Companion Animal Drugs Market is Estimated to Grow by ~ 4% YOY in 2020, Primarily Influenced by Growing Adoption of Pets across the Globe
The companion animal drugs market is anticipated to grow at a CAGR of ~ 5% during the forecast period of 2019-2029. Growing affluence and rising urbanization level, particularly in developing nations, have been fueling pet adoption, thus directing towards an increased requirement for healthcare products for pets such as companion animal drugs. Incessant urbanization has additionally ensued in the growing occurrence of several ailments, for instance, lower appetite, allergies, behavioral anxieties and reduced energy amid small companion animals. This has been boosting the requirement for medicines innovative classes such as companion animal drugs
Increasing Urbanization and Growing Affluence in Developing Countries to Benefit the Market
Increasing urbanization level and growing affluence, especially in developing countries, have been driving the adoption of pets, thus leading to increased demand for healthcare products for pets such as companion animal drugs. Continued urbanization has also resulted in increasing prevalence of various diseases such as allergies, lower appetite, reduced energy and behavioral anxieties among small companion animals. This has been driving the demand for innovative classes of medicines such as companion animal drugs.
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A recent market study published by Future Market Insights on the companion animal drugs market includes global industry analysis 2014-2018 & opportunity assessment 2019-2029, and delivers a comprehensive assessment of the most important market dynamics. After conducting a thorough research on the historical as well as current growth parameters of the companion animal drugs market, the growth prospects of the market are obtained with maximum precision.
Companion Animal Drugs Market: Segmentation
The global companion animal drugs market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
- Heart Worm Products
- Behavioral Products
- Nutritional Products
- Skin Care Products
- Veterinary Hospitals
- Veterinary Clinics
- Pharmacies and Drug Stores
- North America
- Latin America
- Western Europe
- Eastern Europe
- Middle East and Africa
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Key Factors Shaping the Companion Animal Drugs Market
- Increasing Rate of Pet Obesity
- Emergence of New Technologies, Especially in Biologics
- Growing Prominence of Online Veterinary Pharmacies
Key players operating in the global companion animal specialty drugs market are Zoetis, Inc., Merck & Co., Inc., Bayer AG, Elanco (a division of Eli Lilly & Company), Boehringer Ingelheim Animal Health Gmbh, Ceva Sante Animale S.A., Aratana therapeutics, Merial (acquired by Boehringer Ingelheim), The J.M Smucker Company, Mars, and Beaphar.
Insights Covered in the Global Companion Animal Drugs Market Research Report:
- Research report offers the impact analysis of COVID-19 pandemic on the global Companion Animal Drugs Market.
- Information covering each region & countries will be listed, in order to categorize the issues caused by the corona virus disease on the industry.
- Market sizing &forecasting and Y-o-Y growth rate estimation of different segments and sub-segments of the market.
- Assessment of the global market and its valuations regarding the market growth at each level (Global, Region & Country) are included.
- Market dynamics section offering leading growth factors, challenges, industry trends and opportunities for upcoming & prominent players in the market.
- Providing detailed analysis of recent government policies & funding on new growth avenues in order to tackle the market barriers & threats.
- Enlisting the strategies adopted by the major & leading market players in order to analyze how these strategies will help them to grow.
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