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Research Nester released a report titled “Companion Animal Drugs Market : Global Demand Analysis & Opportunity Outlook 2030″ which delivers detailed overview of the global companion animal drugs market in terms of market segmentation by animal type, drugs, route of administration, end-user and 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 companion animal drugs market is projected to grow with a high CAGR during the forecast period, i.e., 2022-2030 on account of the increasing advancements in the animal healthcare industry and the rising adoption of animals as a pet. According to the 2019 report by Humane Society of the United States, 84.9 million household across the United states owns a pet.
The market is segmented by animal type into dogs, cats, horses, and others. Among these segments, the dog segment is anticipated to hold the largest share by the end of 2021 in the companion animal drugs market as a result of the increasing development and product launches by the market players for dog treatment and diagnosis.
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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 companion animal drugs market in the Asia Pacific is projected to grow at the highest CAGR throughout the forecast period. Currently, the market in North America holds the largest share. This can be attributed to the presence of leading animal healthcare providers in the region, especially in the United States, who are extensively involved in the research and development for innovative companion animal health treatment and diagnosis processes.
Increasing Advancements and Product Launches in Animal Healthcare Industry to Drive Market Growth
In 2019, Vita Animal Health, one of the leading market players in the companion animal health industry, announced the launch of their new range of animal health supplements to support various animal health conditions including cardiovascular function, joint health, skin support, fatty acid support, ear cleaners, and others.
Increasing demand for veterinary treatment and diagnosis, has increased the demand in the market. As a result, key players are focused on investing in R&D activities to introduce new drugs in the global market. Such factors are expected to drive the growth of animal health industry. However, the expensive cost of veterinary treatment along with lack of awareness are some of the factors that are 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 companion animal drugs market which includes company profiling of Bayer AG, Merck & Company, Inc., Elanco, Boehringer Ingelheim International GmbH, Virbac, Perrigo Company plc, Vetoquinol SA, Zoetis Inc., Ceva, Nutreco N.V., 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 companion animal drugs 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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