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Description
Companion Animal Healthcare Market size was expected to grow from USD 15.8 billion in 2021 to reach USD 22.5 billion in 2028 at a CAGR of 6.4% during forecast period 2022-28. Companion animals have been trusted for their companionship to the human throughout the history and keeping companion animals healthy is a top priority for caregivers everywhere in the world. Several studies on human and companion animals’ interactions showed that owning a pet animal associated with positive health benefits. It is essential to veterinarians and caregivers to give utmost attention to companion animal health as companion animals are primary source of zoonotic diseases spread to humans and vice versa. The market is expected to grow positively over the forecast period owing to increasing rates of pet ownership, rising life expectancy for companion animals, increased number of products for treating various companion animals ailments and advances in animals healthcare services and medicines. Apart from the aforementioned factors, increasing per pet expenditure and pets are increasingly becoming part of the families in several emerging and developed economies prompting the key stakeholders to opt for better products and this in turn driving the companion animal healthcare market positively over the forecast period. However, increased treatment failures due to drug resistance, decreasing compliance to the treatments due to efficacy challenges of products are expected to hinder the market revenue growth of the market over the period of forecast.
Key Developments:
In July 2016, Merck Animal Health, known as MSD Animal Health outside of the United States and Canada, received U.S. Food and Drug Administration’s approval for BRAVECTO (fluralaner topical solution) a topical treatment for fleas and ticks for both cats and dogs
In 2014, Virbac SA, signed ten years collaboration agreement with biopharmaceutical company Nexvet to develop of new monoclonal antibody-based veterinary medicines. The first medicine under the agreement between Virbac and Nexvet, NV-01, targets the control of pain associated with osteoarthritis in dogs.
