Pet Diabetes Care Market Size, Share & Trends Analysis Report By Animal Type (Dogs, Cats), By Solution (Treatment, Glucose Monitoring Devices), By Distribution Channel, By Region, And Segment Forecasts, 2022 - 2030

Pet Diabetes Care Market Growth & Trends

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.

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