The global Pet Diabetes Care Market size is expected to reach USD 3.28 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to grow at a lucrative CAGR of 8.26% from 2022 to 2030. The key drivers for the market growth are the increasing advancements in pet diabetes care devices, the prevalence of diabetes in pet animals, and the vulnerability of older dogs and cats to develop diabetes. According to the American Veterinary Medical Association, dogs over 7 years old and cats over 6 years old are more prone to be diagnosed with diabetes. In addition, as pets age, obesity arises among them which becomes a significant risk factor for the said condition.
The
COVID-19 pandemic created barriers and challenges in the global pet animal
health industry that include decreased marketing & sales activities, low
veterinary clinic admission, cancellation of routine pet check-ups, and a low
number of insulin administration processes performed in veterinary hospitals.
However, governments and veterinary organizations of various countries
implemented strategies and safety measures to resume veterinary practices
during the pandemic. According to the American Veterinary Medical Association,
telemedicine services were widely incorporated in veterinary clinics and hospitals
to curb the impact of lockdowns and the pet parents were given digital training
to inject insulin.
The
increasing pet care expenditure in both developing and developed economies is a
significant opportunity considered for market growth. According to the American
Kennel Club (AKC), pet owners in the U.S. were seen to spend more money on
their pet’s wellness and related healthcare products. The American Pet Products
Association reported that the overall pet industry sale exceeded USD 100
billion by the end of 2020. The AKC also stated that online veterinary product
shopping increased by 86% after the emergence of the pandemic. The trend of
owning popular breeds of dogs and cats also enhanced the required routine
veterinary and diabetic care services among them. These factors are expected to
boost the growth of the market.
Related Press
Release@ Pet
Diabetes Care Market Report
Pet Diabetes Care Market Report Highlights
- The pet
diabetes care market was estimated to be USD 1.64 billion in 2021 and is
expected to have lucrative growth at a CAGR of 8.26% over the forecast
period
- The dogs
segment is anticipated to dominate with the highest market share based on
animal type during the forecast period. This is owing to the growing
adoption of dogs in developed and developing countries’ households coupled
with the significant prevalence of diabetes among them
- Based on the
solution, the treatment segment dominated the market in 2021. This is
owing to the requirement of frequent insulin injections as lifetime
treatment for dogs and cats diagnosed with diabetes. In addition, the
growing R&D by key players to develop novel therapeutics and pet
diabetes care devices is expected to boost growth
- The
veterinary hospitals & clinics segment held the largest share of over
40% of the market in 2021 by distribution channel, owing to the growing
number of veterinary practices with better infrastructure facilities.
Developing countries such as India, Japan, and China are recruiting a
significant number of trained and licensed veterinarians for better animal
healthcare
- By region,
North America dominated the market with a share of over 35% in 2021 while
Asia Pacific is anticipated to grow at the fastest CAGR in the forthcoming
years. The economic, social, and technological advancements in North
America are boosting the development of veterinary care in these countries
- The market
is relatively competitive owing to the presence of major animal health
players such as Zoetis, Merck & Co., Inc., and Boehringer Ingelheim
International GmbH. The various strategic initiatives implemented by
companies such as collaborations, acquisitions, partnerships, and product
launches are greatly contributing to the growth
About Us:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
No comments:
Post a Comment