Pet Diabetes Care Devices Market: Global Opportunity Analysis and Industry Forecast, 2020-2030

Diabetes mellitus, or diabetes, is a condition that occurs when the body cannot use glucose normally. Glucose is the main source of energy for the body’s cells. Pets like dogs, cats and also livestock suffer from diabetes too. Obesity is a significant risk factor for development of diabetes in pets, they may also develop other diseases that can result in diabetes or could significantly affect their response to treatment for diabetes, including over activity of the adrenal gland in dogs or hyperthyroidism in cats, pancreatitis, heart disease, kidney disease, urinary tract infections and skin infections. To treat this condition in pets there are device segments available in the market that are bifurcated into glucose monitoring devices and insulin delivery devices.

Market scope and structural analysis:

Covid-19 analysis:

The coronavirus pandemic is having a huge impact on businesses and has already caused an unprecedented collapse of economic activities. The COVID-19 impact is straining the healthcare systems globally. The rapid increase in demand for healthcare facilities and healthcare workers is expected to leave only a few healthcare systems to fulfill the rise in demand during the pandemic situation.

The COVID-19 pandemic cases are because of direct or indirect contact between humans. There has been no evidence or confirmation that animals can spread COVID-19 to humans. The myth animals can spread the virus to humans has increased the number of abandoned pets. Furthermore, COVID-19 has weakened the supply chain and has created shortage of animal health products such as nutritional feed as well as vaccines globally. The animal health industry has been impacted largely as many manufacturers in the animal health industry are left with a significantly reduced workforce. Also, stringent government policies such as restrictions of import of raw materials from China is expected to hamper the growth of the animal health market.

Healthcare facilities are stocking up the animal related health products, considering the high demand. This is expected to further create financial strain on the market due to procurement inefficiencies and wasted speeding. Due to the pandemic situation, many hospitals and veterinary clinics are overstocking the products.

Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis:

The global pet diabetes care market has been split into devices type, animal, end user, and region. Based on devices type, pet diabetes care market has been segmented into insulin delivery devices and glucose monitoring devices. The insulin delivery devices segment accounted for the highest market share in 2020 owing to high pet adoption. The animal segment has been divided into horses, dogs, and cats. The dogs segment accounted for the highest market share in 2020 owing to growing cases of obesity in dogs. The end user segment has been divided into veterinary hospitals, home care, and veterinary clinics. The veterinary hospitals segment accounted for the highest market share in 2020 due to increasing preference for veterinary hospitals among pet owners.

Insulin Therapy Segment by Drug Type is expected to Hold Largest Market Share:

Insulin treatment for diabetic dogs and cats is the foundation of the care and many types of    insulin were shown to be efficient. Insulin reduces blood glucose levels by increasing peripheral consumption of glucose and by suppressing the production of hepatic glucose.

Insulin prevents the development of the death of beta-cells by reducing the cells tolerance of glucose. Among cats, insulin helps to prohibit amyloid deposits from the amyloid polypeptide islet from developing. Therefore, insulin is undoubtedly the most effective remedy for the control of diabetes in canine and feline.

Caninsulin / Vetsulin and ProZinc are officially registered for veterinary use. Caninsulin / Vetsulin is porcine Lente insulin approved for use in both dogs and cats. It has a moderate duration of action. While, ProZinc (Boehringer Ingelheim) is a derivative of protamine zinc insulin (PZI), which is approved to be used in cats and can be used in the management of diabetic dogs.

The rising cases of diabetes in pets is expected to create more opportunities for the market players over the forecast period.

Increase in the pet and pet care industry:

There is a significant growth in overall pet care industry on a global level. The major reason for this growth is rising pet population and growing pet humanization. A significant pet care business comes from pet diabetes care. Scientific advancements in pet medication and diagnostics has resulted in increase in adoption rate and expenditure on pet diabetes care.

The rising prevalence of obesity in pets and adverse side effects of pet medications are driving the growth of this market. The rise in awareness for pet’s physical and psychological healthcare will also augment the market growth. Such factors will boost the pet diabetes care market in the forthcoming years.
Growing adoption of dogs and cats over the globe will boost the demand for companion segment. This segment will grow with the highest growth rate by animal type due to increasing expenditure for dog and cat health. Rising disposable income in emerging economies will spur segment growth during the forecast timeframe.

Technological advancements:

The glucose monitoring device segment is expected to contribute for the largest share in global pet diabetes care market by device type throughout the forecast period owing to accuracy, reliability and efficiency. The key factor contributing to sector growth is the growing disposable income and pet care spending throughout the globe.

Increased research and development activity and launch of new products will present an opportunity for the market players in the pet diabetes care market.

Restrains:

• Side effects related to diabetes medication in pets
• lack of awareness
• low animal healthcare expenditure in developing regions

Regional Analysis:

North America has the largest market for diabetes care devices as in the region there is rise in pet adoption and increasing expenditure on them are expected to boost the overall growth of the market. According to the National Pet Owners Survey in 2018, conducted by the American Pet Products Association (APPA), 68% of US households, or about 85 million families, own a pet. Therefore, dogs and cats are found to be the most common pets in US households, and it includes 90 million dogs and 94 million cats. Therefore, with the increasing ownership of pets, the US citizens have become more considerate toward the health of these animals.

Key Market player and strategies:

The key players operating in the pet diabetes care devices market are found focusing on new strategies, such as acquisitions, mergers, and new product launch, to capture larger market shares. As recently, in 2020, FDA approved Pro Zinc (protamine zinc recombinant human insulin) for managing diabetes mellitus in dogs. Pro Zinc is developed by Boehringer Ingelheim Animal Health USA Inc.

Segment Analysis:

Key Benefits of the Report

• This study presents the analytical depiction of the pet diabetes care devices industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the pet diabetes care devices market share.
• The current market is quantitatively analyzed from 2021 to 2030 to highlight the pet diabetes care devices market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the pet diabetes care devices market.
• The report provides a detailed pet diabetes care devices market analysis based on competitive intensity and how the competition will take shape in coming years

Questions answered in the Pet Diabetes Care Devices Report

• Who are the leading market players active in the pet diabetes care devices market?
• What current trends will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the pet diabetes care devices market?
• What future projections would help in taking further strategic steps?
• What is "pet diabetes care devices"?
• What is "pet diabetes care devices" Market prediction in the future?
• Who are the leading global players in the "pet diabetes care devices" Market?
• What are the current trends and predicted trends?
• What are the key benefits of the "pet diabetes care devices" Market report?

 Key Market Segments

 Key Market Players

• Allison medical
• Apotex Inc
• Boehringer Ingelheim Vetmedica Inc.
• Becton, Dickinson and Company
• FitBark
• Henry Schein Animal Health
• Merck Animal Health
• Ulticare
• TaiDoc
• Zoetis