WILMINGTON, Delaware, USA, January 29, 2024 (Globe Newswire) — Transparency Market Research Co., Ltd. – of Pet Care Diabetic Drugs The industry value was estimated at USD 621.8 million in 2022. By 2031, the market will Reaching over 1.1 billion USD and increases CAGR from 2023 to 2031 is 6.4%. Diabetes in pets, especially cats and dogs, is often treated with insulin therapy, dietary modifications, and routine monitoring. Insulin injections are a common method for regulating blood sugar levels. In addition to monitoring blood sugar levels, veterinary care includes treating underlying conditions and changing insulin doses as needed.
Researchers may investigate new insulin or delivery systems to improve the effectiveness and convenience of administration for pet owners. Glucose monitoring technology (CGM) is becoming increasingly common in human health, and pet owners may soon be able to take advantage of similar advances. As a result, more real-time data could improve diabetes treatment.
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Recent developments in gene therapy may offer new treatments for diabetes in dogs. This may require adding genes that improve insulin production or changing genetic factors that cause diabetes. Future research may create customized meal plans and nutritional supplements to help diabetic pets manage their disease more effectively.
Research on stem cells has shown promise for several medical applications, including the treatment of diabetes in animals. Pancreatic cells that produce insulin could be regenerated using stem cells. As our knowledge of the genetic and individual variables that influence diabetes in pets advances, treatment plans that are more individualized and tailored to each animal's unique requirements are likely to become more common.
Key findings of the market report
- North America's strong healthcare infrastructure contributed to North America's largest market share in 2022.
- Based on product type, insulin drugs are expected to drive the demand for pet care diabetes drugs.
- The increase in dog adoptions is expected to increase the demand for diabetes medications for pets.
- The increase in the number of veterinary hospitals is expected to boost the pet care diabetes drugs market.
Global pet care diabetes drug market: Key players
These companies are expanding their market presence through mergers and acquisitions, strategic alliances, and new product launches.
- Boehringer Ingelheim International GmbH
- Elanco
- Merck Animal Health
Main developments
- In August 2023, boehringer ingelheim announced that the U.S. Food and Drug Administration (FDA) has approved its feline diabetes treatment SENVELGO® (velagliflozin oral solution). SENVELGO® allows cat owners to administer her oral liquid solution once a week without feeding the cat.
- In December 2023, Elanco Animal Health We have launched Bexacat, which is approved by the US Food and Drug Administration (FDA). This prescription drug helps control blood sugar levels in diabetic cats and allows Elanco to expand its portfolio of innovative cats to meet the unmet health needs of cats.
Global Pet Care Diabetic Drugs Market: Growth Drivers
- The growing trend of pet ownership around the world is a major factor in this increase. As dogs become more common in households, dog owners are more likely to require treatment for diabetes. As the number of pets increases and pets become increasingly recognized as essential family members, pet owners are increasingly willing to spend money on cutting-edge medical care.
- Advances in veterinary medicine are essential to growth Changes in the pet care diabetes drug market. Through continuous research and development, veterinary pharmaceutical companies are developing drugs that more effectively and safely manage diabetes in pets. Pet owners are being encouraged to seek professional medical care for their diabetic pets, and diabetes medications are in high demand.
- The growth of the pet care diabetes drug market is Rising global pet medical costs. As pet owners prioritize the health of their pets, the overall costs of medications, veterinary services, and preventive care are increasing.
- Having pet insurance that covers chronic conditions such as diabetes increases financial involvement in your pet's health care. These factors are consistent with the evolving landscape of pet care, which emphasizes helping companion animals live long, healthy lives.
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Global Pet Care Diabetic Drugs Market: Regional Landscape
- Pet ownership is steadily increasing across Asia More and more people are adopting dogs, cats, and other companion animals. This trend is mainly due to lifestyle changes, increased disposable income, and urbanization. The increase in pet ownership has increased the demand for pet health care products such as diabetes medications.
- Attitudes towards pets have changed dramatically in several countries in the Asia-Pacific region. Because pets are considered part of the family, people tend to care about their health and well-being. As a result of this change, there is an increasing need for cutting-edge medical interventions, such as drugs that can treat long-term diseases such as diabetes.
- As pet health awareness and advanced veterinary medicine become more and more popular, Asia Pacific, the pet care market is expected to grow. Common health problems in pets have become better known among pet owners, leading to aggressive treatment approaches that include managing chronic diseases such as diabetes.
Global Pet Care Diabetic Drugs Market: Segmentation
By product type
- insulin medicine
- SGLT2 inhibitor
- others
By animal type
By end user
- veterinary hospital pharmacy
- retail pharmacy
- others
By region
- North America
- Europe
- Rest of the world
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