Global Companion Animal Drugs Market Report 2022: Consistent Levels of R&D Driving Sector Growth
Growing at a CAGR of 5%, the global Companion Animal Drugs Market is anticipated to increase from a valuation of US$ 36.94 Billion in 2022 to US$ 47.23 Billion by the end of 2027.
According to the report, increasing focus on pet healthcare
is likely to contribute to the build-up of the companion animal drugs market by
the end of 2029. Inclination towards compounded drugs to maintain animal health
and welfare is expected to increase the sales of companion animal drugs market
in 2019 and beyond.
Collaborative Ventures to Promote the Companion
Animal Drugs Market Growth
Collaborative ventures such as One Health promotes
unification of veterinary and medical sciences, leading to better disease
surveillance, control and education, especially for companion animals such as
dogs and cats. One Health venture enables identification of alteration in
infection travelling patterns.
The patterns are changing mostly in case of parasites due
to change in climate and increasing host-vector interactions. Some
organizations helping in monitoring of One Health in companion animals are
Companion Animal Parasite Council and European Scientific Counsel Companion
Animal Parasites.
Such ventures are expected to complement the growth of the
companion animal drugs market.
Low Awareness of Animal Diseases to Hamper the
Companion Animal Drugs Market Growth
In many developing countries, people lack awareness
regarding certain serious companion animal diseases as opposed to livestock
diseases, which are more regularly monitored. This is primarily true with
regards to pet vaccinations, which is a mandatory requirement for up to three
years. Additionally, parasitic medications for companion animals and livestock
are different. Lack of awareness with regards to differentiation of these
medication varieties leads to adverse drug side effects and thus low administration
of companion animal medications. Such factors are likely to create a hindrance
in the growth of the companion animal drugs market.
Also, majority of animal healthcare drugs have limited
scope for patent extension, primarily due to drug portfolios dominated by drugs
that have crossed maturity, which in turn is expected to deter the growth of
the companion animal drugs market over the forecast period.
Who is winning?
The global market is set to expand its scope in the
forecast period, due to rising prevalence of orthopedic disease globally and
adoption of 3D bioprinting at various stages of development of orthopedic
implants by medical manufacturers. In addition to this, cost effectiveness and
increase adaption of 3D bioprinting in dental and regenerative medicine
application has augmented the sales of 3D bioprinting.
The key market players covered by FMI include 3D Systems,
Inc, GE Healthcare (Concept Laser, Arcam AB), EOS GmbH Electro Optical Systems,
Renishaw plc, Stratasys Ltd, Ltd, EnvisionTEC, Formlabs, Inc And Organovo
Holdings Inc, and Advanced Solutions Life Sciences, consolidating their
positions through mergers, acquisitions and new product launches.
Companion Animal Drugs Industry Survey
Companion Animal Drugs Market by Product:
- Antibiotics
- Anti-inflammatory
- Parasiticides
- Heart
Worm Products
- Behavioral
Products
- Nutritional
Products
- Skin
Care Products
- Vaccines
Companion Animal Drugs Market by Distribution
Channel:
- Veterinary
Hospitals
- Veterinary
Clinics
- Pharmacies
and Drug Stores
Companion Animal Drugs Market by Region:
- North
America Companion Animal Drugs Market
- Latin
America Companion Animal Drugs Market
- Europe
Companion Animal Drugs Market
- East
Asia Companion Animal Drugs Market
- South
Asia & Pacific Companion Animal Drugs Market
- Middle East & Africa (MEA)
Companion Animal Drugs Market
Read More@ https://www.futuremarketinsights.com/reports/companion-animal-drug-market
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