Pet Diabetes Care Market Size, Share & Trends Analysis Report By Animal Type (Dogs, Cats), By Solution (Treatment, Glucose Monitoring Devices), By Distribution Channel (E-Commerce), By Region, And Segment Forecasts, 2023 - 2030

Pet Diabetes Care Market Size, Share & Trends Analysis Report By Animal Type (Dogs, Cats), By Solution (Treatment, Glucose Monitoring Devices), By Distribution Channel (E-Commerce), By Region, And Segment Forecasts, 2023 - 2030

Pet Diabetes Care Market Growth & Trends

The global pet diabetes care market size is expected to reach USD 3.16 billion by 2030, expanding at a CAGR of 8.24% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growing number of companion animals, the high rate of pet adoption, increased spending on pets, and the rising incidence of diabetes mellitus in dogs and cats are the key factors driving the market's growth.

With a significant rise in the prevalence of diabetes mellitus in companion animals, several key players are making investments in R&D to support innovations and advancements in diabetes care devices as well as treatment to introduce novel products in the market. For instance, The ALRT Animal Health Division, a new business division established by ALR Technologies SG Pte Ltd., launched a continuous glucose monitor for diabetic pet animals in June 2021.

The COVID-19 pandemic had a notable impact on the pet diabetes care industry. This included operational challenges, supply chain hurdles, and restricted access to veterinary care. The market thus faced lowered demand in 2020. 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 pandemic also led to a surge in pet adoption, increased pet humanization owing to a stronger pet-parent bond, and increased pet expenditure. This is expected to drive market growth in the coming years.

The increased 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 total value of pet industry sales exceeded USD 120 billion by 2021 end. 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.

The increasing pet humanization all over the world as well as the large population of pet owners who are concerned about the general health of the pet and frequently pursue veterinary care are contributing to favorable growth in the market. Additionally, the extensive use of insulin therapy for diabetic canines and felines, which lowers blood sugar levels by raising peripheral glucose uptake and suppressing hepatic glucose production, is encouraging market expansion. Also, the development of smart wearables to AI technologies and machine learning (ML), as well as the internet of things (IoT) for monitoring pets' health remotely is proving to be a driving force in the market's expansion.

Pet Diabetes Care Market Report Highlights

• The pet diabetes care industry was valued at USD 1.7 billion in 2022 and is expected to grow at a CAGR of 8.2% during the forecast period
• Based on animal type, the dog segment accounted for the largest revenue share in 2022. This can be attributed to the rising prevalence of diabetes, especially in dogs
• The cat segment is estimated to register the highest CAGR of over 8% in the coming years owing to the growing awareness and high incidence rate of diabetes in cats
• Based on the solution, the diabetes treatment segment accounted for the largest revenue share in 2022 and is expected to grow rapidly during the forecast period. This is owing to the wide availability of major brands of insulin such as Vetsulin and Prozinc
• By distribution channel, the veterinary hospitals & clinics segment held the largest market share of over 40% in 2022. This is due to an increase in veterinary hospitals and clinics with cutting-edge infrastructures globally. Pets receive most of their treatment and medications at veterinary hospitals and clinics, which is a significant factor contributing to the segment share
• The E-commerce segment is the fastest-growing segment, with an estimated rate of over 9% owing to the rise in the adoption of online shopping
• By region, North America is attributed to the largest share of over 40% of the market in 2022 while Asia Pacific is expected to grow at the fastest CAGR of about 9%

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