Overview
Some socioeconomic, demographic, and psychological factors responsible for the rise in pet ownerships include affluent, aging empty nesters and their need for companionship; growing awareness over the health benefits of pet ownership increased use of pets for medical rehabilitation; rise in single person household and increased reliance on nonhuman social support. Emergence and spread of new disease strains in animals and their virulent jump across species will continue to drive demand for pet medication i.e. anthrax, cat-scratch disease, bird flu, rabies, ringworm etc. A key trend in the market is responsible use of pet medicines and ensuing interest in herbal alternatives and preference for hormone and antibiotic free medications. Global pet medication market is segmented into Antibiotics, Antimicrobials, Antiparasitics, and Chemotherapeutics. The antiparasitic drugs segment held the highest market share in this segment. These products are intended to prevent, repel or kill internal or external parasites such as intestinal worms, intestinal protozoans (Giardia, etc.), heartworms, fleas and ticks. Chemotherapeutics is expected to be the fastest growing segment in the pet medication market during the forecast period. Ban on antibiotics and antimicrobials mainly in the U.S. and European regions has been hindering the market growth. Countries such as UK, France, Germany have restricted the use of several antibiotics in animal feed; as a result, the antibiotics feed market is falling noticeably. By application, Global pet medication market is categorized into Cat, Dog, Horse, Fish and Other. Dogs held the largest market share owing to increase in the adoption of dogs and health benefits associated with them. Cats are anticipated to witness lucrative growth over the forecast period. Cats help reducing stress and anxiety, decrease risk of stroke and require less training. A companion animal primarily refers to cats and dogs, which are domesticated and normally maintained in or near the household of the owner or person caring for them. Pet or companion animals do not refer to a farm animal or cropping animals such as cattle, sheep, etc.
The companion animals are anticipated to witness exponential growth over the forecast period. Rise in adoption of companion animals owing to various advantages such as lowered blood pressure, greater psychological stability, and reduced anxiety attacks are anticipated to create growth opportunities for the market over the forecast period. Geographical wise, The U.S. and Europe represent large markets worldwide supported by the launch of new drugs and the availability of pet insurance, owing to the wide range of ultimate measures adopted by government animal welfare organizations that are regularly working for overall improvement in animal health. Furthermore, technological advancements, prevalence of zoonotic diseases, and increasing number of pet owners is expected to boost the regional growth. Several collaborative efforts undertaken by major companies to enhance their R&D capabilities and to ensure high quality standards are anticipated to impel the demand further across this region. Some of the major players and participants of global pet medications market include Bayer, Boehringer Ingelheim Vetmedica, Ceva Sante Animale, Novartis, Elanco, Merial, Merck Animal Health, Virbac, Ceva, Vetoquinol, Nexvet, Zoetis and others. The pet medication industry has undergone consolidation, most notably with the closing of Boehringer Ingelheim’s acquisition of Merial, making BI the second-largest player globally. Other significant deals included PetIQ’s IPO and a large investment in Vets First Choice. The Vets First Choice investment points to the Internet's effect on pet meds distribution, ranging from mainstream channels such as Amazon, to Chewy.com as a pet product specialist, to pet drug-specific outlets such as 1-800-PetMeds.
Major players in the Market are identified through secondary research and their Market revenues determined through primary and secondary research. Secondary research included the research of the annual and financial reports of the top manufacturers; whereas, primary research included extensive interviews of key opinion leaders and industry experts such as experienced front-line staff, directors, CEOs and Marketing executives. The percentage splits, Market shares, growth rate and breakdowns of the product Markets are determined through using secondary sources and verified through the primary sources. Inquiry about report OR ask for Sample Report @ https://www.profsharemarketresearch.com/inquiry/pet-medication-marketreport-inquiry/ Global Pet Medication Market: Product Type Antibiotics Antimicrobials Antiparasitics Chemotherapeutics
Global Pet Medication Market: Application Cat Dog Horse Fish Other Global Pet Medication Market: Competitive Analysis Zoetis Merck Merial Elanco Bayer Boehringer Novartis Virbac Ceva Vetoquinol Nexvet Aratana Therapeutics Kindred Biosciences Ambrx Entest Biomedical Taconic Biosciences Pet Medication Market: Regional Analysis North America U.S.A Canada Europe France Germany Spain UK Rest of Europe
Asia Pacific China Japan India South East Asia Latin America Brazil Middle East and Africa
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