Market Trends of Global Pet Diabetes Care Industry
This section covers the major market trends shaping the Pet Diabetes Care Market according to our research experts:
Insulin Therapy Segment by Drug Type is expected to Hold Largest Market Share
Insulin treatment for diabetic dogs and cats is the foundation of 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 cell's 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 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, as per the article published in 2022 under the title 'Ultralongacting recombinant insulin for the treatment of diabetes mellitus in dogs', the study showed that control of clinical signs, body weight, and maintenance of glycemia was achieved with a recombinant fusion protein of synthetic insulin and canine Fc (AKS218d) administered subcutaneously onceweekly. Furthermore, 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.
Moreover, diabetes in cats is also being studied widely and research is conducted which leads to market growth. For instance, according to the article published in 2021 under the title 'An ultra-long-acting recombinant insulin for the treatment of diabetes mellitus in cats', the study showed a successful control of clinical signs and maintenance of glycemia was achieved with this once-weekly novel insulin treatment. The rising cases of diabetes and increased research initiatives on pet diabetes are expected to create more opportunities for the market players over the forecast period.
As per the factors mentioned above, the insulin segment is expected to grow over the forecast period.
North America is Expected to Dominate the Market During The Forecast Period
In North America region the rising pet adoption and increasing expenditure on them are expected to boost the overall growth of the market. According to the 2021-2022 National Pet Owners Survey, conducted by the American Pet Products Association (APPA), total pet industry expenditures in the United totaled USD 123.6 billion, up 19% from USD 103.6 billion in 2020.
Furthermore, the North American Pet Health Insurance Association's (NAPHIA) State of the Industry Report 2022 Highlights stated that the total premium volume for pet insurance in the United States was nearly USD 2.6 billion. The total number of pets insured in the United States at year-end 2021 was 3.9 million, a 28% increase since 2020. The average accident and illness premium for dogs was USD 583 a year or USD 49 a month. The largest share of insured pets lives in California, New York, and Florida. The largest number of pets insured were dogs at 82 % versus cats at 18 %. In Canada, 77.5% of insured pets were dogs versus 22.5% of cats.
The key players operating in the market are found focusing on new strategies, such as acquisitions, collaborations, research, and new product launches, to capture larger market shares. For instance, in February 2021, Canine Diabetes Genetics Partnership published an article under the title ' Genetics of canine diabetes mellitus part 1: Phenotypes of disease', the team studied and demonstrated the ways in which genetic variants may contribute to a risk of developing diabetes in dogs and the related complexities.
As per the factors mentioned above the North, America region is expected to witness growth over the forecast period.
