A new report by XploreMR studies the growth drivers, trends, restraints, and highlights of the global companion animal speciality drugs market. Presenting exclusive insights into the market from 2019 to 2029, the report projects that the market will witness steady growth during the forecast period. Companion animals, such as dogs, cats, birds, rabbits, horses, and goats, among other animals are mainly kept for accompanying the owner, entertainment, and safety. As consumers increasingly care for the health and welfare of their companion animals, the companion animal speciality drugs market will continue to gain lucrative opportunities. The growth of the market is mainly due to a gradual shift towards maintaining animal health in developing economies, increasing popularity of compounded drugs, and the affordability of veterinary drugs. In addition, technological advancements and researches in biologics such as recombinant DNA vaccines for dogs will also drive the growth of the market.
High Number of Pets Subsequently Increase Demand for Speciality Drugs
According to a survey by American Pet Products Association, more than 62% of the U.S. households - which is nearly 72.9 million households - include at least one companion animal. In the said survey, it was noted that owners look towards their pets in situations where they felt happy, sad, or wanted to share a secret. Moreover, it is also believed that people with pets tend to have lower blood pressure, are less prone to heart diseases, and have a low risk of stress. The rising number of pets, and increasing awareness regarding the spread of diseases from pets to humans, contributes to the growth of the companion animal speciality drugs market. Furthermore, the burgeoning number of nuclear families, which care for companion animals, will propel the demand for the drugs. Humanization of animals is another important factor, which can increase the growth of the companion animal specialty drugs market.
North America Reigns Supremacy over Regional Landscape
North America is expected to remain the most lucrative region for companion ay drugs market, on the back of a high number of companion animals in households and increasing urbanization. As people in the region depend on pets for emotional support, the market in the region is expected to flourish through the forecast period. Closely following North America is Europe, which will remain the second most lucrative region for the market. On the other hand, Asia Pacific is expected to exhibit substantial growth in revenue, backed by an increasing number of pets and growing humanization of pets.