Increasing insulin treatment and drug development to drive demand for diabetes medications in pet care.
Wilmington, Delaware, United States, Jan. 29, 2024 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The diabetes medications in pet care the industry will be worth US$ 621.8 million in 2022. By 2031, the market is expected to which amounted to over US$ 1.1 billion and rise to 6.4% CAGR from 2023 to 2031. Insulin therapy, dietary changes, and regular monitoring are often used to treat diabetes in pets, especially cats and dogs. Insulin injections are a common practice for regulating blood glucose levels. In addition to monitoring blood glucose levels, veterinary care includes treating any underlying medical conditions and adjusting the insulin dose as needed.
Researchers may investigate novel insulin or delivery systems to improve efficacy and convenience of administration for pet owners. Glucose monitoring technology (glucose monitoring technology or CGM) is becoming commonplace in human health, and soon, pet owners will have access to similar advances. As a result, diabetes care can be improved using more real-time data.
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Recent advances in gene therapy may present new therapeutic approaches for canine diabetes. This may require adding genes that improve insulin production or changing the genetic components that cause diabetes. Future studies may create customized diet plans or dietary supplements that can help pets with diabetes manage their disease more effectively.
Research into stem cells shows promise for several medical uses, including treating animal diabetes. Pancreatic cells that produce insulin can be regenerated using stem cells. Treatment regimens that are more individualized and address the unique needs of each animal may become more common as our knowledge of the genetic and individual variables that affect diabetes in domestic animals advances.
Key Findings of the Market Report
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A strong healthcare infrastructure in North America contributed to the largest share of North America in 2022.
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Based on product type, insulin drugs are expected to drive the demand for diabetes drugs in pet care.
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Increasing adoption of dogs is expected to drive the demand for diabetes drugs for pets.
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Increasing number of veterinary hospitals is expected to fuel the market for diabetes drugs in pet care.
Global Pet Care Diabetes Drugs Market: Key Players
The market presence of these players has been expanded through mergers and acquisitions, strategic collaborations, and new product launches.
Major Developments
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In August 2023, Boehringer Ingelheim announced the approval of the treatment for diabetes in cats, SENVELGO® (velagliflozin oral solution), by the US Food and Drug Administration (FDA). With SENVELGO ® , cat owners can give a once-weekly liquid oral solution to their cats without giving them food.
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In December 2023, Elanco Animal Health launched the US Food and Drug Administration (FDA) approved Bexacat. This prescription drug helps control blood sugar levels in cats with diabetes mellitus, enabling Elanco to expand its innovative feline portfolio and address an unmet need in feline health .
Global Pet Care Diabetes Drugs Market: Growth Drivers
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The growing trend of pet ownership worldwide is a major contributor to this increase. Dog owners are more likely to need diabetes treatment as dogs become more common in homes. With the growing pet population and the perception that pets are important members of the family, pet owners are more willing to spend money on modern medical care.
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Advances in veterinary medicine are essential to growth of diabetes drugs market in pet care. Through ongoing research and development, veterinary pharmaceutical companies are making medications that manage diabetes in pets more effectively and safely. Pet owners are encouraged to seek professional medical attention for their diabetic pets, which increases the demand for diabetes medications.
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The growth of diabetes drugs market in pet care has been attributed to increase in global spending on pet health care. The overall cost of medications, veterinary services, and preventative care has increased as pet owners prioritize the health of their pets.
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Access to pet insurance that covers chronic conditions like diabetes encourages a financial commitment to pet health care. These factors are in line with the evolving landscape of pet care, which emphasizes ensuring that companion animals live long and healthy lives.
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Global Pet Care Diabetes Drugs Market: Regional Landscape
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Pet ownership continues to rise across Asia as more individuals adopt dogs, cats, and other companion animals. The trend is largely related to lifestyle changes, increasing disposable income, and urbanization. The increase in pet ownership increases the demand for pet health care supplies, such as diabetes medication.
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Attitudes towards pets have changed dramatically in some Asia-Pacific countries. Since pets are considered family members, people are more inclined to take care of their health and well-being. As a result of this change, innovative medical interventions, such as drugs that can treat long-term diseases such as diabetes, have become increasingly necessary.
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As pet health awareness and advanced veterinary care become more widespread in Asia-Pacific, the pet care market is expected to grow. Health issues commonly found in pets are becoming better known among pet owners, leading to proactive treatment strategies, including managing chronic conditions such as diabetes.
Global Pet Care Diabetes Drugs Market: Segmentation
By Product Type
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Insulin Medications
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SGLT2 Inhibitors
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Different
By Type of Animal
By End User
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Vet Hospital Pharmacies
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Retail Pharmacies
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Different
By Region
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North America
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Europe
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Other parts of the World
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