VETERINARY BLOOD GLUCOSE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

The veterinary blood glucose monitoring devices market size is expected to reach US$ 874.5 million by 2030, from US$ 460.3 million in 2023, at a CAGR of 9.6% during the forecast period. Veterinary blood glucose meters are point-of-care devices used to measure blood glucose levels in animals. They provide fast, accurate glucose readings and help vets diagnose diabetes, monitor glucose fluctuations, and adjust treatment plans. Rising companion animal population, growing prevalence of diabetes in pets, advancements in animal healthcare, and increased spending on pet care are the key factors driving the market growth. For instance, according to Vetsource, a company which provides comprehensive solutions in petcare, estimated one in every 300 dogs and one in 230 cats will develop diabetes during their lifetimes. The prevalence of the disease has been rising, with an increase of nearly 80% in dogs and 18% in cats over a 10-year period.

The veterinary blood glucose monitoring devices market is segmented into product type, animal type, end-use, distribution channel and region. By product type, the market is segmented into glucose meters, test strips, lancets, and others. The glucose meters segment accounts for the largest share due to the recurrent purchase of test strips and the growing adoption of wireless, portable meters.

Veterinary Blood Glucose Market Regional Insights:

• North America is expected to be the largest market for veterinary blood glucose monitoring devices during the forecast period, accounting for over 41% of the market share in 2023. The growth of the market in North America is attributed to the high adoption of companion animals, advanced veterinary healthcare infrastructure, and rise in pet healthcare expenditure. For instance, on June 21, 2023, Forbes, an American business magazine company published data of pet ownership in the U.S., according to which, as of 2023, 66% of U.S. households (86.9 million homes) own a pet. That’s an increase by 56% in 2023 from 1988, pet ownership statistics show.
• The market in Europe is expected to be the second-largest market for veterinary blood glucose monitoring devices, accounting for over 24% of the market share in 2023. The growth of the market is attributed to the increasing pet adoption, rising prevalence of veterinary diseases, and growing demand for point-of-care testing.
• The market in Asia Pacific is expected to be the fastest-growing market for veterinary blood glucose monitoring devices, which is expected to exhibit a CAGR of over 22.3% during the forecast period. The growth of the market in Asia Pacific is attributed to the growing disposable income, rising awareness about animal health, and increase in pet ownership in the region.

Figure 1. Global Veterinary Blood Glucose Market Share (%), by Region, 2023

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Analyst Viewpoint:

The veterinary blood glucose market is expected to see steady growth in the coming years driven by rising pet ownership and increasing awareness about pet health. North America currently dominates the market due to higher pet healthcare expenditure. Asia Pacific is likely to be the fastest growing region supported by growing pet population and rising per capita pet care spending in countries like China, India and Japan. The market prospects are further strengthened by technological advancements leading to development of user-friendly and pain-free glucose testing kits for pets. However, budget constraints could hamper market revenue growth to some extent. Additionally, lack of awareness about diabetes in pets among pet owners in developing nations poses a major challenge. Low diagnosis rates in these regions deprive the market from potential gains. Safety concerns regarding test accuracy could also restrain the market. Nonetheless, favorable initiatives by governments and animal welfare organizations to promote pet healthcare offer opportunities for veterinary glucose testing manufacturers. Market leaders are investing in promotional campaigns to boost awareness regarding diabetes management in pets.

Veterinary Blood Glucose Market Drivers:

• Increasing Prevalence of Diabetes in Pets: The growing prevalence of diabetes, especially type 1 diabetes, among companion animals like dogs and cats is a major factor driving growth in the veterinary blood glucose market. For instance, according to data published in an article in Biospace in September 2020, an estimated one in every 300 dogs and one in 230 cats will develop diabetes during their lifetimes, and those statistics keep rising. More pets being diagnosed with this chronic condition creates higher demand for at-home glucose monitoring and drives sales of blood glucose slabs used by veterinarians for routine testing. This emerging patient pool dependent on lifelong insulin therapy also needs regular glucose curve measurements, bolstering repeat sales of testing slabs.
• Advancements in Veterinary Point-of-Care Testing: Recent technological advancements in veterinary point-of-care (POC) platforms and test methods that allow rapid blood glucose analysis are boosting adoption of monitoring device. For instance, in April 2022, Zoetis, an American drug company announced its latest innovation in diagnostics with the addition of Artificial Intelligence (AI) blood smear testing to its multi-purpose platform, Vetscan ImagystTM. Introduced in September 2020, Vetscan Imagyst is a first-of-its- kind technology with a multitude of applications, including AI fecal analysis, digital cytology image transfer and now AI blood smear – ultimately helping veterinarians broaden in-clinic diagnostic offerings to provide the best possible care for dogs and cats. Handheld meters and portable analyzers that provide accurate results within seconds from a small blood sample are preferred. Quick turnaround time, ease of use, and connectivity features like Wi-Fi, Bluetooth are key advantages veterinarians want. Players are innovating more sensitive enzymatic test strips, lancets, and specialized tight-tolerance stone slabs for mess-free blood loading. These advances coupled with mobility are propelling the market growth.
• Rise in Pet Healthcare Expenditure: Increasing pet ownership and willingness of pet parents to spend more on advanced veterinary treatments including diagnostic testing is fueling stone slab sales. Growing awareness about pet health issues is motivating spending on glucose tests for early diabetes detection and monitoring. According to APPA, the overall pet industry expenditure in the U.S. reached US$ 123.6 billion in 2021, up from US$ 99 billion in 2020. Higher disposable income especially in developed economies like the U.S. and Europe where pet humanization trend is strong augurs well for market growth.
• Supportive Government Regulations: Approval of glucose test slabs for veterinary use along with policies promoting animal welfare and health are key growth determinants. Regulatory bodies like the U.S. Food and Drug Administration and European Medicines Agency provide certification of quality standards and performance evaluation. Classification as Over the Counter devices exempt from prescription aids adoption. Many countries have guidelines and funding schemes to improve veterinary care infrastructure and service delivery. Such supportive government policies and regulations foster market revenue growth.

Veterinary Blood Glucose Market Opportunities:

• Scope in Emerging Markets: Emerging regions like Asia Pacific, Latin America, and Middle East & Africa offer significant opportunities driven by economic development and rising standard of living. Increasing pet adoption, awareness about animal healthcare, and demand for advanced veterinary devices and testing create avenues. According to Organization for Economic Co-operation and Development (OECD), the middle-class population in Asia Pacific is projected to reach 3.5 billion by With higher disposable income and pet humanization trend catching on, uptake of specialty veterinary Point of Care diagnostics like blood glucose slabs will rise, spelling gains.
• Outpatient Testing Applications: The potential to use blood glucose stone slabs beyond veterinary settings in outpatient environments like homecare, shelters, and rescue organizations provides growth opportunities. POC meters today allow pet owners and volunteers to monitor glucose at home. Expanding home testing applications saves veterinary visits and is convenient. This creates avenues for test slab sales to non-traditional customers. Players can tap this by marketing slabs for at-home use. Expanding applicability beyond hospitals/clinics will boost adoption and revenues.
• Launch of User-friendly Products: Manufacturers have ample opportunities to capture larger market share by introducing easy-to-use, ergonomic slab products catering to varied end-user requirements. Design innovations like compact sizes, superior grip, optimized loading angles, retractable safe lancets, and one-hand operated devices can attract customers. Another opportunity is integrating connectivity features to help vets/owners track results seamlessly. Offering customizable or combo test slabs for glucose and ketones can also open new markets and position vendors as technology leaders.
• Strategic Partnerships: Partnering with innovator companies specializing in complementary technologies like connected diabetes management software or insulin delivery devices provides collaboration opportunities to increase customer value. For instance, tying up with a developer of a smart glucose tracker app for pets can help engage pet owners better. Acquiring emerging startups working on cutting-edge veterinary POC solutions can also fast-track product portfolio expansion. Such win-win partnerships and M&A activities can be leveraged by companies to gain advantage.

Veterinary Blood Glucose Market Trends:

• Integration with Smart Devices and Apps: Integrating blood glucose slab kits with smart smartphone apps, wearables, Bluetooth-enabled meters, and data management software is a major trend. Connected device capabilities allow easy documentation, visualization of pet glucose data, and sharing with vets for better monitoring and treatment. Users can get alerts, reminders, and insights into trends. Leading companies are acquiring startups in this niche or developing proprietary apps to provide a 360-degree pet diabetes management ecosystem centered on the stone slab kit.
• Focus on Improving Ease-of-Use: Players in the veterinary blood glucose market are focused on enhancing product designs to make devices extremely simple and hassle-free to operate. Efforts to improve ergonomics, minimize pain from lancing, and enable quick, mess-free blood loading on slabs is rising. Companies are incorporating special coatings to facilitate smooth blood flow and faster readings. Retractable lancets and one-touch buttons make home testing easier. The current trend is moving towards the development of compact and portable measurement devices designed for convenient home-based testing on small animals.
• Adoption of Alternative Sampling Sites: Another prominent trend is increasing the use of alternative or less sensitive sampling sites for blood glucose testing in pets. Earlobes, lower lip, forearm, hind leg, and flank region are gaining prominence compared to paw pads. This causes less discomfort and stress. Companies are marketing special caps for testing blood from these alternate sites. The adoption of slab kits capable of generating accurate readings from less blood due to micro-sampling technology will rise due to this trend.
• Launch of Species-specific Test Slabs: Manufacturers are innovating stone slabs customized for different animal species like canine, feline, and equine to meet varying clinical needs. Customized test parameters, algorithm-based calibration as per animal metabolic profile and specific enzyme reactivity improve accuracy. Species-specific slabs will gain popularity over generic slabs. Companies with broad veterinary test menus catering to different animals will have competitive edge. More targeted product development is on the rise.

Veterinary Blood Glucose Market Restraints:

• High Costs of Veterinary Care: The high costs associated with veterinary care and limited reimbursement hamper the adoption of specialty point-of-care diagnostics like blood glucose slabs used in animal clinics and hospitals. Out-of-pocket expenditure on testing is quite high. In emerging regions lack of pet insurance and economic constraints further limit market growth. Unless costs of slab kits and veterinary services reduce substantially, rising expenditure can restrain usage and turn-over. This is a key challenge for companies to address.
• Shortage of Skilled Veterinarians: The acute global shortage of qualified veterinarians trained in using POC devices like blood glucose test slabs limits their uptake. Developing regions with lower densities of vets per animal population feel this impact more. Without adequate knowledge of the technology and expertise in using the kits, veterinary practices will not be able to justify investments and realize full benefits. This hampers adoption and is an area needing educational and training interventions.
• Limitations of Blood Glucose Monitoring: While useful for initial diabetes screening and management, periodic blood glucose testing has limitations. Measured values show glucose levels at a single point in time and fluctuate frequently. Longitudinal monitoring of trends is needed. Unlike advanced Continuous glucose monitoring systems in humans that offer dynamic glucose profiles, blood slabs do not provide comprehensive real-time data. This inherent limitation also discourages uptake. Companies need to refine technologies further.

Figure 2. Global Veterinary Blood Glucose Market Share (%), by Product Type, 2023

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Recent Developments:

New product launches:

• In March 2022, Heska Corporation, a leading global provider of advanced veterinary diagnostic and specialty solutions launched the Element POC Blood Glucose Meter for cats and dogs. The portable, Bluetooth-connected meter provides accurate glucose readings in 5 seconds.
• In January 2021, Zoetis, leading animal health company received U.S. FDA approval for Clarity Dx, its new glucose monitoring system for dogs and cats with diabetes. It helps simplify glucose curve management and insulin dose optimization.
• In May 2020, Woodley Equipment Company, a leading supplier of laboratory equipment, diagnostic and critical care products, introduced VetGluco, a veterinary-specific blood glucose monitoring system for small and large animals. It features proprietary algorithm settings for accurate results.

Acquisition and partnerships:

• In January 2022, Heska Corporation, a leading global provider of advanced veterinary diagnostic and specialty solutionsacquired Lacuna Diagnostics, a point-of-care diagnostics company, to expand its glucose monitoring offerings
• In November 2020, URIT Medical Electronic Co., a medical diagnostic equipment manufacturer, partnered with Biogal Galed Labs, a veterinary diagnostic equipment company to distribute its GlucoPET blood glucose monitoring system in Israel.

Top Companies in the Veterinary Blood Glucose Market:

• Zoetis
• Merck
• IDEXX Laboratories
• Heska Corporation
• bioMérieux
• Neogen Corporation
• URIT Medical Electronic Co.
• Randox Laboratories
• DiaSys Diagnostic Systems
• Nova Biomedical
• Bioptik Technology
• SD Biosensor
• TaiDoc Technology Corporation
• Woodley Equipment Company
• i-SENS
• EKF Diagnostics
• Infopia
• Roche Diagnostics
• Abbott Laboratories
• Diamond Diagnostics

Definition: The veterinary blood glucose monitoring devices market refers to the industry and commerce revolving around veterinary blood glucose monitoring products and services. It comprises companies manufacturing, marketing, and distributing blood glucose meters, test strips, lancets, and other monitoring supplies for use in veterinary hospitals, clinics, and homecare settings to measure glucose levels in companion and livestock animals. The market aims to provide convenient, accurate point-of-care glucose testing to assist vets in diagnosing and managing diabetes as well as other conditions in animals. It is poised for strong growth owing to the rise in pet adoption, increasing prevalence of veterinary diseases, technological advancements, and higher animal healthcare expenditure worldwide.

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