NEW YORK, July 22, 2021 /PRNewswire/ -- Technavio's latest report on the companion animal specialty drugs market projects a growth of USD 2.80 billion, registering a CAGR of 5.20% during 2021-2025. According to the report, the Pharmaceuticals sector will have a POSITIVE impact owing to the continued spread of the COVID-19 pandemic. Besides, the report provides a detailed analysis of the pre-and post-impact of COVID-19 on businesses.
The companion animal specialty drugs market share growth by the vaccines segment has been significant.
The US is a key market for companion animal specialty drugs in North America. 39% of the market's growth will originate from North America during the forecast period. North America has been recording significant growth rate and is expected to offer several growth opportunities to market vendors during the forecast period. The rising awareness about disease prevention and pet insurance will facilitate the companion animal specialty drugs market growth in North America over the forecast period.
Companion Animal Speciality Drugs Market: Major Growth Drivers
The following factors are expected to drive the growth of the market during the forecast period:
Increase in Pet humanization
Rising awareness about disease prevention and pet insurance
Rise in aging companion animal population
Also, the ongoing trend of enhanced product offerings is expected to have a positive impact on the growth of the companion animal specialty drugs market during 2021-2025.
Gain more insights into the global trends impacting the future of companion animal specialty drugs market.
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