[303 Page Report] The market for pet diabetes care devices is anticipated to grow at a steady CAGR of 6.5%, from US$ 2 billion in 2021 to US$ 4 billion in 2032.
According to a recent study done by FMI, the pet diabetes care devices market is expected to reach US$ 3.90 billion by 2032, up from US$ 2 billion in 2021, expanding at a high CAGR of 6.6%. This study explains how the pet diabetes care devices market is directly proportional to an increased number of suffering pets and diabetes spreading amongst them. E.g., caring for a blind dog with diabetes.
The domestication of animals is leading to a lack of insulin production in them. The limited flow of glucose to the cell can be termed diabetes. This chronic disease is a major concern for pet owners and needs to be taken care of. This concern leads to the expansion of the pet diabetes care devices market. Devices like the alphatrak blood glucose meter are in use as they help the pet owners monitor the pet’s health.
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The increased number of people adopting pets and then domesticating them around in their households, treating and caring for them as family members are some other factors for the proliferation of the pet diabetes care devices market.
As diabetes is a chronic disease, the care devices are used for a lifetime for taking care of the pet. This leads to the high sales of structured devices and care units like dog fitness trainers, special diet consultants, and regular insulin injections.
Effective diabetic care and management are important for the pet’s health. Stating American Pets Products Association, 90.5 Mn families have adopted a pet, increasing the amount of capital spent on a single pet for the healthcare and wellbeing of their beloved pet.
“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
- With Covid-19 affecting the global supply and demand chains, the healthcare market is already affected. The pet care market, including the pet wellbeing care devices market, has seen a blow during the surge in the cases.
- The animal rights and pet rights organizations are working hand in hand in order to spread awareness about different diseases that pets deal with. The cure and care have been taught to the pet parents through online conferences during the pandemic.
- The global pet diabetes care devices market is segmented by device type, animal type, and end users. These segments perform differently in each marketing space.
- 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.
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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. | |||
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.
About FMI:
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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