Kenneth Research recently added a report on Companion Animal Drugs Industry Marketin its database of market research reports which provides its readers an in-depth analysis on the latest trends, growth opportunities and growth drivers that are associated with the growth of the market. The report additionally shares critical insights on the COVID-19 impacts on the Companion Animal Drugs Industry Marketalong with the compound growth rate (CAGR) of the market for a projected period between 2022 and 2031. The report also includes analysis of the market by utilizing different analytical tools, such as PESTEL analysis and Porter’s five forces analysis. These tools also provide an in-depth analysis on the micro and macro-environmental factors that are associated with the growth of the market during the forecast period.
In Q4 2021, U.S. current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, country’s goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches highest at 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point impacting the economic activity in the U.S, pushing consumers to spend less on the products and services and save more.
On the other hand, the worst is expected to be seen in the European countries, especially during 2022 winters. The energy and gas crises has already started grappling the region, wherein many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage created by Russian-Ukraine conflict.
Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.
Healthcare Companies and Private Service Providers to have a minimal damage Caused by Inflation:
As US govt. remains committed to quality by spending more in the Medicaid and Medicare programs, incentives by govt. to medical devices, pharma companies and biotech to benefit the market players in short and long term goals. In 2021, U.S. spent $12,318/person on healthcare- highest amongst all OECD countries followed by Germany at $7,383. The federal government commitment towards healthcare systems to enable market players expanding their revenues and mitigating the risk posed by the inflation.
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“The companion animal drugs market is expected to grow at a CAGR of ~8% from 2022 to 2030 to approximately revenue of USD 13 billion in 2021. Market Growth Factors Interest in healthy animals is growing, especially in developed countries. The demand for pet insurance is increasing and this is driving the growth of the market. As animal diseases continue to increase, the demand for veterinary medicines is increasing. In addition, industrial development is due to the increasing prevalence of common human and joint diseases worldwide. Veterinary medicine includes many medicines, vaccines, and pharmaceutical additives used in the diagnosis, management, and treatment of various animal diseases.
Many diseases, including animals, such as rabies, heart disease, cancer, kidney disease, and Lyme disease are being treated with over-the-counter drugs, and the emergence of COVID-19 is affecting many industries, including animal health. Animals such as companion animals, cats and dogs were reported to be infected with the Corona 19 virus at the beginning of the crisis. According to the Centers for Disease Control and Prevention, some animals from the Centers for Disease Control and Prevention have tested positive for COVID-19, including big cats. Animals are considered susceptible to infection when they come into close contact with humans. This animal infection epidemic has increased the demand for pet research, development and pharmaceuticals. Government support for veterinary drug research continued during the outbreak to support industry growth.
The growing demand for online pet pharmacies is increasing the market value of concomitant veterinary medicines:
Technological advances have been reported in all areas, including animal health and market growth. Mobile applications that help track animal health habits and food consumption and growing interest in animal care service alerts are driving sales in the market. Most innovations in animal health provide owners with cameras and robotic feeders that facilitate pet care. Online pet pharmacies offer pet care products, dietary supplements, vaccines, injectables, medicines and more. The popularity of e-commerce platforms in emerging markets helps generate revenue for your business. Integrating digital operating systems into veterinary care and changing population preferences for online services are accelerating overall market demand.
Growth in research and development related to vaccine manufacturing is driving the growth of the industry, which will reach $2.89 billion in 2020: Growing demand for new pet vaccines and pharmaceuticals is driving up animal research and development costs. The increase in research and development is leading to the emergence of new technologies on the market, including recombinant DNA vaccines for dogs in veterinary medicine, expanding the industry. These types of vaccines improve pet disease prevention.
Global Acceptance and Preference for Dogs as Companion Animals Drive the Market Growth:
The canine segment of the companion animal market is estimated to exceed USD 5 billion in 2020. like a pet. This is mainly because pets are known for their ability to reduce anxiety and stress in humans. It also increases consumer awareness of pet health and well-being and maintains adequate pet health support demand for pet medicines.
The acceptance of companion animals as an animal disease in North America is growing regionally:
With the steady increase in the number of approved companion animals, the US companion animal market will account for more than 88% of North American sales by 2020. in the countryside. According to the National Pet Owners Association 2019-2020 survey, about 67% (or about 85 million) of American households have a pet. Market revenues are also increasing, along with supporting factors such as rising employment rates, increasing urbanization and increasing consumer awareness of pet welfare. Additionally, the availability of improved sanitation infrastructure, stringent guidelines for animal health monitoring and the increasing cost of research and development initiatives will drive domestic demand for veterinary medicine. The size of the pet drug market in Brazil exceeded USD 500 million in 2020. Brazil is one of the leading countries in terms of pet acceptance. This may be because Brazil has the third highest percentage of pets in the world after Argentina and Mexico. Therefore, strong pet acceptance is known to add value to the industry, and pets create lucrative opportunities in the future.
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The presence of strong players in this sector and strategic initiatives contribute to their market share:
Boehringer Ingelheim, Symrise, Merck & Co. and Zoetis are the largest companies in the market. Management focuses on creating new products and adopting inorganic growth strategies to stay competitive and stay in the market. Partnering with other players improves product offerings and enables businesses to expand their customer base by providing high-quality products.
Recent Industry Advancements:
In February 2021, Betoquinol acquired Canadian rights to its Profender family from Elanco Animal Health. Acquisitions are expected to affect the companys revenue and provide business growth opportunities in older countries. In August 2020, Elanco Animal Health Incorporated announced the acquisition of Bayer Animal Health.
These advances have helped the company build a sustainable pharmaceutical industry. Vitamin Pharmaceutical Market research report covers industry-wide forecasts for 2022-2030 in revenue and US Dollars for the following industries:
Markets, Products, Vaccines 2022-2030 (million sets) Alternative Vaccines Food Supplements Antibiotics Vitamins Amino Acids) Antioxidant Enzymes Probiotics & Probiotics Minerals Carbohydrate Propanediol Market, per Animal, 2022-2030 (US USDM) Veterinary Veterinary Clinic. The presence of strong players in this sector and strategic initiatives contribute to their market share: Boehringer Ingelheim, Symrise, Merck & Co. and Zoetis are the largest companies in the market. Management focuses on creating new products and adopting inorganic growth strategies to stay competitive and stay in the market. Partnering with other players improves product offerings and enables businesses to expand their customer base by providing high-quality products. Recent Industry Advancements: In February 2021, Betoquinol acquired Canadian rights to its Profender family from Elanco Animal Health.
Acquisitions are expected to affect the companys revenue and provide business growth opportunities in older countries. In August 2020, Elanco Animal Health Incorporated announced the acquisition of Bayer Animal Health. The transaction volume was $6.89 billion. These advances have helped the company build a sustainable pharmaceutical industry. Vitamin Pharmaceutical Market research report covers industry-wide forecasts for 2022-2030 in revenue and US Dollars for the following industries: Markets, Products, Vaccines 2022-2030 (million sets) Alternative Vaccines Food Supplements Antibiotics Vitamins Amino Acids) Antioxidant Enzymes Probiotics & Probiotics Minerals Carbohydrate Propanediol Market, per Animal, 2022-2030 (US USDM) Veterinary Veterinary Clinic”
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