Global Companion Animal Drugs Market 2021 Size, Growth Rate, Share, Market Growth, Share, Size, Advance 2027
Category: #business  By Ronak Bora  Date: 2021-08-02
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Global Companion Animal Drugs Market 2021 Size, Growth Rate, Share, Market Growth, Share, Size, Advance 2027

With the risks of increasing animal diseases and illnesses surfacing worldwide, pet owners and veterinarians are on the lookout for potential treatment solutions which can help their pets be immune to specific diseases. Reports have it that obesity has been claimed to be one of the major problems in these animals that have raised alarming concerns amongst the owners for providing required treatment as early as possible.

In essence, as per 2018 estimates of the APOP, around 60% of cats were found obese worldwide, enunciating the need for proper medications. These challenges have been paving way for the development and expansion of companion animal drugs industry for over a while now.

In fact, Global Market Insights, Inc., suggests that the global companion animal drugs market is set to a path to record a valuation of $17.6 billion over the time period of 2021 to 2027.

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In the light of rising animal diseases and fatalities due to these, various governmental agencies have come forward to introduce new rules and regulations aimed toward animal protection and against animal abuse. One of the highly deemed global organizations, PETA widely promotes animal adoption and widely criticizes animal abuse and exploitation. Another governmental body, the Animal Welfare Board of India (AWBI) offers grants that are generally being used for rescued animals, maintenance of sheltered animals, and also for birth control and immunization of companion animals.

Medicated feed additives have come out to be an ideal method to administer vet medication to pets and animals suffering from long-term treatments for chronic diseases. The prescribed companion animal drugs via medicated feed additives provide a stress-free and safe treatment for the animals. They are slated to provide umpteen merits including refining the quality and nutritional content of the feed and supporting the overall development and growth of pet animals. Estimates claim that the demand for medicated feed additives would rise at a rate of 7.2% through 2027.

Increasing disease-ridden animal ingress in the veterinary clinics for the administration of animal drugs can be reasoned to the number of successful companion animal surgeries with feasibility of highly skilled and proficient staff. Not to mention, the developing infrastructure and superior-quality treatment are also fueling the population preference toward drug distribution through these facilities. Although the segment has accounted for a fair share of $3396 million in 2020, it is looking forward to amassing tremendous gains in the upcoming years.

China, on the grounds of the increasing popularity of pet ownership, surging awareness regarding the availability of numerous treatments for companion animal diseases, and increasing spending on animal healthcare, is expected to take over a massive stake in the overall companion animal drugs industry in the foreseeable time frame. The country had already recorded a business valuation of USD 565 million in 2020 and is seeking to generate huge proceeds in the near future, as it stands tall as the home to the third largest pet dog population just after the United States and Brazil. Not only this, exclusive demand for nutritious food is also driving the growth spectrum of China companion animal drugs market.

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The global companion animal drugs market is highly concentrated and boasts of the presence of vivid industry giants including Zoetis, Symrise, Elanco, Merck & Co., Boehringer Ingelheim International GmbH, and Ceva amongst others. These players have been going nine yards for product development and introducing various industry tactics to gain a strong market presence worldwide.

For instance, Boehringer Ingelheim had in mid-2020 announced expanding into animal health portfolio in India with the launch of its two new drugs- NexGard and Broadline. According to the company officials, these drugs are developed for offering comprehensive parasite treatment for companion animals.

Partial Chapter of the Table of Content:

Chapter 2   Executive Summary

2.1    Companion animal drugs industry 3600 synopsis, 2016 - 2027 (USD Million)

2.1.1    Business trends

2.1.2    Product trends

2.1.3    Animals trends

2.1.4    Route of administration trends

2.1.5    Distribution channel trends

2.1.6    Regional trends

Chapter 3   Companion Animal Drugs Industry Insights

3.1    Industry segmentation

3.2    Industry landscape, 2016 - 2027 (USD Million)

3.3    Industry impact factors

3.3.1    Growth drivers

Browse complete Table of Contents (ToC) of this research report @ https://www.decresearch.com/toc/detail/companion-animal-drugs-market

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About Author

Ronak Bora

Ronak Bora    

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and spo...

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