Since the beginning of 2020, an increasing number of countries across the globe have shut down their borders and limited transportation and travel to contain the coronavirus (COVID-19) outbreak, creating impediments for international trade and transportation. This disrupted the supply chain for the companion animal pharmaceuticals market, temporarily leading to a decline in the demand for these products. The dermatologic diseases segment is expected to grow at the highest CAGR during the forecast period. The increasing prevalence of arthritis, rising need for advanced orthopedic drugs, and growing pet population are some of the key factors driving the growth of this segment.
The development in this market is significantly determined by the development in companion animal proprietorship, rising prevalence of zoonotic illnesses, rising interest for pet insurance with the developing animal wellbeing consumption, and drives by different government organizations and animal affiliations. Then again, the set number of new anti-toxins, rising pet consideration expenses, and increasing expense of vaccine stockpiling are relied upon to control the development of this market during the estimate time frame.
With the flood in companion animal populace and expanding animal wellbeing consumption, India and China grandstand high-development opportunities for players in the APAC animal wellbeing industry. Additionally, numerous players from global markets are zeroing in on putting resources into these nations to extend their essence and guarantee long haul income development.
The prominent players in the global companion animal pharmaceuticals market are Zoetis Inc. (US) Merck & Co., Inc. (US) Boehringer Ingelheim GmbH (Germany) Elanco Animal Health Incorporated (US), Virbac (France), Ceva Santé Animale (France), Vetoquinol S.A. (France), and Dechra Pharmaceuticals plc (UK).
The global companion animal pharmaceuticals market has five key regions that define its geographical landscape. These regions are Latin America, Europe, Middle East and Africa, North America, and Asia Pacific. Of these important regional segments, the global market is currently dominated by the region of North America. The growth of the region is fueled by the growing prevalence of pet obesity cases. In recent years there has been a substantial growth in such cases and thus the development of the market is highest in the region. Moreover, the number of people buying pets is also increasing per year. This too is expected to play an important role in the development of the companion animal pharmaceuticals market in North America.
On the other hand, the regional segment of Asia Pacific is expected to show most promising growth rate over the course of the given forecast period. The growth of the regional segment can be attributed to increasing trend of pet adoption in countries such as India, Bangladesh, China, and Singapore among others. India in particular is one of the most lucrative markets for the development of the companion animal pharmaceuticals market. The government is putting a lot of efforts in the development of the veterinary healthcare infrastructure and is thus presenting several lucrative business opportunities for the development of local market.
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