Report Code: A12309 | Nov 2023 | Pages: NA | ||
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Companion Animal Pharmaceuticals Market
Request Now !A companion animal is a non-assistive animal used for psychological support, amusement, company, extrovert display, and several other functions that a human needs to share with animals. Dogs, cats, horses, birds, mice, and guinea pigs are some of the animals that can be considered as companion animals. Numerous studies have shown that positive health benefits, such as lowered blood pressure, decreased anxiety, decreased cardiac arrhythmias, greater psychological stability, and improved well-being are associated with owning a companion animal. Furthermore, companion animal pharmaceuticals are used to sedate, treat, and improve their health and performance. It is essential to take care of these animals and provide essential health services to them.
COVID-19 scenario analysis
The coronavirus pandemic is having a huge impact on businesses and has already caused an unprecedented collapse of economic activities. The COVID-19 impact is straining the healthcare systems globally and has disrupted the supply chain for the companion animal pharmaceuticals market, temporarily leading to a decline in the demand for these products. The rapidly increasing demand for healthcare facilities and healthcare workers may leave only a few healthcare systems to meet the increasing demand during the pandemic situation.
Although there has been no evidence or confirmation that animals can spread COVID-19 to humans, the myth that animals can spread the virus to humans has increased the number of abandoned pets. Furthermore, COVID-19 has weakened the supply chain and has created shortage of animal health products such as nutritional feed as well as vaccines globally. The animal health industry has been largely impacted, as many manufacturers in animal health industry are left with a significantly reduced workforce. Moreover, implementation of stringent government policies such as restrictions of import of raw materials from China is expected to hamper the animal health market.
Healthcare facilities are stocking up animal-related health products, considering the high demand. This is expected to further create financial strain on the market due to procurement inefficiencies and wasted speeding. Due to the pandemic situation, many hospitals and veterinary clinics are overstocking the products.
Top impacting factors: market scenario analysis, trends, drivers, and impact analysis
With surge in companion animal population and increase in animal health expenditure, many players from international markets are focusing on investing in this particular market. Moreover rise in prevalence of zoonotic diseases such as rabies, salmonellosis, plague, brucellosis, and Lyme are major concern among animal keepers, which is driving the growth of the companion animal pharmaceuticals market. The market is being restrained by lack of awareness about animal healthcare and rise in pet care cost.
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Questions answered in the companion animal pharmaceuticals market report
Companion Animal Pharmaceuticals Market: Global Opportunity Analysis and Industry Forecast, 2021–2030 Report Highlights
Aspects | Details |
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By Companion Animals |
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By Drug Class |
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By Distribution Channel |
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By Region |
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Key Market Players | Ceva Santé Animale, Zoetis, Eli Lily, Merck & Co., Inc., Virbac, Agrolabo S.p.A., IDEXX Laboratories, Inc., Elanco Animal Health Incorporated, Indian Immunologicals Ltd., Boehringer Ingelheim International GmbH, Vetoquinol S.A. |
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