According to a recent FMI study, the Pet Diabetes Care Devices Market is expected to reach US$ 3.90 billion by 2032, up from US$ 2 billion in 2021, with a 6.6% CAGR. This study explains how the market for pet diabetes care devices is directly proportional to the increased number of suffering pets and the spread of diabetes among them. As an example, consider caring for a diabetic blind dog.
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| Attributes | Details | |
| Pet Diabetes Care Devices Market CAGR (2022 – 2032) | 6.5% | |
| Pet Diabetes Care Devices Market (2032) | US$ 4 Bn | |
| Pet Diabetes Care Devices Market Attraction | The increasing obesity of pets as a result of fewer physical activities and major eating disorders are driving forces behind the development of pet diabetes care devices. | |
Domestication of animals causes a decrease in insulin production. Diabetes is defined as a restricted flow of glucose to the cell. This chronic disease is a major source of concern for pet owners and must be addressed. This concern fuels the growth of the pet diabetes care device market. Pet owners use devices such as the alphatrak blood glucose metre to monitor their pets’ health.
Other factors driving the growth of the pet diabetes care device market include an increase in the number of people adopting pets and then domesticating them in their homes, as well as treating and caring for them as family members.
Because diabetes is a chronic disease, the care devices are used for the pet’s entire life. As a result, structured devices and care units such as dog fitness trainers, special diet consultants, and regular insulin injections are in high demand.
Effective diabetic care and management are important for the pet’s health. According to the American Pet Products Association, 90.5 million families have adopted a pet, increasing the amount of money spent on a single pet for its healthcare and well-being.
“Limited amount of awareness of pet’s health and monitorization, poor management of pet’s having diabetes are some reasons that restrict the global market growth. This leads the pet to get indulged with other infections that harm their health and cause effects on; eyesight, liver, smelling abilities.”
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Key Takeaway
- The healthcare market is already being impacted by Covid-19, which is affecting global supply and demand chains. During the surge in cases, the pet care market, including the pet wellbeing care devices market, took a hit.
- Animal rights and pet rights organisations are collaborating to raise awareness about the various diseases that pets face. During the pandemic, pet parents were taught how to cure and care for their pets via online conferences.
- The global pet diabetes care devices market is divided into three categories: device type, animal type, and end users. In each marketing space, these segments perform differently.
- On the basis of device type, the global market is divided into Insulin Delivery Devices and Glucose Monitoring Devices. The leading segment is insulin delivery. E.g., Pet wellbeing sugar gold for dogs, Vetsulin for dogs and cats. On the basis of animal type, the market is segmented into Cats, Dogs, and Horses. The leading segment in the market is dogs, as they are domesticated the most in this category. Taking care of a diabetic dog needs plenty of care and regular check-ups from time to time.
- On the basis of end-use, veterinary clinics, home care settings, and veterinary hospitals are the segments.
Comparative View of the Adjacent Pet Diabetes Care Devices Market
| Attributes | Pet Diabetes Care Devices Market | Diabetes Care Devices Market | Veterinary Reference Laboratory Market | |||
| CAGR (2022-2032) |
6.5% | 7% | 11% | |||
| Market Value (2026) |
US$ 2.74 Bn | US$ 28 Bn | US$ 6.3 Bn | |||
| Growth Factor | Growing number of pets suffering from diabetes and improper biological response to it is driving the market growth. | Availability of new insulin delivery systems are likely to drive the demand for diabetes care devices. | Rapid increase in the population of companion animal and focus on pet insurance to govern growth. | |||
| Opportunity | Rising incidence of obesity in pets is likely to boost opportunities. | Increasing prevalence of lifestyle-related disorders to boost demand for diabetes care devices. | Untapped opportunities available in the emerging countries. | |||
| Key Trends | Increasing expenditure in pet healthcare to remain a key trend in the market. | Asia Pacific to remain the fastest-growing market. | Agreements and partnerships with small and mid-sized players to be a way for inorganic growth. | |||
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Competitive Landscape
The global pet diabetes care devices market is dominated by Apotex Inc, Boehringer Ingelheim VetMedica Inc, Becton, Dickinson and Company, FitBark, Henery Schein Animal Health, Merck Animal Health, Ulticare, and TaiDoc. These companies are adopting new organic and inorganic plans to increase their stronghold in the pet diabetes care devices market.
Lately, Merck Animal Health, Zoetis, and Purina are continuing the diabetes pet care alliance program. This involves alliances, aids, and pet screenings.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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