Companion Animal Therapeutics: Introduction
- Companion animals such as horses, cats, and dogs are increasingly playing an important part in the lives of several people. They provide friendship and a sense of responsibility, demand care and attention, and respond with love.
- Numerous studies have shown that positive health benefits, such as lowered blood pressure, decreased anxiety, decreased cardiac arrhythmias, greater psychological stability, and improved well-being are associated with owning a companion animal. Furthermore, animal-assisted therapy offers several recognized advantages and is becoming common in numerous areas of human healthcare.
Key Drivers and Restraints of Global Companion Animal Therapeutics Market
- Increase in investments by government bodies
- Government initiatives play an important role in the expansion of the companion animal therapeutics market. For instance, compulsory immunization policy in China, availability of affordable vaccine, awareness programs and funding for research & development are likely to drive the overall companion animal therapeutics market.
- The Biotechnology and Biological Sciences Research Council (BBSRC) funded GBP 5.7 million for the development of companion animal therapeutics to the London School of Hygiene and Tropical Medicine in December 2018. Thus, favorable government initiatives boost the demand for companion animal therapeutics globally.
- Stringent Regulations
- Product exclusivity period is only three years to five years in the animal healthcare industry. Shorter exclusivity period results in increased competition from generics and over-the-counter (OTC) products. Increase in generic competition lowers product sales. Additionally, stringent regulations for product approval and thus limited therapeutics production hamper the global companion animal therapeutics market.
Companion Animal Therapeutics Market: Segmentation
- In terms of indication, the global companion animal therapeutics market can be divided into infectious diseases, dermatological diseases, orthopedic diseases, behavioral disorders, and others
- In terms of animal type, the global companion animal therapeutics market can be split into dogs, cats, horses, and other companion animals
- Based on distribution channel, the global companion animal therapeutics market can be segregated into veterinary hospitals, retail pharmacies, and online pharmacies
Asia Pacific Companion Animal Therapeutics Market to Expand at a Rapid Pace
- In terms of region, the global companion animal therapeutics market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America is expected to account for a notable share of the global companion animal therapeutics market. Organized nature of animal healthcare industry and increase in pet ownership are major factors driving in the market. The U.S. has the highest number of pets globally.
- Europe is expected to hold the second-largest share of the market. The region has highly organized animal healthcare industry. This helped it to strengthen its position in the global market.
- The market in Asia Pacific is projected to expand at a notable CAGR during the forecast period due to a rise in awareness about companion animal therapeutics among the middle class population and increase in government support in the region.
Leading Players Operating in Global Companion Animal Therapeutics Market
The global companion animal therapeutics market was highly fragmented in 2018. Key players operating in the global companion animal therapeutics market are:
- Aratana Therapeutics, Inc.
- Bayer AG
- Boehringer Ingelheim GmbH
- Ceva Sante Animale
- Dechra Pharmaceuticals plc
- Eli Lilly and Company
- Merck & Co., Inc.
- Zoetis, Inc.
Global Companion Animal Therapeutics Market: Research Scope
Global Companion Animal Therapeutics Market, by Indication
- Infectious Diseases
- Dermatological Diseases
- Orthopedic Diseases
- Behavioral Disorders
Global Companion Animal Therapeutics Market, by Animal Type
- Other Companion Animals
Global Companion Animal Therapeutics Market, by End-user
- Veterinary Hospitals
- Retail Pharmacies
- Online Pharmacies
Global Companion Animal Therapeutics Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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