of 7.3%.
North America held the largest pet diabetes care devices market share.
Key Pet Diabetes Care Devices Market Driver – Increase In Pet Health Expenditure
For example, according to data given by the American Veterinary Medical Association, a non-profit organisation based in the United States, between 2020 and 2022, consumer expenditure on dogs and cats climbed across the board. Annual veterinarian visit costs for households with one dog increased from $224 in 2020 to $362 in 2022. The average annual expenditure on veterinarian visits for cat-owning households was $189 in 2020, rising to $321 in 2022. As a result, rising pet health spending is propelling the pet diabetes care device market forward.
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Key Pet Diabetes Care Devices Market Trend – Technological Advancement
To increase their market position, major businesses in the pet diabetes care device market are creating revolutionary technologies. Trividia Health, a US-based developer of pet diabetes care products, for example, will introduce Test Buddy in October 2020. Bluetooth technology, which transfers data to the Test Buddy App on IOS or Android platforms, is one of the Test Buddy’s distinguishing features. It is intended to monitor a pet’s glucose levels and transmit results and trending data to a veterinarian.
Pet Diabetes Care Devices Market Segment
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
Pet Diabetes Care Devices Market Major Players and Strategies
Major players in the pet diabetes care devices market are Allison Medical Inc., Zoetis Inc., Becton, Dickinson and Company, Boehringer Ingelheim Vetmedica Inc., Henry Schein Animal Health, MedTrust LLC, Merck & Co Inc., UltiMed Inc., TaiDoc Technology Corp, ALR Technologies Inc., I-SENS. Inc., Teco Diagnostics, FitBark, and AccuBioTech Co Ltd.
Zoetis, a US-based provider of pet medication vaccinations, purchased NewMetrica for an unknown sum in September 2022. Zoetis will use the tools of NewMetrica’s algorithms to enable early disease identification and treatment as they get a better understanding of pet quality of life and become an important component of future product development. NewMetrica is a pet diabetes care equipment startup established in the United Kingdom.
The Pet Diabetes Care Devices Global Market Report 2023 covers regional data on pet diabetes care devices market size, pet diabetes care devices market trends and drivers, opportunities, strategies, and pet diabetes care devices market competitor analysis. The countries covered in the pet diabetes care devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Pet diabetes care devices are medical devices that are used to treat pet diabetes through routine check-ups, blood and urine testing, and monitoring of the animal’s weight, appetite, drinking, and urination. These gadgets keep diabetic pets’ blood sugar levels near to normal and prevent dangerously high or low levels.
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