Pet Diabetes Care Market - Growth, Trends, and Forecast (2020 - 2025)

New York, Feb. 21, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Pet Diabetes Care Market - Growth, Trends, and Forecast (2020 - 2025)" - https://www.reportlinker.com/p05865857/?utm_source=GNW
The past few years have observed a significant rise in the adoption of animals, including dogs and cats as the favorite companions of human beings. Dogs and cats are not only the most preferred pets but are also known to improve the physical and mental health of humans. The developed countries have the leading position in companion animal-ownership, owing to several factors, like favorable economic condition, among others.

As per the American Pet Products Association 2017-2018 (APPA) survey, 89.7 million dogs and 94.2 million cats are owned in the United States. Additionally, the number of animals being put up for adoption is growing. This often occurs when owners relocate to a new city or abroad and find it too difficult and expensive to take their dogs or cats with them.

As reported in 2017, by the ASPCA (American Society for the Prevention of Cruelty to Animals), every year, around 6.5 million companion animals enter animal shelters nationwide. In the United States, out of those animals, approximately 3.3 million are dogs and 3.2 million are cats. ASPCA also estimated that 3.2 million shelter animals are adopted as pets each year; among which, around 1.6 million are dogs and the rest 1.6 million are cats.

Furthermore, according to the 2017-2018 National Pet Owners Survey conducted by the American Pet Products Association (APPA). The survey also revealed that the total US expenditure on pets was approximately USD 69,400 million in 2017. Thus, the rise in adoption of pet animals is expected to increase the spending on health care needs of these animals which would in turn expected to boost the growth of the market over the forecast period.

Therefore, the market studied has a remarkable size, supported by high population of pet animals, particularly cats and dogs. Hence, the increase in pet adoption has helped in driving the pet diabetes market over the forecast period.

Key Market Trends
Insulin Therapy Segment by Drug Type is expected to Hold Largest Market Share

Insulin treatment for diabetic dogs and cats is the foundation of the 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 cells 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 canine and feline.

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.

The rising cases of diabetes in pets is expected to create more opportunities for the market players over the forecast period.

North America is Expected to Dominate the Market

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 2017-2018 National Pet Owners Survey, conducted by the American Pet Products Association (APPA), 68% of US households, or about 85 million families, own a pet. Therefore, dogs and cats are found to be the most common pets in US households, and it includes 90 million dogs and 94 million cats. Therefore, with the increasing ownership of pets, the US citizens have become more considerate toward the health of these animals.

The key players operating in the market are found focusing on new strategies, such as acquisitions, mergers, and new product launch, to capture larger market shares. As recently, in 2019, FDA approved ProZinc (protamine zinc recombinant human insulin) for managing diabetes mellitus in dogs. ProZinc is developed by Boehringer Ingelheim Animal Health USA Inc.

As pert the report published in 2016, by the Banfield Pet Hospital, Diabetes mellitus in dogs rose from 13.1 cases per 10,000 in 2006 to 23.6 cases per 10,000 in 2015 an increase of 79.7%. The prevalence of cats with diabetes mellitus rose from 57.2 cases per 10,000 in 2006 to 67.6 cases per 10,000 in 2015. While this reflects an improvement of only 18.1 per cent, diabetes mellitus is much more severe in cats than in dogs. Hence, the United States is expected to retain its significant market share and all the above-mentioned factors helps in fueling the growth of the US market.

Competitive Landscape
The pet diabetes care market is consolidated market. Some of the market players in the market are Allison Medical, Apotex Inc., Becton, Dickinson and Company, Boehringer Ingelheim Vetmedica Inc., Henry Schein Animal Health?, MED TRUST, Merck & Co.? Inc, UltiMed Inc., and Zoetis Inc

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