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

The Veterinary Blood Glucose 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 key factors driving the market growth.

The Veterinary Blood Glucose Market is segmented by product type, animal type, end-use, 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 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 Market during the forecast period, accounting for over 40.5% 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.
• The Europe market is expected to be the second-largest market for Veterinary Blood Glucose Market, accounting for over 25.7% of the market share in 2023. The growth of the market in is attributed to the increasing pet adoption, rising prevalence of veterinary diseases, and growing demand for point-of-care testing.
• The Asia Pacific market is expected to be the fastest-growing market for Veterinary Blood Glucose Market, with a CAGR of over 22.3% during the forecast period. The growth of the market in Asia Pacific is attributed to the growing disposable incomes, rising awareness about animal health, and increase in pet ownership in the region.

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

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. According to research, canine diabetes increased 79% between 2006 and 2015. Feline diabetes jumped 18% in the same period. 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. 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 market growth.
• Rise in Pet Healthcare Expenditure: Increase in 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, overall pet industry expenditures in the U.S. reached USD 123.6 billion in 2021, up from USD 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 US FDA, European Medicines Agency provide certification of quality standards and performance evaluation. Classification as OTC 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 OECD, the middle-class population in Asia Pacific is projected to reach 3.5 billion by 2030. With higher disposable income and pet humanization trend catching on, uptake of specialty veterinary POC 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, 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 slab 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. Trend is toward compact, portable meters suitable for small animal testing at home.
• Adoption of Alternative Sampling Sites: Another prominent trend is increasing use of alternative or less sensitive sampling sites for blood glucose testing in pets. Earlobes, lower lip, forearm, hind leg, 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. 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 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 CGM 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.

Recent Developments:

New product launches:

• In March 2022, Heska Corporation 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 received 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 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 acquired Lacuna Diagnostics, a point-of-care diagnostics company, to expand its glucose monitoring offerings.
• In November 2020, URIT Medical Electronic Co. partnered with Biogal Galed Labs to distribute its GlucoPET blood glucose monitoring system in Israel.
• In September 2019, Zoetis acquired Abaxis, a leading veterinary point-of-care diagnostics company, to enhance its in-clinic laboratory offerings.

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

Top companies in 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 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 rise in pet adoption, increasing prevalence of veterinary diseases, technological advancements, and higher animal healthcare expenditure worldwide.

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