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Sep 30, 2020 (Market Insight Reports) —
Selbyville, Delaware Market Study Report, has recently added a report on the ‘Pet Diabetes Care Devices market’ which presents substantial inputs about the market size, market share, regional trends, and profit projection of this business sphere. The report also enlightens users regarding the foremost challenges and existing growth tactics implemented by the leading organizations that constitute the dynamic competitive gamut of this industry.
Pet Diabetes Care Devices Market is expected to exceed USD 2.8 billion by 2025. Increasing spending on maintaining pet health will act as a significant factor impacting the market.
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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.
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 pet diabetes care devices 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
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.
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 market growth in the forecast years.
Growing number of companies operating in the pet diabetes care devices 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.
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.
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.
For More Details On this Report:https://www.marketstudyreport.com/reports/pet-diabetes-care-devices-market
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