May 21, 2024
Blood Glucose Monitoring Market

Veterinary Blood Glucose Market to Witness Robust Growth Owing to Advancements in Computational Biology and Artificial Intelligence

The veterinary blood glucose market involves monitoring and managing the blood glucose levels of companion animals and livestock. Blood glucose level monitoring plays a key role in diagnosing and treating diabetes in pets. Glucose monitoring devices, testing strips, and lancets are among the widely used products for checking the blood glucose levels. Growing pet adoption and rising cases of diabetes in companion animals are fueling the demand for veterinary blood glucose monitoring devices.

The Global veterinary blood glucose market is estimated to be valued at US$ 530.27 Bn in 2024 and is expected to exhibit a CAGR of 15% over the forecast period 2024 To 2031.

Key Takeaways

Key players operating in the veterinary Blood Glucose Monitoring Market Size are IBM Corporation (IBM Watson Health), Exscientia, GNS Healthcare, Alphabet, Inc. (DEEPMIND), Benevolent AI, Biosymetrics, Euretos, Berg LLC., Atomwise, Inc., Insitro, and among others. Advancements in computational biology and artificial intelligence are enabling key players to develop more accurate and affordable devices for veterinary blood glucose monitoring. Increased pet ownership in developing nations and growing awareness regarding pet health present key opportunities in the market. Technological advancements include development of wearable glucose monitors, Internet of Things (IoT) enabled devices, and non-invasive monitoring equipment.

Market Drivers

The growing prevalence of diabetes in companion animals is a key driver for the veterinary blood glucose market. Around 1 in 200-300 dogs and 1 in 300-500 cats suffer from diabetes. Advancements in veterinary healthcare infrastructure and rising pet insurance adoption are also fueling market growth. Growing awareness among pet owners regarding diabetes symptoms and management further supports the demand for regular glucose monitoring.

Current challenges in the Veterinary Blood Glucose Market:

The veterinary Blood Glucose Monitoring Market Size facing challenges due to rising pet care costs and lack of standardization in testing procedures. High costs associated with routine check-ups, glucose testing kits and monitors are discouraging pet owners from regular monitoring of their pets’ glucose levels. This can negatively impact early diagnosis of diabetes in animals. There is also an unmet need for standardized diagnostic protocols and quality control measures for veterinary glucose testing. Lack of consistency in test results across different labs and kits is a longstanding issue. Development of affordable, easy-to-use and accurate glucose meters suitable for at-home testing can help address some of these challenges.

SWOT Analysis

Strength: Growing pet health expenditure and increasing pet ownership indicate future demand potential. Easy availability of portable glucose meters widens the market reach.
Weakness: Lack of standardized testing practices lowers diagnostic accuracy. High costs remain a deterrent for broader adoption.
Opportunity: Development of affordable, pain-free testing solutions presents a good opportunity. Growing diabetes rates in pets calls for increased glucose monitoring and management.
Threats: Stiff competition from generic kit makers pressures down prices. Potential substitution threat from other veterinary diagnostic devices.

Geographical Regions

North America currently holds the largest share of the Blood Glucose Monitoring Market owing to rising cases of diabetes in pets, growing pet care expenditure and availability of advanced technology products. However, Asia Pacific region is expected to witness the fastest growth during the forecast period due to increasing awareness about animal health, expanding pet population and rising disposable incomes in countries like India and China.

Fastest Growing Region

Asia Pacific region shows high growth potential for the veterinary blood glucose market owing to rising standards of pet care, increasing pet adoption and growing pet healthcare infrastructure in emerging economies. The market growth will be particularly driven by India, China and other Southeast Asian countries experiencing robust economic development. Expansion of veterinary facilities, rising per capita animal healthcare spending and growing awareness about diagnoses of animal diseases should support strong market gains in Asia Pacific region over the coming years.

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