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Pet Diabetes Care Devices Market to hit $2.7 billion by 2025: Global Market Insights, Inc.

Pet Diabetes Care Devices Market is projected to achieve over 8.5% CAGR up to 2025 as growing incidence of obesity in pets will propel the industry growth.

Selbyville, Delaware, Dec. 03, 2019 (GLOBE NEWSWIRE) --

Global Pet Diabetes Care Devices Market is projected to cross is USD 2.7 billion by 2025, according to a new research report by Global Market Insights, Inc. Increasing spending on maintaining pet health will act as a significant factor impacting the market size.

Diabetes mellitus is a condition that occurs when the body cannot use glucose normally. The prevalence of diabetes can be seen in animals as well. Diabetes in cats and dogs can occur at any age. Obesity is a major risk factor for development of diabetes and increasing number of obese pets is one of the chief factors that will escalate the adoption of diabetes care devices. Moreover, growing adoption of pets in developed as well as developing economies will significantly drive pet diabetes care devices industry growth in the forecast years.        

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Growing number of companies operating in the market will augment pet diabetes care devices business growth. Top players such as Zoetis and Merck are majorly focused towards development of novel products with an aim to enhance treatment solution for pets. Furthermore, technological advancements in the insulin delivery devices is a significant factor stimulating the industry growth. For instance, Merck designed CANINSULIN VetPen, the first and only veterinary insulin pen for diabetic cats and dogs. The ergonomic and sleek design of VetPen makes it easier for clients to handle than traditional insulin syringes. Such enhancements will boost the industry size over the coming years.

Some major findings of the pet diabetes care devices market report include: 

  • Increasing prevalence of diabetes across the globe will serve as a major growth stimulating factor for global market growth
  • Technological advancements in insulin delivery devices will ensure enhanced healthcare outcomes
  • Rising incidence of obesity among the pets is another growth propelling factor
  • Major players operating in the pet diabetes care devices market include Merck, Zoetis, Becton, Dickinson & Company and Boehringer Ingelheim Vetmedica Inc.
  • Competitors are focusing on research and development activities to modify and innovate pet diabetes care devices, thereby significantly driving the revenue growth

Device segment is bifurcated into glucose monitoring devices and insulin delivery devices. Insulin delivery devices segment is further categorized into insulin delivery pen and insulin syringes. Insulin delivery pen segment is expected to witness steady growth of 8.8% during the analysis period. Insulin delivery pens for diabetes treatment are used widely across veterinary hospitals & clinics as well as in home care settings. Increasing number of companies focusing on R&D activities to enhance treatment devices for diabetes in pets will thus be a key factor encouraging the segmental growth.

Browse key industry insights spread across 120 pages with 234 market data tables & 8 figures & charts from the report, “Pet Diabetes Care Devices Market Share By Device Type (Glucose Monitoring Devices, Insulin Delivery Devices {Insulin Delivery Pen, Insulin Syringes }), By Animal Type (Cats, Dogs, Horses), By End-use (Veterinary Clinics, Home Care Settings, Veterinary Hospitals), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Denmark, The Netherlands, Japan, China, India, Australia, South Korea, Brazil, Mexico, Argentina, South Africa, Saudi Arabia),  Price Trends, Application Potential, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/pet-diabetes-care-devices-market

Animal type segment is classified as cats, dogs and horses. Cats segment accounted for USD 652.4 million in 2018 and will witness significant growth during the analysis timeframe. Prevalence of diabetes in cats is less common than dogs. However, cats usually suffer from type 2 diabetes. As per State of Pet Health 2016 report, there is a 16% increase in feline diabetes since 2006. Hence, growing prevalence of diabetes among cats will majorly contribute to increase in segmental share over the forthcoming years. 

End-use segment of pet diabetes care devices market is bifurcated into veterinary clinics, home care settings and veterinary hospitals. Veterinary hospitals segment held around 43.0% revenue share in 2018 and is forecast to show lucrative growth during the forthcoming years. Increasing establishment of veterinary hospitals in developed as well as developing economies will boost the segmental growth. Moreover, growing preference among the population for veterinary hospitals owing to presence of state-of-the-art technologies will further propel business growth. 

UK pet diabetes care devices market is estimated to witness lucrative growth of 8.5% across the analysis period. High growth is attributed to increasing prevalence of diabetes across UK. Moreover, increasing pet adoption will further augment the market growth in the country. Additionally, rising awareness among the population about various diabetes treatments for their pets will further boost product demand. Also, increasing initiatives from major players to raise awareness among the population about several diabetes tests is another major factor boosting market growth. 

Major market players are adopting numerous strategies to broaden their geographic footprint and bolster market position. For instance, in February 2016, Merck Animal Health announced about their launch of Pet Diabetes Tracker, that is a free app, helping the pet owners to manage their pet's diabetes on tablet or smartphone. Such novel product launch assisted the company to attract customers, thus augmenting sales.

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Browse Related Reports:

Pet Care Market Statistics 2025: Cats pet care market is projected to grow at 5.8% over the estimation period. The population of cats has increased due to growing willingness of owners to care more for their animals’ health. Innovative medications for cats coupled with cat specific food products are dominating the cat care segment. Some of the key industry players operating in global pet care industry are Nestle S.A., Mars, Colgate-Palmolive Company, PetSmart Inc. and Petco Animal Supplies.    

https://www.gminsights.com/industry-analysis/pet-care-market

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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