Selbyville, Delaware, March 16, 2021 (GLOBE NEWSWIRE) --
According to latest report “Companion Animal Drugs Market by Product (Drugs, Vaccines, Medicated Feed Additives), Animal Type (Dogs, Cats, Horses), Route of Administration (Oral, Injectable, Topical), Distribution Channel (Veterinary Hospitals, Veterinary Clinics, Pharmacy and Drug Stores, E-commerce), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of companion animal drugs will cross $17.6 billion by 2027.
Introduction of new products for companion animals with advanced veterinary drugs owing to increased spending on R&D will spur the market growth. The increased demand for companion animal drugs including parasiticides in order to protect pet animals from fleas, parasites, ticks and even mosquitoes will fuel the market expansion. Rising obesities in animals is another factor playing a crucial role in the companion animal drugs market demand.
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Recently various governments have established rules and regulation aimed towards animal protection and against animal abuse. One of the global organizations, PETA (People for the Ethical Treatment of Animals) widely promotes animal adoption. The organization is supported by around 6.5 million members across the globe. It also operates, by providing public education, cruelty investigations, animal rescue and legislation. Furthermore, the Animal Welfare Board of India (AWBI) promotes animal welfare and is the country’s largest funding organization. The organization provides grants, used for the maintenance of sheltered animals, rescued animals as well as birth control & immunization. Such schemes will result in higher pet adoption that will ultimately foster the demand for companion animal drugs in nearby future.
The medicated feed additives segment in the companion animal drugs market is predicted to witness 7.2% growth rate till 2027. Companion animals suffering from long-term treatments with chronic diseases can become stressed or sometimes become unmanageable for their owners. At such times, medicated feed additives act as an appropriate method to administer veterinary medicines to pets. The prescribed companion animal drugs through medicated feed additives offers a stress-free and safe treatment for animals. They also offer other advantages such as to refine the quality and nutritional content of the feed as well as help in overall growth and development of pet animals.
Companion animal drugs market for cats segment accounted for more than USD 4 billion in 2020. Cats are among most preferred companion animals in the world. As per the World Animal Foundation, currently there are well over 500 million domestic cats around the world. The consistent rise in acceptance of pet animals has enhanced the market value. Additionally, the increasing prevalence of various chronic diseases and other health issues in pets are resulting in augmented demand for companion animal drugs globally.
The injectable segment held 44% of the companion animal drugs market share in 2020. Injectables directly target different skin layers and are administered depending on animal type, surging the overall industry growth. Increasing prevalence of cancer, rabies and other infectious diseases along with growing vaccine development activities will stimulate the segment growth.
The veterinary clinics segment exceeded USD 3.39 billion in 2020 led by the growing number of companion animal surgeries with availability of highly skilled and specialized staff. Moreover, developing infrastructure and high-quality treatment driving the population preference will boost the drug distribution through these facilities during the forecast period.
The China companion animal drugs market size was around USD 565 million in 2020 on account of growing popularity of pet ownership, increasing spending on animal healthcare and surging awareness regarding the availability of numerous treatments available for companion animal diseases. According to the National Bureau of Statistics of China, the country is home to third largest pet dog’s population after U.S. and Brazil. Increasing pet adoption results in creating demand for healthy and nutritious food and seeking veterinary services for animals, thereby supporting the market growth.
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Boehringer Ingelheim International GmbH, Ceva, Zoetis, Elanco, Merck & Co, and Symrise are among the key players operating in the companion animal drugs market. Global as well as local leaders are significantly benefitting from a well-established network of their distributors. Getting approval from regulatory bodies and launching new products is among key strategy followed by the companies operating in the market to remain competitive.
Table of Contents (ToC) of the report:
Chapter 3 Companion Animal Drugs Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 - 2027 (USD Million)
3.3 Industry impact factors
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By product
3.4.2 By animals
3.4.3 By route of administration
3.4.4 By distribution channel
3.5 COVID-19 impact analysis
3.6 Porter’s analysis
3.7 Competitive landscape, 2019
3.8 PESTEL analysis
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https://www.gminsights.com/toc/detail/companion-animal-drugs-market
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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.