Companion Animal Drugs Market Report 2023: R&D Consistency Drives Sector Growth

The global companion animal drugs market is predicted to increase at a 4.4% CAGR to US$ 59.2 billion by the end of 2033, up from US$ 36.7 billion in 2022.

Pets are given companion animal medications to keep them healthy and protected from infections and other health problems. When an animal undergoes surgery, a companion animal veterinarian administers medications to cure wounds, diagnose various ailments, and so on.

Companion animal medications are essential for keeping pets healthy while also protecting the entire family who cares for them from any health risks that the pets may pose. Companion animal drugs are regularly used by dogs, cats, horses, and other companion animals.

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.

Upcoming Therapeutic Innovations in Pet Care to Aid Market Growth
Besides traditional drugs, animal health companies have also been investing in smart diagnostic care to help prevent diseases before the actual onset. Companies are also trying to develop generic capabilities to demonstrate bioequivalence to reference prescription drugs in the companion animal drugs market, as many key drugs no longer benefit from intellectual property protection. The development of new vaccines and medications for animals are expected to support the growth of the companion animal drugs market over the forecast period.

Key Players in the Companion Animal Drugs Market:

  • Zoetis Inc.
  • Merck & Co, Ltd.
  • Bayer AG
  • Elanco
  • Boehringer Ingelheim GmbH (Merial)
  • Virbac Animal Health
  • Ceva Santè Animale

Read More@ https://www.futuremarketinsights.com/reports/companion-animal-drug-market

Key Segments Covered in Companion Animal Drugs Industry Research

Product:

  • Antibiotics
  • Anti-inflammatory
  • Parasiticides
  • Heartworm
  • Behavioral Products
  • Nutritional Products
  • Skin Care Products
  • Vaccines

Distributional Channel:

  • Veterinary Hospitals
  • Veterinary Clinics
  • Pharmacies and Drug Stores

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