Wilmington, Delaware, United States, Jan. 29, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The pet care diabetes drugs industry was valued at US$ 621.8 million in 2022. By 2031, the market is expected to reach over US$ 1.1 billion and increase at 6.4% CAGR from 2023 to 2031. Insulin therapy, dietary modifications, and routine monitoring are often used to treat diabetes in pets, especially cats and dogs. Insulin injections are a common practice for regulating blood glucose levels. In addition to monitoring blood glucose levels, veterinary care includes treating any underlying medical conditions and modifying insulin dosage as necessary.
Researchers may investigate novel insulin or delivery systems to improve the efficacy and convenience of administration for pet owners. Glucose monitoring technology (CGM) is becoming increasingly common in human health, and soon, pet owners will have access to similar advancements. As a result, diabetic care may be improved with more real-time data.
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Recent developments in gene therapy may present novel therapeutic approaches for canine diabetes. This may entail adding genes that improve insulin production or changing the genetic components causing diabetes. Future studies could create customized diet plans or dietary supplements that can help pets with diabetes manage their illness more effectively.
Research on stem cells shows promise for several medical uses, including treating animal diabetes. The pancreatic cells that produce insulin may be regenerated using stem cells. Treatment regimens that are more individualized and catered to the unique requirements of each animal may become more common as our knowledge of the genetic and individual variables impacting diabetes in pet’s advances.
Key Findings of the Market Report
- A strong healthcare infrastructure in North America contributed to North America's largest share in 2022.
- Based on product type, insulin drugs are expected to drive demand for pet care diabetes drugs.
- Increasing adoption of dogs is expected to drive demand for diabetes drugs for pets.
- Increasing numbers of veterinary hospitals are expected to fuel the market for pet care diabetes drugs.
Global Pet Care Diabetes Drugs Market: Key Players
The market presence of these players is being expanded via mergers & acquisitions, strategic collaborations, and new product launches.
- Boehringer Ingelheim International GmbH
- Elanco
- Merck Animal Health
Key Developments
- In August 2023, Boehringer Ingelheim announced the approval of the treatment for diabetes in cats, SENVELGO® (velagliflozin oral solution), by the U.S. Food and Drug Administration (FDA). With SENVELGO ®, cat owners can administer a once-weekly liquid oral solution to their cats without giving them food.
- In December 2023, Elanco Animal Health launched the U.S. Food and Drug Administration (FDA) approved Bexacat. This prescription medication helps control blood sugar levels in cats with diabetes mellitus, allowing Elanco to expand its innovative feline portfolio and meet an unmet cat health need.
Global Pet Care Diabetes Drugs Market: Growth Drivers
- The growing trend of pet ownership worldwide is a major contributor to this increase. Dog owners are more likely to need diabetes treatment as dogs become more common in homes. With a growing pet population and the perception that pets are essential family members, pet owners are more willing to spend money on cutting-edge medical care.
- Veterinary medicine advances are crucial to the growth of the pet care diabetes drugs market. Through continuous research and development, veterinary pharmaceutical companies are developing drugs that manage diabetes in pets more effectively and safely. Pet owners are encouraged to seek professional medical attention for their diabetic pets, increasing demand for diabetes medications.
- Pet care diabetes drugs market growth is attributed to the rise in global pet healthcare expenditures. The overall cost of medications, veterinary services, and preventive care has increased as pet owners prioritize their pets' health.
- Access to pet insurance covering chronic conditions like diabetes encourages financial commitment to pet healthcare. These factors are consistent with the evolving landscape of pet care, which emphasizes ensuring that companion animals live a long and healthy life.
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Global Pet Care Diabetes Drugs Market: Regional Landscape
- Pet ownership has steadily risen throughout Asia as more individuals adopt dogs, cats, and other companion animals. The trend is largely attributed to lifestyle changes, rising disposable income, and urbanization. Increasing pet ownership has increased demand for pet healthcare supplies, such as diabetes medication.
- The attitudes towards pets have changed dramatically in several Asia-Pacific nations. Since pets are considered family members, people are more inclined to care for their health and well-being. As a result of this shift, cutting-edge medical interventions, like drugs that could treat long-term diseases like diabetes, have become increasingly necessary.
- As pet health awareness and advanced veterinary care become more prevalent in Asia Pacific, the pet care market is expected to grow. Health issues commonly found in pets are becoming more known to pet owners, leading to proactive approaches to treatment, including managing chronic conditions like diabetes.
Global Pet Care Diabetes Drugs Market: Segmentation
By Product Type
- Insulin Drugs
- SGLT2 Inhibitors
- Others
By Animal Type
- Cats
- Dogs
By End User
- Vet Hospital Pharmacies
- Retail Pharmacies
- Others
By Region
- North America
- Europe
- Rest of the World
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