by The global Veterinary Blood Glucose Market is estimated to be valued at US$460.3 million in 2023 and is expected to exhibit a CAGR of 9.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights
Market Overview:
The veterinary blood glucose market refers to the market for glucose testing devices and consumables specifically designed for use in animals. These devices are used by veterinarians to monitor and manage diabetes in pets. The market is driven by the increasing incidence of diabetes in animals, particularly in cats and dogs. Diabetes in pets can lead to serious health complications if left untreated. Thus, the need for accurate and reliable glucose monitoring devices is rising in order to effectively manage the condition and improve the overall quality of life for pets.
Market Key Trends:
One key trend in the veterinary blood glucose market is the adoption of advanced technology in glucose monitoring devices. Traditional handheld glucometers are being replaced by more advanced and portable devices that offer faster results and improved accuracy. These devices utilize non-invasive methods such as continuous glucose monitoring (CGM) or minimally invasive methods such as flash glucose monitoring (FGM). The adoption of these advanced technologies is expected to enhance the ease and convenience of glucose monitoring for veterinarians and pet owners alike, driving market growth.
Porter’s Analysis:
Threat of New Entrants: The threat of new entrants in the veterinary blood glucose market is relatively low. This can be attributed to the high barriers to entry, such as the need for significant investment in research and development, regulatory compliance, and the establishment of distribution channels.
Bargaining Power of Buyers: The bargaining power of buyers in the veterinary blood glucose market is moderate. While there are a significant number of buyers in the market, they are limited in their ability to negotiate prices due to the specialized nature of the product and the limited number of suppliers.
Bargaining Power of Suppliers: The bargaining power of suppliers in the veterinary blood glucose market is moderate. The market is dominated by a few key players, giving them some leverage in negotiating prices and terms with suppliers. However, the suppliers also have some power as the market relies on a steady supply of high-quality glucose testing products.
Threat of New Substitutes: The threat of new substitutes in the veterinary blood glucose market is low. Glucose testing is a critical component of veterinary care, and there are limited alternatives that can provide the same level of accuracy and reliability.
Competitive Rivalry: The competitive rivalry in the veterinary blood glucose market is high. The market is dominated by established players such as Zoetis, Merck, IDEXX Laboratories, and Heska Corporation. These companies compete based on product quality, reliability, and price.
Key Takeaways:
The Global Veterinary Blood Glucose Market Demand is expected to witness high growth, exhibiting a CAGR of 9.6% over the forecast period. This growth can be attributed to the increasing prevalence of diabetes in companion animals, the growing pet population, and the rising awareness about the importance of regular glucose monitoring in veterinary care.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the veterinary blood glucose market. The region has a well-established veterinary healthcare infrastructure, increasing pet ownership, and a higher adoption rate of advanced diagnostics technologies.
Key players operating in the veterinary blood glucose market include Zoetis, Merck, IDEXX Laboratories, Heska Corporation, and bioMérieux, among others. These companies have a strong product portfolio, extensive distribution networks, and a focus on research and development to innovate new and improved glucose testing solutions.
The veterinary blood glucose market presents significant opportunities for both existing and new players. Innovations in technology, such as the development of non-invasive glucose monitoring devices, can further drive market growth. Additionally, strategic collaborations, mergers, and acquisitions can help companies expand their product offerings and geographic presence in the market. Overall, the veterinary blood glucose market is poised for significant growth in 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
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.
