Pet Diabetes Care Global Market Report 2024

The global pet diabetes care market has grown strongly in recent years. It will grow from $2.04 billion in 2023 to $2.23 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth in the historic period can be attributed to several factors, including increased awareness concerning pet health, advancements in veterinary medicine, higher instances of diabetes in pets, the humanization of pets, amplified focus on pet nutrition, awareness campaigns led by veterinary organizations, and the improved availability of insulin and medications for pets.

The global pet diabetes care market is expected to see strong growth in the next few years. It will grow to $3.21 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The anticipated growth in the forecast period can be linked to various factors, such as the increased adoption of pet insurance, the development of customized diabetes management plans for pets, a heightened emphasis on preventive pet healthcare, the globalization of trends in pet health, augmented investments in pet healthcare research, and the growing affluence of consumers in pet-related matters. Key trends expected in this period encompass advancements in veterinary diagnostics, a focus on managing pet obesity, innovations in insulin delivery systems for pets, an upsurge in pet insurance coverage, the enhanced availability of specialized pet foods, the adoption of telemedicine and remote monitoring in veterinary care, as well as increased collaborations within the field of veterinary medicine.

The pet diabetes care market is expected to experience growth propelled by an upsurge in pet adoption. Pet adoption involves bringing animals from shelters or rescues into homes, and it's increasingly prevalent compared to buying pets from breeders or stores. The diagnosis of diabetes in pets is on the rise annually due to lifestyle resemblances, marked by sedentary behavior and reliance on processed foods. According to the American Pet Products Association (APPA) survey in June 2021, 70% of American households own pets, up from 67% in the previous survey. Moreover, 14% of all respondents, comprising both pet owners and non-pet owners, adopted new pets. Hence, the surge in pet adoption is fostering growth in the pet diabetes care market.

The expanding demand for pet insurance is anticipated to propel growth within the pet diabetes care market. Pet insurance provides financial coverage for veterinary expenses related to pet healthcare, including diagnosis, treatment, and management of conditions like diabetes, based on various factors such as age, breed, and location. According to the North American Pet Health Insurance Association (NAPHIA) in May 2023, there was a notable increase in pet insurance enrollment, reaching 5.36 million insured pets in North America, marking a 21.7% rise from the previous year's 4.4 million. Thus, the heightened demand for pet insurance is a driving force behind the expansion of the pet diabetes care market.

The pet diabetes care market is witnessing notable trends in increased research and development efforts and the introduction of novel products. Ongoing studies aim to better comprehend diabetes in animals, seeking to streamline its management. Additionally, companies are launching new products like generic drugs to solidify their market presence. Notably, in December 2022, the U.S. Food and Drug Administration (FDA) sanctioned Elanco Animal Health Inc.'s medication, marking the first authorized oral treatment for a specific type of diabetes in cats.

Leading companies in the pet diabetes care market are emphasizing the innovation of technological solutions, exemplified by products like the Petrackr diabetes monitoring device, to deliver dependable services. The Petrackr diabetes monitoring device, a veterinary blood glucometer for cats and dogs, aims to track diabetes efficiently. For instance, in May 2023, Universal Biosensors Inc. launched the Petrackr diabetes monitoring device in Australia. This device swiftly delivers blood glucose test results and integrates seamlessly with the Petrackr app, enabling users to effortlessly record, monitor, and report results.

In September 2022, Zoetis, a US-based animal health company, acquired Jurox for an undisclosed amount. With this acquisition, Zoetis aims to broaden the company's line of animal health products and provide opportunities to accelerate international growth by expanding its portfolio of animal parasiticides and anti-infectives. Jurox is an Australia-based veterinary pharmaceutical manufacturer that provides medicines for pets with diabetes.

Major companies operating in the pet diabetes care market report are C.H. Boehringer Sohn AG & Co. KG, Becton Dickinson and Company, Merck & Co Inc., Zoetis Inc., Trividia Health Inc., Allison Medical Inc., UltiMed Inc., Apotex Inc., Henry Schein VET GmbH, Medtrust Holdings Inc., i-SENS Inc., Taidoc Technology Corp., Covetrus Inc., ALR Technologies Inc., Vet Innovations Inc., F. Hoffmann-La Roche Ltd., Abbott Laboratories, AgaMatrix Inc., Ascensia Diabetes Care Holdings AG, Bayer AG, Dexcom Inc., LifeScan Inc., Medtronic PLC, Novo Nordisk A/S, Sanofi S.A., Senseonics Holdings Inc., Tandem Diabetes Care Inc., Terumo Corporation, Animas Corporation, Insulet Corporation, Roche Diabetes Care Inc.

North America was the largest region in the pet diabetes care market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the pet diabetes care market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the pet diabetes care market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary drug types within pet diabetes care comprise insulin therapy and oral medication. Insulin therapy aims to elevate peripheral glucose intake while reducing hepatic glucose synthesis, thereby regulating blood glucose levels in pets. Devices utilized for pet diabetes care encompass glucose monitoring devices and insulin delivery systems. These care measures cater to various animals such as canines, felines, and other species, implemented across veterinary clinics, home care settings, and veterinary hospitals.

This report provides pet diabetes care market statistics, including pet diabetes care industry global market size, regional shares, competitors with an pet diabetes care market share, detailed pet diabetes care market segments, market trends and opportunities, and any further data you may need to thrive in the pet diabetes care industry. This pet diabetes care market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The pet diabetes care market includes revenues earned by entities by insulin therapy and insulin delivery devices. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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