Companion Animal Drugs Market: Introduction
· Companion animal drugs are administered to pet or companion animals in order to keep them healthy and safe from diseases and other health issues
· A companion animal veterinarian provides drugs to the animals when they undergo surgeries, to treat wounds, to diagnose various illnesses, etc. Therefore, companion animal drugs are highly essential for animals in order to keep them healthy and also to keep the entire caretaking family free from any health hazards that can be caused through animals.
· Companion animal drugs are commonly utilized on various companion animals such as dogs, cats, horses, etc.
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Key Drivers, Restrains, and Opportunities of Global Companion Animal Drugs Market
· Rising number of companion pet adoption centers globally where companion animals need to be kept safe is increasing the demand for companion animal drugs to keep them healthy and safe. On the other hand, popularity of pet grooming centers is also increasing and hence, these centers provide various drugs for the pets to keep them healthy. This is propelling the demand for companion animal drugs.
· Increasing pet diseases that can cause serious effects on humans, such as zoonosis, fuels the need to provide drugs to animals in order to prevent these kinds of infection and to keep caretakers as well as the animals safe
· However, risks or chances of side-affects, such as mild vomiting, exists after the intake of a drug if it is not suited or administered in excess amount. This is a major factor restraining the companion animal drugs market.
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North America to Capture Major Share of Global Companion Animal Drugs Market
· In terms of geography, the global companion animal drugs market is segmented into five regions; North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
· North America is expected to account for a major share of the global companion animal drugs market due to increased spending on pet health. According to the Animal Health Institute, around 67% of people in the U.S. own companion pets, which comes to around 400 million pets. Therefore, an increase in number of pets is estimated to increase the demand for surgeries when the pets undergo various health conditions. Moreover, favorable government initiatives in implementing pet insurance as well as pet safety are also estimated to further propel the companion animal drugs market in North America.
· Europe is the second-leading market for companion animal drugs globally, as the animal health industry was valued at around US$ 7 billion in 2020. This is likely to fuel the companion animal drugs market in Europe.
· The companion animal drugs market in Asia Pacific is estimated to expand at a rapid pace during the forecast period owing to a rise in the number of pet care centers and veterinary clinics that are improving companion animal treatments by providing various drugs and subsequently, fueling the need for companion animal drugs.
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Key Players Operating in Global Companion Animal Drugs Market
The global companion animal drugs market is growing rapidly due to the presence of prominent key players as well as start-ups. Most companies are implementing new strategies for development of innovative companion animal drugs that cause less side-affects. Consequently, these factors are anticipated to drive the global companion animal drugs market.
Major players operating in the global companion animal drugs market are listed below:
· Merck Animal Health (Merck & Co., Inc.)
· Boehringer Ingelheim International GmbH.
· Elanco Animal Health Incorporated
· Virbac S.A.
· Biogenesis Bago SA
· Piramal Group
· Zoetis
· NEOGEN Corporation.
· Vetoquinol S.A.
· Ceva Santé Animale
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