Selbyville, Delaware, Dec. 05, 2022 (GLOBE NEWSWIRE) --
The companion animal drugs market value is estimated to gains USD 24.5 billion by 2032, as per a new research report by Global Market Insights Inc.
The growing incidence of zoonotic diseases is a primary factor driving demand for common veterinary medications. With an increase in the population of imported rescue dogs in countries including the UK, general measures to minimize the risk of pathogen transmission from companion animals to humans will rise. These factors will proliferate the requirement for veterinary care services and, in turn, augment the consumption of pet medications.
Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/4981
Increasing burden of bacterial & parasitic infections to stimulate veterinary drug development
Companion animal drugs market from the drugs product segment is set to exhibit over 6% CAGR through 2032, as a result of the growing burden of foodborne diseases, brucellosis, bacterial parasites, and zoonotic diseases globally. Additionally, parasitic infections are among the major variables that affect the quality of life in companion animals and pose a considerable disease burden. For example, ciliated protists are one of the most common external parasites of fish. The surging prevalence of these diseases and infections will thus boost the reliance on companion animal drugs.
Awareness about health benefits associated with pet dog ownership fuels veterinary drug use
The dogs segment accounted for over 40% share of the companion animal drugs industry in 2022, owing to the rising awareness of the health and mood-boosting benefits of pet dogs. Pet residences have also been emphasizing the promotion and maintenance of the health and hygiene of companion animals, creating significant growth opportunities for veterinary medication providers. The report claims that the increasing acceptance of dogs as companion animals will thus accelerate companion animal drug production, especially in developed nations.
Browse key industry insights spread across 260 pages with 447 market data tables & 20 figures & charts from the report, “Companion Animal Drugs Market Statistics By Product, Animal, Route of Administration, Distribution Channel, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/companion-animal-drugs-market
Key reasons for companion animal drugs industry growth:
- Growing trend of adopting pet animals
- Rising prevalence of foodborne and zoonotic diseases
- Favorable government initiatives
Injection becomes preferred administration route due to increased veterinary drug efficacy
Companion animal drugs market share from the injectable route of administration reached more than USD 5.5 billion in 2022. Veterinarians are increasingly relying on injections as the preferred medication administration route in the treatment of medical conditions that require systemic immunity. Injectable companion animal medications also offer benefits such as high drug efficacy and potential adverse reaction reduction at the injection site. This has made injections a preferred drug administration option for pets, creating a favorable environment for the companion animal drugs industry landscape.
Convenience of access will contribute to companion animal drug sales through e-commerce channels
The companion animal drugs market growth from the e-commerce segment is slated to observe over 7% CAGR from 2023-2032, due to the increasing preference for OTC drugs among pet owners. Consumers are also gaining awareness about the convenience of making drug purchases through online portals. In addition, the focus of businesses on marketing techniques such as the implementation of web portals will further accelerate drug sales through e-commerce platforms.
Europe to emerge as a key hub for companion animal drug production
Europe companion animal drugs market is projected to generate over USD 7.5 billion by 2032, on account of the rising pet adoption and the mounting investment in veterinary care. Consumers are also showing an increasing inclination toward branded products for companion animal disease treatments. These factors, along with the introduction of favorable policies associated with pet medications, are likely to proliferate companion animal drug development in the region.
Request for customization of this research report @ https://www.gminsights.com/roc/4981
Product acquisition initiatives to reinforce the competitive industry landscape
Boehringer Ingelheim International GmbH, Ceva Sante, Dechra Pharmaceuticals, Elanco Animal Health, Merck & Co, Symrise, Vetoquinol, Virbac SA, Zoetis, Chanelle Pharma, Norbrook Holdings Limited, HIPRA, Endovac Animal Health, Agrolabo S.p.A, and Indian Immunologicals Ltd. are some of the key industry players profiled in the report.
Partial chapters of report table of contents (TOC):
Chapter 4 Competitive landscape, 2021
4.1 Introduction
4.2 Company market share analysis, 2021
4.3 Company matrix analysis, 2021
4.4 Strategy dashboard, 2021
Chapter 5 Market, By Product
5.1 Key segment trends
5.2 Drugs
5.3 Vaccines
5.4 Medicated feed additives
Browse Our Reports Store - GMIPulse @ https://www.gminsights.com/gmipulse
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
