Companion Animal Drugs Market Competitive Landscape Comprises Share Of Key Players, New Developments And Strategies

Precision Business Insights published a research report on "Companion Animal Drugs Market by Product Type (Antimicrobials, Ectoparasiticides, Endoparacitides, Endectoparaciticides, Anti-inflammatory Drugs, Anti-Obesity Drugs, Behavioral Products, Biologic Drugs and Others), By Animal Type (Feline, Canine, and Equine), By Route of Administration (Oral, Parenteral, Topical, and Others), Distribution Channel (Veterinary Pharmacies, Veterinary Hospitals, Veterinary Clinics, and E-Commerce) and Geography - Global/Region/Country Forecast to 2027"

Companion animals undergoing long-term therapy for chronic illnesses become anxious and difficult to manage for their owners. These companion animal medicines increase the nutritional content of the diet and aid in the development and growth of pets by medicated feed additives. Owing to the growth in viral illnesses, dermatologic diseases, and orthopedic ailments, companion animal medicines are becoming more widely used across the global. Several medicines, vaccinations, and medicated dietary supplements for companion animals are utilized in the diagnosis, prevention, and treatment of various animal illnesses. Essential pharmaceutical items are used to treat ailments in companion animals also including heartworm, rabies, renal disease, cancer, and Lyme disease, among others.

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COVID-19 has had an influence on a variety of industries, including companion animal healthcare. COVID-19 positive animals, such as pet cats and dogs, were reported in large numbers during the early stages of the epidemic. Because of the high prevalence of the disease in these animals, R&D and need for companion animal drugs has increased. During the epidemic, the government continued to finance animal drug development. Every industry, including animal health, is reporting technological advancements, which is propelling the market forward. The market will grow as people become more interested in mobile applications that track animal health behaviors, nutritional intake, and notifications for pet care services. Pet cameras and automatic feeders are among the most common advancements in animal welfare. Pet care supplies, vitamins, vaccines, injections, medicines, and other items are available from veterinary internet pharmacies. In growing markets, e-commerce platforms have a high level of acceptability, which helps businesses expand their income. As a result, the adoption of digital platforms in veterinary care and a movement in customers’ preferences toward online services will boost total market demand.

On the basis of Distribution Channel, the market is divided into Veterinary Hospitals, Pharmacy and Drug Stores, E-commerce, and Veterinary Clinics. On the basis of Route of Administration, the market is divided into Oral, Topical, Injectable, and Others. On the basis of animals, the market is segregated into Dogs, horses, cats, and others. On the basis of Product, the market is segmented into drugs, which is further divided into Antiparasitic, Anti-infectives, Anti-inflammatory, Tranquilizers, Corticosteroids, Gastrointestinal Drugs, Cardiovascular Drugs, and Topical Glucocorticoids. On the basis of vaccines, the market is divided into Modified Live Vaccines (MLV), Recombinant Vaccines, and Killed Inactivated Vaccines. On the basis of Medicated Feed Additives, the market is classified into Antibiotics, Amino acids, Vitamins, Prebiotics and probiotics, Antioxidants, Enzymes, Carbohydrates, Propandiol, and Minerals.

Due to the extreme steady growth in pet acceptance in the United States, the companion animal drugs market in the United States commanded more than 87 percent of revenue share in the North America area in 2020. Increasing adoption rates in the United States, combined with supportive factors such as growing urbanization and rising public awareness of pet well-being, are fueling market revenue. Moreover, improved health infrastructure, stricter regulatory standards for animal healthcare, and higher investment on R&D activities are expected to drive demand for companion animal medicines in the future.

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There are several industry players working in the companion animal drugs market, which include Bayer AG (Germany), Boehringer Ingelheim GmbH (Germany), Ceva Santé Animale (France), Eli Lilly and Company (U.S), Hester biosciences (India), Merck & Co., Inc. (U.S), Vétoquinol S.A. (France), Virbac S.A. (France), Zoetis Inc. (U.S)

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