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.
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
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.
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.
The global animal fungal treatment market is further classified on the basis of region as follows:
Our in-depth analysis of the global animal fungal treatment market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing incidence of fungal infection in animals and rising pet expenditure are the key factors driving market growth.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2022-2030.
Side-effects related to the treatment is estimated to hamper market growth.
The market in Asia Pacific region will provide ample growth opportunities owing to increased animal health awareness by the government and growing usage of animals in agriculture.
The major players dominating the animal fungal treatment market are Zoetis Inc., Bayer AG, Boehringer Ingelheim International GmbH, Novartis AG among others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by drug type, mode of dosage, and by region.
With respect to drug type, the ketoconazole segment is anticipated to hold the largest market share owing to easily availability of this medicine in the market.
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