Companion Animal Drugs Market Size

Companion Animal Drugs Market Size

Companion Animal Drugs Market size exceeded USD 13.1 billion in 2022 and is poised to depict over 6.8% CAGR through 2023-2032, owing to the escalating pet population and investment in veterinary clinics.

The adoption of furry animals, especially companion dogs, has been growing at an exponential pace across the globe. Smaller and senior dogs are typically the pet of choice for retirees as the majority are housebroken and can adjust to a quieter lifestyle while offering companionship. According to the CDC, pet ownership is also associated with decreased blood pressure, stress, cholesterol levels, and anxiety, further promoting the adoption of companion animals. This will, in turn, lead to a stronger focus on maintaining the health of pet animals, driving up demand for effective companion animal drugs

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In developing nations, out-of-pocket expenditure on common veterinary medications is low, mainly due to poor per capita income. Additionally, there is a lack of awareness regarding insurance policies from private and public institutions for animal health promotion and disease prevention. These factors may create roadblocks to veterinary drug development to some extent. Despite these setbacks, the mounting investment in veterinary chains and the expansion of their regional business footprint may create lucrative opportunities for industry growth.