Companion Animal Pharmaceutical Market Expected to Grow at a CAGR of 7.6%

New York, Global Pet Pharmaceuticals Market was valued at USD 12.9 Billion in 2021 and it is expected to grow at a CAGR of 7.6% during the forecast period to reach USD 26.8 Billion. 2031.

The Global Pet Pharmaceuticals Market report from Global Insight Services is the only authoritative source of information on the Pet Pharmaceuticals market. The report will provide you with an analysis of the impact of the latest market disruptions such as the Russian-Ukrainian war and Covid-19 on the market. The report provides qualitative analysis of the market using various frameworks such as Porters and PESTLE analysis. The report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. The report also includes a comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, and recent events such as merger and acquisition activities in the market.

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Rising adoption of pets owing to increasing urbanization and increasing number of nuclear families is among the major drivers for the growth of the market. Growing attention on animal health along with growing demand for pet insurance, especially in developed countries, will increase the expansion of the market. The constant increase in the number of diseases affecting animals in turn generates a demand for medicines for pets. In addition, industrial growth is attributable to the increasing incidence of zoonoses and foodborne diseases around the world.

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Market trends and drivers

The key factors such as increasing prevalence of zoonotic diseases are driving the growth of the market over the forecast period. Some pathogens, such as zoonoses, can be transmitted from animals to humans. Examples of zoonotic diseases include rabies, salmonellosis, plague, brucellosis, and Lyme disease. Animals also share our susceptibility to certain diseases and environmental hazards and can serve as an early warning for possible human infections. Over the past two decades, the incidence of zoonotic diseases has increased worldwide, mainly due to the increase in the pet population.

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Global Companion Animal Pharmaceuticals Market Segmentation

The report analyzes the global companion animal pharmaceuticals market based on indication, animal type, distribution channel and region.

Based on the indication, it is segmented into infectious diseases, dermatological diseases, orthopedic diseases, pain, behavioral disorders and other indications. Dermatology segment is likely to dominate the market during the forecast period. The rising prevalence of arthritis coupled with the increasing need for advanced orthopedic drugs and growing pet population are key factors driving the growth of the market.

Regionally, it is studied in North America, Europe, Asia-Pacific and the rest of the world. The North American region is expected to hold the major share of the market over the forecast period. Factors attributed to the growth of the market are a well-established base of animal health industries coupled with increasing incidence of parasitic infections, large number of hospitals and clinics, growing pool of veterinarians, and growing expenditures on animal health in the region. . The growing number of research activities and fundraising and awareness campaigns in the field of veterinary health management is fueling the growth of the market.

Key Players in the Companion Animal Pharmaceuticals Market

The key drivers of the global companion pharmaceuticals market are Zoetis Inc. (US), Merck & Co., Inc. (US), Boehringer Ingelheim GmbH (Germany), Elanco Animal Health Incorporated (US), Ceva Santé Animale (France), Virbac (France), Vetoquinol SA (France), Dechra Pharmaceuticals plc (UK), Chanelle Pharma (Ireland), Kyoritsu Seiyaku (Japan), Zydus Animal Health and Investments Limited (India), Tianjin Ringpu Bio-Technology Co., Ltd. (China), HIPRA (Spain), Norbrook Holdings Limited (UK), Inovet (Belgium), Endovac Animal Health (USA), ECO Animal Health Group plc (UK), Indian Immunologicals Ltd. (India), ALS Pvt. ltd. (India) and Lutim Pharma Pvt. ltd. (India).

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