These days, the adoption of animal as pets has been increasingly rapidly, as people are getting more attached to animals. A number of studies have shown that adopting a pet make a person happier and even elongate their lives. Pets are of specific help to people who suffer from stress, depression, anxiety, or any other mental health issue. The affectionate nature of pets, especially dogs, can considerably aid in dealing mental health issues. Furthermore, pets can have a significant effect on the psyche of children and can help them in learning valuable life lessons.
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A number of animal pharmaceuticals are present in the market, including endoparasiticides, ectoparasiticides, bronchodilators, and anti-inflammatories. Out of these, the demand for ectoparasiticides has been the highest up till now. These pharmaceutical products are further of different types, namely coumaphos, ivermectin, fipronil, and cypermethrin. A major reason for the growing demand for all these pharmaceuticals is the increasing awareness in emerging economies regarding new diseases. Owing to this, pharma companies are increasingly investing and engaging in research and development activities for the development of new drugs. The main focus of these activities is to be prepared in case animals start getting affected by new diseases.
It is due to such factors that the global animal pharmaceuticals market is predicted to register considerable growth in the years to come. On the basis of animal type, the market is divided into production animals, including poultry and livestock, and companion animals, including equine, canine, and feline. Among these, the companion animals’ category accounted for the larger share of the market in the past. Other than this, the production animals’ category is expected to advance at a faster pace in the years to come, which can be attributed to the increasing awareness regarding livestock-related diseases.
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In conclusion, the market is being driven by the growing adoption of pets and increasing consumption of meat across the globe.