(MENAFN- America News Hour)Research Nester released a report titled “Animal Fungal Treatment Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global animal fungal treatment market in terms of market segmentation by drug type, mode of dosage, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The animal fungal treatment market is projected to grow with a moderate CAGR during the forecast period, i.e., 2022-2030, on account of the increasing incidence of fungal infections, rising demand for effective medicines to cure fungal infections from pet owners, and growing pet expenditure. According to The American Pet Products Association, the overall spending in the U.S. pet industry rose up to USD 97.1 billion in 2019 from USD 90.5 billion in 2018.
The market is segmented by drug type and mode of dosage. Based on drug type into, the ketoconazole segment is anticipated to grab the largest share during the forecast period on account of higher positive treatment rates and easily availability of these medicines in the market. Additionally, by mode of dosage, the oral segment is expected to witness highest growth owing to the advancements associated with development of oral veterinary medicines.
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On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, out of which, the animal fungal treatment market in Asia Pacific is projected to grow at the highest CAGR throughout the forecast period ascribing to the growing animal health awareness and escalating use of animals in farming. Moreover, the market in North America holds the largest share the increasing pet adoption and high pet spending in the region.
Increasing Occurrence of Fungal Infections in Animals and Escalating Pet Expenditure to Drive the Market Growth
According to the analysis of American Pet Products Association, around 67% of U.S. households own a pet and Americans spent $4.3 billion more on pet products in 2020 compared to 2019.
Increasing pet ownerships and growing pet expenditure are anticipated to boost the animal fungal treatment market. The growing awareness about fungal infections in animals and additionally, rising prevalence of fungal infections in animals are assessed to lead to market growth in upcoming years.
However, side-effects related to the treatment is estimated to restrain market growth in the near future.
This report also provides the existing competitive scenario of some of the key players of the global animal fungal treatment market which includes company profiling of Zoetis Inc., Merck & Co., Inc., Bayer AG, Elanco Animal Health Inc., Boehringer Ingelheim International GmbH, Novartis AG, Virbac SA, Nutreco N.V., Neogen Corporation, Kindred Biosciences, Inc., and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global animal fungal treatment market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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