Market Trends of Global Pet Diabetes Care Industry
The Insulin Therapy Segment by Drug Type is Expected to Hold the Largest Market Share
Insulin therapy is essential for the care of diabetic dogs and cats, and various types of insulin have been proven to be effective. Insulin reduces blood glucose levels by increasing peripheral glucose consumption and suppressing hepatic glucose production. Insulin prevents the development of the death of beta-cells by reducing the cell's tolerance to 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 canines and felines.
The presence of competitors, research and development in the field of diabetes, and mergers and acquisitions boost the market growth. For instance, in March 2022, TeleVet Inc., a provider of technology solutions for veterinary teams, and Boehringer Ingelheim Animal Health USA Inc., a global innovator of animal health products for pets, horses, and livestock, announced a strategic collaboration to deliver innovative technology and services that are anticipated to make it easier for veterinary practices to provide the best patient care while reducing the overall burden for vets. Also, Caninsulin/Vetsulin and ProZinc are officially registered for veterinary use. Caninsulin/Vetsulin is porcine lente insulin approved for use in dogs and cats. It has a moderate duration of action. ProZinc (Boehringer Ingelheim) is a type of protamine zinc insulin (PZI) that is approved for use in cats and can also be used to manage diabetes in dogs. Moreover, extensive research is being conducted on diabetes in cats, leading to market growth. In an article published in April 2024 titled 'Treatment of Canine Type 1 Diabetes Mellitus', the study mentioned that global research and development are being conducted on emerging regenerative medicine techniques. These techniques, such as stem cell technology and organoid cultures, have opened up new possibilities for treating and potentially curing diabetes in pets. The rising cases of diabetes and increased research initiatives on pet diabetes are expected to create more opportunities for the market players during the forecast period.
As per the factors mentioned above, the insulin segment is expected to grow during the forecast period.
North America is Expected to Dominate the Market During the Forecast Period
In North America, the rising adoption of pets and increasing expenditure on them are expected to boost the overall growth of the market. According to the 2022-2023 National Pet Owners Survey, conducted by the American Pet Products Association (APPA), total pet industry expenditures in the United States totaled USD 147 billion in 2023, up 7.5% from USD 136.8 billion in 2022.
According to the State of the Industry Report 2023 Highlights from the North American Pet Health Insurance Association (NAPHIA), the total premium volume for pet insurance in the United States exceeded USD 4 billion. The report also mentioned that the total number of insured pets in the United States at the end of 2023 was USD 4.27 billion, representing a 21.9% increase from 2022. Dogs' average accident and illness premiums were USD 675.61 yearly or USD 56.30 monthly. The largest share of insured pets lives in California, New York, and Florida. The majority of insured pets were dogs, accounting for 78.6%, while cats made up 21.4% of the insured pets. In Canada, dogs constituted 75.5% of insured pets, with cats representing 24.5%.
The key players operating in the market focus on new strategies, such as acquisitions, collaborations, research, and new product launches, to capture larger market shares. In August 2022, ALR Technologies SG Pte. Ltd, a diabetes management company, announced that it received manufacturing approval from Infinovo Medical Co. Ltd to place the first purchase order for the GluCurve Pet CGM. The expected delivery date for the order was October 2022. The GluCurve Pet CGM is the first and only continuous glucose monitoring system for diabetic cats and dogs.
As per the factors mentioned above, North America is expected to witness growth during the forecast period.
