Pet Diabetes Care Market Growth Rate, Latest Trends, Industry Insights And Forecast To 2033

"The Business Research Company recently released a comprehensive report on the Global Pet Diabetes Care Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The pet diabetes care market size has grown strongly in recent years. It will grow from $2.04 billion in 2023 to $2.23 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth in the historic period can be attributed to growing awareness of pet health, advancements in veterinary medicine, prevalence of diabetes in pets, humanization of pets, increased focus on pet nutrition, awareness campaigns by veterinary organizations, availability of insulin and medications.

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.

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Market Drivers and Trends:

The growing demand for pet insurance is anticipated to drive the growth of the pet diabetes care market going forward. Pet insurance is a type of financial protection that covers some of the veterinary costs associated with caring for pets and helps pet owners manage expenses related to their healthcare needs. Pet insurance cover the diagnosis, treatment, and management of diabetes based on factors such as the pet's age, breed, and location. For instance, in May 2023, according to the North American Pet Health Insurance Association (NAPHIA), a US-based health insurance organization, 5.36 million pets were insured in North America in 2022, an increase of 21.7% from the 4.4 million in 2021. Therefore, the growing demand for pet insurance is driving the growth of the pet diabetes care market.

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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Major Key Players of the Market:

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.

Pet Diabetes Care Market 2024 Key Insights:

• 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%.
• Surging Pet Adoption Rates Fuel Expansion In The Pet Diabetes Care Market
• Advancements In Pet Diabetes Care With Fda Approval Marks Milestone For Elanco New Medication For Feline Diabetes
• North America was the largest region in the pet diabetes care market in 2023

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