Pet Diabetes Care Market Size to Hit US$ 3.0 Billion by 2028, Expanding at a 7.8% of CAGR | By IMARC Group

IMARC Group, a leading market research company, has recently releases report titled "Pet Diabetes Care Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028." The study provides a detailed analysis of the industry, including the global pet diabetes care market growth, trends, size, share and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

The global pet diabetes care market size reached US$ 1.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3.0 Billion by 2028, exhibiting a growth rate (CAGR) of 7.8% during 2023-2028. The increasing prevalence of obesity in pets, the emerging pet humanization trend, extensive research and development (R&D) activities by key players, and rising expenditure capacities of consumers are some of the major factors propelling the market.

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Factors Affecting the Growth of the Pet Diabetes Care Industry:

• Prevalence of Diabetes Among Pets:
The increasing incidence of diabetes among pets, especially dogs and cats, attributed to factors like obesity, poor diet, and lack of exercise, represents one of the crucial factors impelling the growth of the market. Their health issues receive more attention as pets have become integral family members, leading to a greater awareness and diagnosis of conditions like diabetes. This rising prevalence necessitates effective management strategies, driving the sales of diabetes care products, such as insulin therapies, glucose monitoring devices, and dietary management solutions. Additionally, advancements in veterinary medicine are leading to better diagnostic tools, making it easier to identify and manage diabetes in pets at an earlier stage.

• Advancements in Veterinary Healthcare Technologies:
Modern glucose monitoring systems, including continuous glucose monitoring (CGM) devices and sophisticated insulin delivery methods, are contributing to the market growth. These technologies provide more accurate and less invasive ways to monitor and control blood sugar levels, leading to improved quality of life for diabetic pets. In addition, the growing trend of telemedicine and mobile health applications offers pet parents more convenient ways to manage their diabetes remotely. This includes apps for tracking blood glucose levels, medication reminders, and dietary management. The incorporation of artificial intelligence (AI) and machine learning (ML) for predictive analysis in these apps and devices is further enhancing their effectiveness, making them invaluable tools for pet parents and veterinarians.

• Specialized Pet Foods and Supplements:
The growing development and availability of specialized pet foods and dietary supplements tailored for diabetic pets are positively influencing the market. The increasing prevalence of prescription diets and supplements that help regulate blood glucose levels and support overall health in diabetic pets is positively influencing the market. These specialized products are formulated to meet the unique dietary needs of diabetic pets, helping to control their condition alongside medication. The involvement of pet food companies in research operations to create these specialized diets and the increasing availability of these products in pet stores and online platforms make it easier for pet parents to access these essential dietary solutions, thereby supporting the overall management of pet diabetes.

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Pet Diabetes Care Market Report Segmentation:

Breakup by Solution:
• Treatment
• Glucose Monitoring Devices

Treatment is the most popular segment as the primary concern for pet parents and veterinarians is managing and treating diabetes among pets.

Breakup by Animal Type:
• Dogs
• Cats

Dogs hold the largest segment supported as they are the most frequently affected by diabetes among different animal types.

Breakup by Distribution Channel:
• Veterinary Hospitals and Clinics
• Retail Pharmacies
• Online Stores

Veterinary hospitals and clinics account for the largest share as these establishments are the primary points of contact for pet parents seeking diabetes-related products and services.

Breakup by Region:
• North America
o United States
o Canada
• Asia-Pacific
o China
o Japan
o India
o South Korea
o Australia
o Indonesia
o Others
• Europe
o Germany
o France
o United Kingdom
o Italy
o Spain
o Russia
o Others
• Latin America
o Brazil
o Mexico
o Others
• Middle East and Africa

North America dominates the market on account of the extensive prevalence of pet ownership, advanced healthcare infrastructure, and a growing focus on pet health among the masses.

Global Pet Diabetes Care Market Trends:

The rising demand for eco-friendly and sustainable diabetes care products due to the environmental consciousness among people is prompting manufacturers to produce products that have minimal environmental impact. This includes biodegradable syringes, sustainably sourced natural supplements, and eco-friendly packaging for diabetic pet foods. Moreover, manufacturers are adopting greener practices and highlighting the environmental benefits of their products. This shift not only appeals to environment-conscious pet parents but also aligns with broader global efforts towards sustainability, influencing preferences and driving innovation in the pet diabetes care sector.

Who Are The Key Players Operating In The Industry?

The report covers the major market players including:
• ACON Laboratories Inc.
• Allison Medical Inc.
• Becton Dickinson and Company
• Boehringer Ingelheim International GmbH
• i-SENS Inc.
• Merck & Co. Inc.
• Trividia Health Inc. (Sinocare)
• UltiMed Inc.
• Zoetis Inc.

Other Key Points Covered in the Report:
• COVID-19 Impact
• Porters Five Forces Analysis
• Value Chain Analysis
• Strategic Recommendations

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