Published on : May 26, 2020
The demand within the global companion animal drugs market is slated to tread along an ascending graph in the years to follow. Adoption of pet animals is not new trend, but has certainly become more prominent in recent times. Several research studies establish a relationship between mental wellbeing of individuals and petting of animals by those individuals. Furthermore, the trend of nuclear families across the west has led people to adopt pet dogs and cats. Other companion animals have also become the top choices for people willing to introduce pets in their family. Considering the factors stated above, it is safe to believe that the global companion animal drugs market would grow by leaps and bounds in the times to follow.
A report added by Research Moz on the global companion animal drugs market is a deft representation of the forces that have aided market growth. The report is a comprehensive outlook on the growth dynamics of this market.
Improvements in Veterinary Treatments
Advancements in veterinary treatments have paved way for increased demand within the global companion animal drugs market. Vets lay immense emphasis on testing and analysis drugs administered in ailing animals. Moreover, the quest of veterinary centers and animal welfare institutes to foster wellbeing of companion animals has become a popular trend. Therefore, the global companion animal drugs market can possibly reap positive revenues from several sources. Apart from cats and dogs, several other animals are domesticated by people. The need for maintaining the health of these animals has necessitated the availability of companion animal drugs.
Increasing Adoption of Pets
The American Pet Products Association (APPA) found that roughly 68% of the US households has a pet animal in 2016. Besides, adoption of pets in Europe has also gained momentum in recent times. Research studies point to the preference of people to pet animals at home rather than socialising at events and parties. Moreover, several people consider their pets to be a member of their family, and they spend a large portion of their income on grooming their companion animals. This factor, coupled with the promotion pet products, has played a key role in popularising companion animal drugs. Furthermore, the emotional support offered by pets to people has also driven adoption of companion animals.
IntelGenx Corp. Initiates Feasibility Studies
IntelGenx Corp. has recently announced its agreement to conduct feasibility studies with an undisclosed partner. The feasibility study in meant to help the company venture into the animal health products business. IntelGenx Corp. is a renowned player in pharmaceutical films, and has a proven record in delivering quality products. As the company makes rapid strides of innovation, the new business line could help them reap voluminous revenues. Furthermore, the company envisions developing unique ways of delivering drugs to companion animals. IntelGenx Corp. is expected to contribute towards enhancing the growth dynamics of the global companion animal drugs market. Some of the notable vendors in the market are Zoetis, Inc., Merial (Boehringer Ingelheim), Merck & Co., Inc, Bayer AH, Sanofi, and Vibrac SA.
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Growth of North America Market
The growing adoption of pets across the US and Canada has played a key role in driving sales across the North America companion animal drugs market. Moreover, introduction of pet welfare schemes in Europe has also played to the advantage of the market vendors. The Asia Pacific market is gradually gaining momentum as pet adoption magnifies across India and China. India is characterised by extensive farming of dairy animals. However, dairy animals are not covered in the definition of companion animals. For this reason, several types of drugs used for dairy animals are unaccounted for in the global companion animal drugs market.