Global Pet Veterinary Drugs Market: Overview
The global pet veterinary market is expected to grow at a stable rate during the forecast period. A lot of importance is being given to pet care including vaccinations, good feed, and better healthcare facilities. The rising number of pet adoption is likely to increase the growth avenues of the global pet veterinary drugs market.
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Global Pet Veterinary Drugs Market: Notable Developments
Some of the key developments in the global pet veterinary drugs market are:
- In June 2019, the researchers from Copenhagen University have collaborated with researchers from Novo Nordisk Foundation Centre specialized in basic metabolic research. Together they are studying the cats with type 2 diabetes. The study says that the gut composition of cats suffering from diabetes is different from hale and hearty cats.
- Bartell Drugs, a chain drug store in Washington, the U. S. is leading in offering CBD products to their customers (pet owners). The company has started offering products such as Wet noses to help in pet anxiety and stress. The pet owners have a positive view about the CBD products.
Some of the leading players operating in the global pet veterinary drugs market include Bayer AG, Zoetis, Boehringer Ingelheim International GmbH, and Merck Animal Health.
Global Pet Veterinary Drugs Market: Drivers and Restraints
The factors responsible for growth of the global pet veterinary drugs market are as follows:
FDA Approval to Promote Pet Veterinary Drugs Market
All the animal drugs that are available with veterinary manufactures are patented and FDA approved. This could expand the global pet veterinary drugs market during the forecast period.
Additionally, the act passed under ‘Generic Animal Drug and Patent Restoration ‘where FDA calls every company that has patented drugs to list out information regarding drug and method of using. This shall further add to the growth opportunities in the global veterinary drugs market.
Further, rising awareness to keep the pets away from diseases and infections are expected to pave the way for the expansion of the pet veterinary drugs market.
The new animal drugs cannot be sold in the market without the approval of New Animal Drug Application, states Federal Food, Drug, and Cosmetic Act. The drug has to meet all the requirements including its study and effectiveness of drug before it gets conditionally approved by a certification knows CNADA(Conditional New Animal Drug Application). This gives the assurance of safety to the manufacturers which in turn could lead to growth opportunities in the global pet veterinary drugs market.
On the contrary, the rising number of unknown infections and diseases may dampen the global pet veterinary drugs market.
Nonetheless, the stringent regulations from government towards animal care including farm animals are projected to expand the global pet veterinary drugs market over the forecast period.
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Asia Pacific Exhibits Lucrative Growth Avenues
So far North America registered a highest growth due to increasing pet adoption. However, Asia Pacific is expected to emerge has an impressive market during the forecast period. The growth can be attributed to rising pet adoption and rising number of pet care clinics are anticipated to the contribute towards the growth of the global pet veterinary drugs market.
For an instance- according to International Euromonitor, around 600, 0000 pets are being adopted every year in India alone. India is growing at a staggering rate in terms of pet adoption, may aid in the expansion of the global pet veterinary drugs market in the upcoming years.
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