Global demand for the companion animal health industry
Posted by susanhill on July 23rd, 2019
The global companion animal health market size is expected to reach USD 25.54 billion by 2026, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 6.1% during the forecast period. Increasing prevalence of zoonotic diseases is among high impact rendering drivers for this market.
Efforts undertaken by various animal welfare organizations at the country and regional levels, are anticipated to positively influence the growth. These organizations work closely with various partners, including national ministries of health, World Organization for Animal Health (OIE), World Bank, Food and Agriculture Organization (FAO), and United Nations System Influenza Coordination (UNSIC). The National Center for Emerging and Zoonotic Infectious Diseases (NCEZID) is engaged in preventing, tracking, detecting, and responding to outbreaks of infectious diseases in U.S. and other countries.
Growing investments by key players to develop advanced pet care solutions is projected to further propel the companion animal health market. For instance, regulatory departments in Brazil, South Africa, and India are helping various R&D centers by listing specific requirements of their countries. This has urged market players to initiate product development as per requirements of different countries. Key companies are actively focusing on innovation and development in pet care. For instance, Zoetis developed Cytopoint, the first monoclonal antibody for veterinary use, for the treatment of atopic dermatitis in dogs.
Further key findings from the report suggest:
About Grand View Research, Inc.:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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