Growth Predicted for Pet Medicine Market

 Growth Predicted for Pet Medicine Market

The companion animal pharmaceutical market revenue was estimated at $14.4B in 2022 and is poised to reach $19.6B by 2027, growing at a CAGR of 6.3% from 2022 to 2027, according to a report by MarketsandMarkets™. Factors such as rising prevalence of zoonotic diseases, initiatives by various government agencies and animal associations, rising demand for pet insurance due to growing animal health expenditure, increasing R&D investments for animal healthcare, and high pet ownership rates worldwide are fueling this market.

Additionally, new technologies, such as personalized medicine, are expected to become more widespread and can help to improve the well-being of both companion animals and their owners. Furthermore, as the pet population continues to grow and the human-animal bond strengthens, the demand for veterinary services and products will increase accordingly. Finally, the rise of home delivery services for veterinary products and medications is expected to further boost the companion animal pharmaceuticals industry.


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