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Pet Diabetes Care Market Report 2024: Size, Share, Growth Trends & Forecast 2033 | Key Players Overview
Pet Diabetes Care Market Report
The pet diabetes care market size is expected to see strong growth in the next few years. It will grow to $3.21 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The growth in the forecast period can be attributed to rise in pet insurance adoption, customized diabetes management plans, focus on preventive pet healthcare, globalization of pet health trends, increasing investments in pet healthcare research, rising consumer affluence. Major trends in the forecast period include advancements in veterinary diagnostics, focus on pet obesity management, innovation in insulin delivery systems, rise in pet insurance coverage, increased availability of specialized pet foods:, telemedicine and remote monitoring, collaborations in veterinary medicine.
Market Overview -
Pet diabetes care is used to treat pets suffering from diabetes, which may also cause other diseases such as heart disease, pancreatitis, urinary tract infections, kidney disease, and skin infections. Diabetes develops when a pet's body produces insufficient insulin, stops generating it altogether, or uses it improperly, which hinders the body from converting food into energy.
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Surging Pet Adoption Rates Fuel Expansion In The Pet Diabetes Care Market
An increase in pet adoption is expected to propel the growth of the pet diabetes care market going forward. Pet adoption is the process of obtaining a pet from a shelter or rescue that has been left behind by its prior owners, as opposed to buying a pet from a pet store, breeder, or other individuals. Diabetes is increasingly being diagnosed in pets every year, which is partly because their lifestyles mirror ours in that they are more sedentary and rely more heavily on processed foods. For instance, according to the survey conducted by the American Pet Products Association (APPA), a US-based leading trade group for the pet business, in June 2021, 70% of American homes have pets, up from 67% in the 2019-2020 survey. A new pet was adopted by 14% of all respondents (pet owners and non-pet owners combined). Therefore, an increase in pet adoption is driving the growth of the pet diabetes care market.
Competitive Landscape -
Major companies operating in the pet diabetes care market report are C.H. Boehringer Sohn AG & Co. KG, Becton Dickinson and Company, Merck & Co Inc., Zoetis Inc., Trividia Health Inc., Allison Medical Inc., UltiMed Inc., Apotex Inc., Henry Schein VET GmbH, Medtrust Holdings Inc., i-SENS Inc., Taidoc Technology Corp., Covetrus Inc., ALR Technologies Inc., Vet Innovations Inc., F. Hoffmann-La Roche Ltd., Abbott Laboratories, AgaMatrix Inc., Ascensia Diabetes Care Holdings AG, Bayer AG, Dexcom Inc., LifeScan Inc., Medtronic plc, Novo Nordisk A/S, Sanofi S.A., Senseonics Holdings Inc., Tandem Diabetes Care Inc., Terumo Corporation, Animas Corporation, Insulet Corporation, Roche Diabetes Care Inc.
Advancements In Pet Diabetes Care With Fda Approval Marks Milestone For Elanco New Medication For Feline Diabetes
Increased research and development activity and the launch of new products are the key trends gaining popularity in the pet diabetes market. Numerous studies are being conducted on diabetes in animals to understand the condition better and make management more effortless. Moreover, companies are launching new products, such as generic drugs, to sustain their position in the market. In December 2022, the U.S. Food and Drug Administration (FDA), a scientific regulatory agency, approved the medication from Elanco Animal Health Inc. for cats with a specific type of diabetes, making it the first oral medication authorized for the condition in animals.
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Key Segments -
The pet diabetes care market covered in this report is segmented -
1) By Drug Type: Insulin Therapy, Oral Medication
2) By Device Type: Glucose Monitoring Devices, Insulin Delivery Devices
3) By Animal Type: Canine, Feline, Other Animal Types
4) By End-User: Veterinary Clinics, Home Care Settings, Veterinary Hospitals
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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