Pet Diabetes Care Devices Market to Reach $3.5 Billion, Globally, by 2031 at 6.3% CAGR: Allied Market Research

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Jan 26, 2023, 10:30 ET

Surge in prevalence of diabetes in pet animals, and growing pet adoptions drives the growth of the global Pet Diabetes Care Devices market.

PORTLAND, Ore., Jan. 26, 2023 /PRNewswire/ -- A new business intelligence report released by Allied Market Research with title, "Pet Diabetes Care Devices Market by Device Type (Glucose Monitoring Devices and Insulin Delivery Devices), Animal (Dogs and Cats), and End User (Homecare, Veterinary Hospitals and Others), And Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2031" According to the report, the global pet diabetes care devices market valued for $1,885.07 million in 2021 and is estimated to reach $3,468.58 million by 2031, exhibiting a CAGR of 6.3% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.

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Drivers, Restraints, and Opportunities-

The surge in demand for advanced Pet Diabetes Care Devices and an increase in pet adoptions drive the growth of the global Pet Diabetes Care Devices market. On the other hand, the high price of the products may restrict the growth to some extent. however, a rise in investment by the major key players is expected to create lucrative opportunities in the industry.

Covid-19 scenario-

Volatility in prices of raw materials and lack of supply chain thus impacting the growth of the Pet Diabetes Care Devices industry negatively.
However, the rise in organic growth strategies by the major key players has helped the market recover post-pandemic.

The insulin delivery devices segment to rule the roost-

By device type, the insulin delivery devices segment held the major share in 2021, garnering around half of the global Pet Diabetes Care Devices market revenue. The increase in prevalence of diabetes in pet animals such as dog and cat drive the segment growth.

The cats segment to maintain its dominance during the forecast period-

By animal types, the cats segment contributed to the highest share in 2021, accounting for around two-fifths of the global Pet Diabetes Care Devices market revenue. The dogs segment would showcase the fastest CAGR of 6.7% throughout the forecast period. This is attributed to the increasing number of pet adoptions and advancements in the pet diabetes devices.

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The delta segment to dominate by 2031-

By end user, the veterinary hospitals segment accounted for the largest share of the global Pet Diabetes Care Devices market in 2021, and is expected to rule the roost by 2031. The homecare segment would display the fastest CAGR of 6.8% throughout the forecast period. This is due to the fact that an increase in the number of veterinary hospitals.

North America garnered the major share in 2021-

By region, North America garnered the highest share in 2021, holding nearly one-third of the global Pet Diabetes Care Devices market revenue in 2021, and is projected to retain its dominance by 2031. The Asia-Pacific region would also portray the fastest CAGR of 7.7% during the forecast period. The rapid surge in population and rise in the economy of Asia-Pacific have propelled the market growth.

Leading Market Players-

AccuBioTech Co.,Ltd.,
Allison Medical Inc.,
ALR Technologies Inc.,
Becton, Dickinson and Company,
MED Trust,
Merck Animal Health,
TaiDoc,
UltiMed, Inc.,
Zoetis,
i-SENS, Inc.

The report analyzes these key players in the global Pet Diabetes Care Devices market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

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