Companion Animal Health Market Size Worth $20 Billion by 2025
The global companion animal health market is expected to reach USD 20.9 billion by 2025, according to a new report by Grand View Research, Inc. Increasing prevalence of zoonotic diseases is among high impact rendering drivers of this market. Various efforts are being undertaken at the country & regional levels by animal welfare organizations that works closely with various partners, including national ministries of health, World Organization for Animal Health (OIE), World Bank, Food and Agriculture Organization (FAO), and United Nations System Influenza Coordination (UNSIC).The National Center for Emerging and Zoonotic Infectious Diseases (NCEZID) is engaged in preventing, tracking, detecting, and responding to outbreaks of infectious diseases across the U.S. and other countries.
Growing investments by key market players to develop advanced solutions for pet care is one of the key contributors to the growth of the companion animal health market. For instance, regulatory departments in Brazil, South Africa, and India are helping various R&D centers by listing specific requirements of their countries. This has urged market players to initiate product development as per requirements of different countries. Key companies are actively focusing on innovation and development in pet care. For instance, Zoetis developed Cytopoint, the first monoclonal antibody for veterinary use for the treatment of atopic dermatitis in dogs.
– Dogs accounted for the largest share of the animal type segment owing to health benefits associated with the adoption of pets, increase in awareness, and demand for efficient care for dogs
– The cats segment is anticipated to witness exponential growth owing to significant rise in the ownership for cats and greater cost-efficiency in comparison with the adoption of dogs
– Pharmaceuticals captured a substantial share of the product segment in 2016. Continuous advancements in drug formulations is responsible for boosting their uptake
– Diagnostics are expected to grow at an exponential rate owing to increasing zoonotic infections, which is likely to boost the need for the establishment of diagnostic laboratories and point-of-care testing
– Hospital pharmacies accounted for the substantial share of the distribution channels segment in 2016. High procedural volume, resulting from frequent readmission of pets for treatment, has supported the growth of this segment’
– Veterinary hospitals & clinics accounted for the largest share owing to availability of a wide range of treatment as well as diagnostic options
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