The increase in rapid urbanisation and the growing trend of isolated families has given a rise in adoption of pets as companions. The growing adoption of pets is driving the need for companion animal speciality drugs. It is also resulting in the growth of need for preventive treatments, proper hygiene and medicines for the companion pets. The veterinary clinics are the largest segment by the distribution channel, and is anticipated to reach more than $21 billion by the end of 2027, says the report by Future Market Insights.
Rise in Obesity in Pets to boost the growth of Veterinary Clinics
The act of overfeeding pets by the owner has been resulting in the rise in obesity in the pets. This has been a serious issue affecting the health of pets, making them vulnerable to more diseases, hence the demand for Veterinary clinics is also rising. Also, people prefer going to the Veterinary clinic to get a prescription rather than selecting the medications themselves.
Increasing urbanisation is also one of the many reasons in driving the demand for veterinary clinic and companion animal speciality drugs. The growth of various diseases such as behavioural anxieties, lower appetite, allergies, reduced energy, etc., especially in small pets have given a boost to the veterinary clinics.
Moreover, the arrival of new technologies such as recombinant DNA vaccines for dogs will eventually drive the demand for companion animal specialty drugs.
Companion animal speciality drugs market in Western Europe dominates the Veterinary clinics segment. While in North America, Veterinary clinic segment will register 3.3% of CAGR in 2017-2027. In APEJ as well the veterinary clinic is the most attractive segment, anticipated to reach the valuation more than $2,300 million by 2027.
Increasing Adoption of Pets boost the demand for Health Products for Animals
According to the American Society for the Prevention of Cruelty to Animals (ASPCA), approximately 3.2 million shelter animals are adopted every year in U.S. and according to American Pet Products Association 2015-2016, around 78 million dogs and 85.8 million of cats are owned in the U.S.
Companion animal health products are also expected to grow and major drivers will be demand for companion animal care, increasing awareness among the companion animal owner. Owing a companion animal is also associated with the positive health benefits. Moreover, animal-assisted therapy is also something that is gaining popularity due to the benefits it offers. This is again giving rise to the adoption of pets and increasing demand for companion animal speciality drugs.