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HEALTHCARE & PHARMACEUTICAL

Animal Fungal Treatment Market Segmentation by Drug Type (Griseofulvin, Ketoconazole, Itraconazole, Fluconazole, Terbinafine, and Others); and by Mode of Dosage (Oral, Parenteral, and Others) – Global Demand Analysis and Opportunity Outlook 2030

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Extensive insights into the Growth of Animal Fungal Treatment Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS

  • July 2020: Zoetis announced that it has acquired Virtual Recall, an innovative business that helps veterinary practices to improve their service offering and communication with pet owners.
  • September 2020: Zoetis announced that the company has launched Vetscan Imagyst, which is a diagnostic platform that uses a combination of image recognition technology, algorithms and cloud-based artificial intelligence to deliver precise testing results to the clinic.
  • December 2020: Elanco Animal Health Incorporated and Kindred Biosciences agreed on acquiring exclusive global rights to KIND-030, which is a first-of-its-kind monoclonal antibody. It is being developed for prevention and treatment of canine parvovirus (CPV).

Animal Fungal Treatment Market Highlights 2022-2030

The Animal Fungal Treatment Market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2022-2030. The increasing cases of zoonotic and chronic diseases in animals, and growth in the number of pet owners is driving the need for better treatment options for companion animals, which are projected to result into rising health expenditure for pet care. According to The American Pet Products Association, the total spending in the U.S. pet industry increased to $97.1 billion in 2019 from $90.5 billion in 2018. Furthermore, the global increase in the livestock population over the past decades and growing rate of pet insurance in developed countries is also expected to drive market growth in the near future. In addition, the initiatives by various government agencies and animal associations to maintain animal health, and rising demand for animal-derived food products around the world are expected to provide lucrative opportunities to the growth of this market in the coming years.

Animal Fungal Treatment Market

The market is segmented based on drug type into griseofulvin, ketoconazole, itraconazole, fluconazole, terbinafine, and others, out of which, the segment for ketoconazole is anticipated to grab the largest share over the forecast period on account of higher positive treatment rates and easy availability of these medicines in the market. Along with this, the ability of this drug to maintain integrity of plasma membranes after inhibition of fungal cells is also estimated to boost growth of the market segment. Additionally, on the basis of mode of dosage, the oral segment is projected to witness the fastest CAGR over the forecast period owing to the advancements in the development of oral veterinary medicines, such as chewable tablets. The growth of the market segment can also be credited to high availability and instant onset of action of oral drugs for pets. CLICK TO DOWNLOAD SAMPLE REPORT

Major Macro-Economic Indicators Impacting the Market Growth

Healthcare Expenditure

According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.

Animal Fungal Treatment Market Regional Synopsis

Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa regions. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to increased government awareness regarding animal health and rising usage of animals in agriculture and farming in the region. Furthermore, the market in North America is evaluated to occupy the largest share in terms of revenue in the forthcoming years, owing to increasing pet adoption and high pet expenditure. According to the analysis of American Pet Products Association, around 67% of U.S. households own a pet and Americans spent $4.3 billion more on pet products in 2020 compared to 2019. Moreover, the market in Europe is also anticipated to occupy a significant share in the animal fungal treatment market owing to stringent veterinary medicine regulations and growing number of veterinary services in the region.

Animal Fungal Treatment Market

The global animal fungal treatment market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Market Segmentation

Our in-depth analysis of the global animal fungal treatment market includes the following segments:

By Drug Type

  • Griseofulvin
  • Ketoconazole
  • Itraconazole
  • Fluconazole
  • Terbinafine
  • Others

By Mode of Dosage

  • Oral
  • Parenteral
  • Other

Growth Drivers

  • Increasing Incidence of Fungal Infection in Animals
  • Rising Pet Expenditure in Developed Countries

Challenges

  • Side-Effects Related to the Treatment

Top Featured Companies Dominating the Market

  • Zoetis Inc.
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Merck & Co., Inc.
  • Bayer AG
  • Elanco Animal Health Inc.
  • Boehringer Ingelheim International GmbH
  • Novartis AG
  • Virbac SA
  • Nutreco N.V.
  • Neogen Corporation
  • Kindred Biosciences, Inc.

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