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Pet Diabetes Care Market size is slated to witness remarkable growth from 2023 to 2032, fueled by the growing cases of pet diabetes caused by obesity across the globe. Diabetes can affect cats and dogs at any age, and it is highly prevalent in older pets. As per American Veterinary Medical Association, most cats affected by diabetes are older than 6 years.
Pets affected by diabetes need lifelong treatment with fitness regimens, medications, special diets, insulin, and other care, which is bolstering the demand for pet care products and services.
As pet adoption becomes more widespread, novel innovations in pet diagnostics and medications are creating a strong support system for the pet care industry. As per European Pet Food Federation, around 90 million households in Europe, which makes up 46% of the region’s population, own companion animals. Through these stats, its easy to see how Europeans spend more than €20 billion (USD 21 billion) on pet care products and services annually.
Based on drug, pet diabetes care market from insulin therapy segment is slated to witness substantial gains by 2032. Insulin therapy is regarded a cornerstone for efficiently managing animals with diabetes. It regulates the blood glucose levels and many variants of insulin have proven effective for managing diabetic pets. The improved dose accuracy of insulin pens for low insulin doses has bolstered the value for insulin therapy.
The market is also likely to foresee notable progress from the glucose monitoring device segment. In fact, in terms of device type, the segment is expected to account for the largest share of pet diabetes caremarket. For the most part, the segment is slated to be driven by the accuracy, reliability, and efficiency of the devices. Another key factor contributing to sector expansion is the growing disposable income and pet care spending throughout the globe.
Growing instances of nuclear families, and single living is fostering bouts of loneliness and depression among people across the world. As a result, many are turning to adopting pets such as dogs and cats as companion animals, augmenting companion segment revenue. This segment will grow with the highest development rate by animal type due to increasing expenditure on dog and cat healthcare. Rising disposable income in emerging economies is further spurring segment share.
The U.S. dominated the global pet diabetes care market in 2022 owing to its largest pet population, high expenditure on pet care, high disposable income, as well as the strong presence of dominant market players in the region. As per American Veterinary Medical Association, in the U.S. the mean annual expenses on veterinary visits for households with cats increased from USD 189 in 2020 to USD 321 in 2022.
Furthermore, the presence of supportive animal welfare policies is also supplementing market outlook.
China is expected to witness significant growth in the pet diabetes care market during the analysis period owing to innovations in diagnostic technologies, 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.
The inflation in recent years has negatively affected pet diabetes care market as it hampered pet owners’ disposable income. As per the U.S. Bureau of Labor Statistics, for the year that ended in June 2022, the U.S. annual inflation rate soared to 9.1%. Additionally, as per a study conducted by Veterinarians.org, 46% of pet owners were compelled to delay or forego treatments for their pets. However, increasing support by government agencies and private organizations to help pet owners with their pet expenses is making corrective actions to the industry scenario.