Pet Diabetes Care Devices Industry is anticipated to register around 7% CAGR between 2022 and 2028 due to increasing number of pets suffering from diabetes coupled with increasing pet care expenditure.
SELBYVILLE, Del., Feb. 23, 2022 /PRNewswire/ -- Global pet diabetes care devices market value is expected to reach USD 3.3 billion by 2028, according to a new research report by Global Market Insights Inc. Increasing incidence of obesity among pets leads to rising prevalence of diabetes will fuel the overall industry growth.
Rising pet care spending and the emergence of pet insurance is predicted to encourage the pet owners to opt for advanced pet care devices including pet diabetes care devices. The increasing pet care expenditure has promoted the adoption of novel solutions to manage pet diseases including diabetes. Also, the emergence of pet insurance is expected to encourage pet owners to better manage pet care expenses. Hence, with the introduction of more consumer-friendly pet insurance plans, the rate of pet adoption is anticipated to increase in the coming years.
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Pet diabetes care devices industry from insulin delivery devices segment is likely to register over 92% revenue share by 2028. Insulin delivery pens are widely used for diabetes treatment in veterinary clinics & hospitals as well as in home care settings. Increasing demand for technologically advanced tools for insulin delivery is contributing to the increasing focus of medical device manufacturers to increase their R&D efforts to meet the rising demand. The innovative product offerings by various market players will stimulate the business outlook.
Some major findings of the pet diabetes care devices market report include:
- Rising prevalence of pet diabetes across the globe will drive the market forecasts.
- Increasing demand for technologically advanced tools for insulin delivery will ensure improved healthcare outcomes.
- Competitors are focusing on research and development activities to develop novel pet diabetes care devices, thereby significantly driving the industry outlook.
Browse key industry insights spread across 140 pages with 233 market data tables & 13 figures & charts from the report, "Pet Diabetes Care Devices Market Analysis By Device Type (Glucose Monitoring Devices, Insulin Delivery Devices {Insulin Delivery Pen, Insulin Syringes }), Animal Type (Cats, Dogs, Horses), End-use (Veterinary Clinics, Home Care Settings, Veterinary Hospitals), Industry Analysis Report, Regional Outlook, Price Trends, Application Potential, Competitive Market Share & Forecast, 2022 - 2028" in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/pet-diabetes-care-devices-market
Pet diabetes care devices market from cats segment accounted for USD 857.6 million in 2021. Increasing obesity in cats is a major factor attributing to the increasing risk of diabetes development in cats. For instance, according to Veterinary Centers of America Animal Hospital, more than 50% of cats are overweight in North America. The increasing obesity in cats increase the risk of diabetes. However, as the prevalence of diabetes in cats is less common as compared to dogs, cats commonly suffer from type II diabetes.
Veterinary clinics segment valued at over 31% market share in 2021. Increasing establishment of veterinary clinics in developed as well as developing countries will fuel the segmental growth. Moreover, increasing inclination of pet owners towards veterinary clinics owing to cost-saving as well as time-saving factors is expected to fuel the business outlook.
Asia Pacific pet diabetes care devices market surpassed USD 377.1 million revenue in 2021. Increasing pet healthcare spending in various countries such as Japan and Australia will significantly fuel the regional market outlook. Increasing adoption of pets coupled with high disposable income of pet owners to give organic lifestyle to their pets and growing pet healthcare concern will largely augment the market growth throughout the forecast period. Additionally, developed veterinary care and availability of advanced pet surgical procedures coupled with the increasing penetration of key players operating in the industry will augment the regional market statistics over the forecast period.
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A few notable companies operating in pet diabetes care devices market include Merck, Zoetis, Ulticare, TaiDoc, Becton, Dickinson and Company, Boehringer Ingelheim Vetmedica Inc. and Allison medical. Major industry players are adopting various strategies to extend their geographic footprint and strengthen their market position. Few market players are focusing on enhancing their overall animal health portfolio through inorganic growth strategies such as mergers & acquisitions.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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