Market Challenges And Opportunities
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 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.
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