Pet Diabetes Care Market size is projected to experience significant growth from 2019 to 2025.
Diabetes in pets is often a chronic condition. This condition is caused due to problems with the insulin production or function which results in uncontrolled blood sugar levels in pets. The increasing adoption of pets and growing disposable income will drive the pet diabetes care market over the forecast period. The rising cases of pet diabetes will also augment the global pet diabetes care market.
There is a significant growth in overall pet care industry on a global level. The major reason for this growth is rising pet population and growing pet humanization. A significant pet care business comes from pet diabetes care. Scientific advancements in pet medication and diagnostics has resulted in increase in adoption rate and expenditure on pet diabetes care.
The rising prevalence of obesity in pets and adverse side effects of pet medications are driving the growth of this market. The rise in awareness for pet’s physical and psychological healthcare will also augment the market growth. Such factors will boost the pet diabetes care market in the forthcoming years.
Moreover, technological developments such as better diagnostics and treatment of pet medical conditions are major factors that will drive market growth. However, High cost of treatment and lack of awareness will hamper the market growth especially in developing economies.
The glucose monitoring device segment is expected to contribute for the largest share in global pet diabetes care market by device type throughout the forecast period owing to accuracy, reliability and efficiency. The key factor contributing to sector growth is the growing disposable income and pet care spending throughout the globe.
Growing adoption of dogs and cats over the globe will boost the demand for companion segment. This segment will grow with the highest growth rate by animal type due to increasing expenditure for dog and cat health. Rising disposable income in emerging economies will spur segment growth during the forecast timeframe.
The U.S. dominated the global pet diabetes care market in 2018 owing to the largest pet population, high expenditure on pet care, high disposable income as well as the presence of dominant market players in the region. Furthermore, the presence of good animal welfare policies will fuel market growth.
China is expected to witness significant growth in the pet diabetes care market during the analysis period owing to technological advancements, rising disposable income, and increasing pet population. The above-mentioned factors will boost the demand for pet diabetes cares.
Some of the key industry players include UltiMed Inc., Boehringer Ingelheim Vetmedica Inc., Merck & Co., Zoetis and Becton, Dickinson and Company. Key strategies adopted by industry players include technological advancements, new product launches, strategic partnerships and mergers to expand their business product portfolio.
Pet Diabetes Care Market by Drug Type, 2014-2025 (USD Million)
Pet Diabetes Care Market by Device, 2014-2025 (USD Million)
Pet Diabetes Care Market by Animal Type, 2014-2025 (USD Million)
The above information is provided for the following regions and countries: