The global pet medication market is anticipated to grow at a significant CAGR during the forecast period (2022-2028). The rise in the pet population that can require medication is anticipated to drive the growth of the global pet medication market. For instance, according to the data published by American Veternity Medical Association (AVMA) in 2021, animal shelters are a source of new pet acquisition, accounting for 40.0% of cats and 38.0% of dogs in 2020. Further, the population of pet dogs is estimated between 83.7 million and 88.9 million in 2020. Similarly, the population of pet cats is estimated between 60 million and 61 million in 2020. Thus, the rise in the population is anticipated to drive the demand for the pet medication market.
Looking towards the demand for pet medications, key market players are adopting various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance, in October 2020, Boehringer Ingelheim Animal Health had launched VAXXITEK HVT+IBD+ILT to offer protection from infectious Laryngotracheitis, Marek’s Disease, and infectious bursal disease. According to the company, the vaccine has protected more than 100 billion birds from Marek’s disease and infectious bursal disease in more than 75 countries since its introduction in 2006. Further, in September 2020, Merck Animal Health, a division of Merck & Co Inc. has raised an awareness campaign regarding the importance of dog vaccination in recognition of World Rabies Day.
In February 2019, Union Therapeutics A/S has entered into a strategic veterinary partnership with Ceva Sante Animal SA. Under the terms of the agreement, Ceva will be developing UNI836 for the treatment of canine pyoderma. Canine pyoderma is considered one of the frequently occurring diseases in companion animals. Thus, Ceva indicates that UNI836 has the potential to serve as an essential treatment for companion animals. Thus, launches, strategic partnerships, and awareness campaigns are anticipated to drive the growth of the global pet medication market during the forecast period (2022-2028).
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape– Novartis International AG, Boehringer Ingelheim International GmbH, Merck & Co, and Kindred Biosciences among others.
A full report Pet Medication Market of is available at: https://orionmarketreports.com/global-pet-medication-market/93884/
Global Pet Medication Market Report by Segment
By Type
- Antibiotics
- Antimicrobial
- Antiparasitics
By Application
- Dogs
- Cats
- Horses
- Others
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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