New York, July 04, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Pet Diabetes Care Devices Global Market Report 2023" - https://www.reportlinker.com/p06457491/?utm_source=GNW
, UltiMed Inc., TaiDoc Technology Corp, ALR Technologies Inc., I-SENS. Inc., Teco Diagnostics, FitBark, and AccuBioTech Co Ltd.
The global pet diabetes care devices market is expected to grow from $2.25 billion in 2022 to $2.42 billion in 2023 at a compound aual growth rate (CAGR) of 7.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The pet diabetes care devices market is expected to reach $3.2 billion in 2027 at a CAGR of 7.3%.
The pet diabetes care device market consists of sales of insulin delivery devices, insulin delivery pen amd insulin syringes.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Pet diabetes care devices are medical devices to treat pet diabetes through routine check-ups, blood and urine testing, and observation of the animal’s weight, appetite, drinking, and urination. These devices control diabetic pets by keeping their blood sugar levels close to normal and preventing dangerously high or low levels.
North America was the largest region in the pet diabetes care devices market in 2022. The regions covered in pet diabetes care device report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main animal types in the market for pet diabetes care devices are dogs, cats, and horses.A dog is a four-legged creature that is frequently kept as a pet or employed for hunting.
Pet diabetes care devices are used to monitor the health of diabetic dogs. The devices are glucose monitoring devices and insulin delivery devices, used by homecare, veterinary hospitals and others.
Increasing pet health expenditure is expected to propel the growth of the pet diabetes care device market going forward.Pet health expenditure refers to the amount of money spent by owners on their pets’ health issues.
The expenditure for pet healthcare includes the veterinary care, equipment, and pet healthcare devices required.For instance, in October 2022, according to the data released by the American Veterinary Medical Association, a US-based non-profit organization, between 2020 and 2022, Consumer spending on dogs and cats has increased across the board.
Yearly veterinarian visit expenditures for households with one dog grew from $224 in 2020 to $362 in 2022.In 2020, the average annual expenditure on veterinarian visits for homes with cats was $189, rising to $321 in 2022.
Therefore, the increasing pet health expenditure is driving the growth of the pet diabetes care device market.
Technological advancements are a key trend in the pet diabetes care device market.Major companies operating in the pet diabetes care device market are developing innovative technologies to strengthen their position in the market.
For instance, in October 2020, Trividia Health, a US-based manufacturer of pet diabetes care devices, launched Test Buddy.The Test Buddy’s unique features include Bluetooth technology that uploads data to the Test Buddy App on IOS or Android platforms.
It is designed to monitor a pet’s glucose levels and share results and trending data with a veterinarian.
In September 2022, Zoetis, a US-based manufacturer of pet medicine vaccinations, acquired NewMetrica for an undisclosed amount.With this acquisition, Zoetis will utilize the tools of NewMetrica’s algorithms to enable earlier disease identification and treatment as they gain greater knowledge of pet quality of life and become a crucial component of future product development.
NewMetrica is a UK-based company operating in pet diabetes care devices.
The countries covered in the pet diabetes care device market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The pet diabetes care devices market research report is one of a series of new reports that provides pet diabetes care devices market statistics, including global market size, regional shares, competitors with a pet diabetes care devices market share, detailed pet diabetes care devices market segments, market trends and opportunities, and any further data you may need to thrive in the pet diabetes care devices industry. This pet diabetes care devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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