Dublin, Oct. 25, 2023 (GLOBE NEWSWIRE) -- The "Pet Diabetes Care Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global pet diabetes care market is on the rise, with expected growth from $1.86 billion in 2022 to $2.03 billion in 2023, representing a Compound Annual Growth Rate (CAGR) of 9.07%. Despite disruptions like the Russia-Ukraine war affecting global economic recovery from the COVID-19 pandemic, the market is projected to reach $2.78 billion by 2027, indicating a CAGR of 8.25%.
In the ever-evolving landscape of pet health, the pet diabetes care market stands out as a unique challenge and opportunity for senior executives. The increase in pet-related diseases, a surge in pet adoptions, and rapid advancements in specialized pet care create a dynamic market that promises both potential growth and significant competition. This comprehensive market research report is your guiding light in this burgeoning industry. It offers in-depth analysis and insights, ensuring that your strategic decisions are grounded in credible data and forecasts.
This report does more than provide a macro view of the pet diabetes care industry; it delves deep into actionable micro trends that can give your business a competitive edge. With detailed market segmentation, insights into new product launches, strategic acquisitions, and comprehensive competitive analysis, this report equips you with the knowledge you need to thrive. It covers crucial aspects, such as the impact of lifestyle changes on pet health, the role of regulatory bodies, and evolving consumer preferences that shape the industry's future. Designed for senior business executives, this resource offers a comprehensive perspective for effective strategic planning and decision-making, guiding you toward sustained growth and success in the pet diabetes care market.
Elevating Pet Wellness through Diabetes Care
Pet diabetes care includes treatments for pets suffering from diabetes, a condition that can lead to other health issues like heart disease, pancreatitis, urinary tract infections, kidney disease, and skin infections. Diabetes occurs when a pet's body either produces insufficient insulin, stops generating it altogether, or uses it improperly, resulting in an inability to convert food into energy.
Key Market Segments:
- Drug Types: The primary drug types in pet diabetes care are insulin therapy and oral medication. Insulin therapy aims to increase glucose intake in peripheral tissues and reduce hepatic glucose synthesis to lower blood glucose levels in pets.
- Device Types: The market involves glucose monitoring devices and insulin delivery devices.
- Animal Types: Pet diabetes care is relevant to canines, felines, and other animal types.
- End-Users: The end-users of pet diabetes care include veterinary clinics, home care settings, and veterinary hospitals.
Drivers:
- Increased Research and Development: Growing research activities in diabetes management for pets are helping to improve the understanding of this condition and facilitate better management.
- New Product Launches: Companies are introducing new products, including generic drugs, to maintain a strong market presence. For instance, in December 2022, the U.S. Food and Drug Administration (FDA) approved Elanco Animal Health Inc.'s medication for cats with specific diabetes, marking the first oral medication authorized for the condition in animals.
- Strategic Acquisitions: The market is experiencing strategic acquisitions. In January 2020, Heska Corporation acquired the animal care business of Covetrus for $125 million, gaining customers, expanded geographical reach, and enhanced market share.
Global and Regional Perspectives:
In 2022, North America dominated the pet diabetes care market. The market extends across regions, including Asia-Pacific, Western and Eastern Europe, North and South America, the Middle East, and Africa.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by COVID-19 and how it is responding as the impact of the virus abates.
- Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis
Competitive Portfolio:
- Boehringer Ingelheim International GmbH
- Becton Dickinson and Company
- Merck & Co Inc.
- Zoetis Inc.
- Trividia Health Inc.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $2.03 billion |
| Forecasted Market Value (USD) by 2027 | $2.78 billion |
| Compound Annual Growth Rate | 8.2% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/m3bm5d
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