Global Pet Diabetes Care Market Opportunities And Strategies 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The Business Research Company’s pet diabetes care market report forecasts the pet diabetes care market size to grow to $2.78 Billion by 2027, with a CAGR (compound annual growth rate) of more than 8%.
Learn More On The Pet Diabetes Care Market Report 2023 – https://www.thebusinessresearchcompany.com/report/pet-diabetes-care-global-market-report
Pet Diabetes Care Market Size Forecast
The global pet diabetes care market is expected to grow from $1.86 billion in 2022 to $2.03 billion in 2023 at a compound annual growth rate (CAGR) of 9.07%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The pet diabetes care market size is expected to grow to $2.78 billion in 2027 at a CAGR of 8.25%.
North America held the largest pet diabetes care market share, and Asia-Pacific was the fastest-growing region in 2022.
Key Pet Diabetes Care Market Driver – Increase In Pet Adoption
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.
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Key Pet Diabetes Care Market Trend – Launching New Products
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.
Pet Diabetes Care Market Segment
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
Pet Diabetes Care Market Major Players and Strategies
Major players in the pet diabetes care market are Boehringer Ingelheim International GmbH, Becton Dickinson and Company, Merck & Co., Inc., Zoetis Inc., Trividia Health Inc., UltiMed Inc., TaiDoc Technology Corporation, Allison Medical, Henry Schein Inc., Apotex Inc., FitBark Inc., and MED TRUST.
In January 2020, Heska Corporation, a global leader in diagnostics and treatments, acquired the animal care business of Covetrus for $125 million. With this acquisition, Heska will gain customers, geographical reach, and market share. Covetrus is a US-based company that provides pet diabetes care.
The Pet Diabetes Care Global Market Report 2023 covers regional data on pet diabetes care market size, pet diabetes care market trends and drivers, opportunities, strategies, and pet diabetes care market competitor analysis. The countries covered in the pet diabetes care market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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.
View More Reports Related To The Pet Diabetes Care Market –
Diabetes Care Devices Global Market Report 2023
Pet Wearable Global Market Report 2023
Care Management Solutions Global Market Report 2023
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