According to the latest report by IMARC Group, titled “Pet Diabetes Care Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the global pet diabetes care market forecast. The report also includes competitor and regional analysis, and contemporary 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 a value of US$ 3.0 Billion on by 2028, exhibiting a growth rate (CAGR) of 7.8% during 2023-2028.
Pet diabetes care represents continuous monitoring and treatment of blood sugar levels in animals. They include insulin therapy and oral medications. These pet diabetes care solutions stabilize blood sugar levels, aid in regulating the level of glucose in the bloodstream and control the delivery of glucose to the body tissue of the animals.They prove highly effective in reducing unpleasant symptoms of low and high blood sugar and decreasing the risks of severe complications, such as dementia, urinary tract infections (UTI), kidney issues, skin allergy, vision loss, etc. As a result, pet diabetes care medicines and therapies are extensively utilized in veterinary hospitals and clinics across countries.
Market Trends
The emerging trend of pet humanization and the growing awareness among pet parents about the overall health and well-being of pets are primarily driving the pet diabetes care market. In addition to this, the escalating usage of insulin treatment for diabetic cats and dogs that reduce blood glucose levels by improving peripheral consumption of glucose and lowering the production of hepatic glucose is further stimulating the market growth.
Apart from this, the development of smart wearable devices equipped with machine learning (ML), artificial intelligence (AI), and the internet of things (IoT) to facilitate remote tracking of pet health is also positively influencing the global market. In line with this, the introduction of specific and highly targeted drugs for diabetes in pets that have minimal side effects is acting as another significant growth-inducing factor. Moreover, the expanding veterinary clinics and hospitals across the globe and the launch of several animal health awareness programs by government bodies are anticipated to propel the pet diabetes care market in the coming years.
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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. and Zoetis Inc.
Breakup by Solution:
- Treatment
- Glucose Monitoring Devices
Breakup by Animal Type:
- Dogs
- Cats
Breakup by Distribution Channel:
- Veterinary Hospitals and Clinics
- Retail Pharmacies
- Online Stores
Regional Insights:
- Asia Pacific
- North America
- Europe
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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