Companion Animal Medicine Market Expected to Grow at 9.22% CAGR by 2031

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Companion Animal Medicine Market Size, Share & Trends Analysis Report By Animal Type (Dogs, Cats, And Horses), Product (Pharmaceuticals And Medicated Feed Additives), Distribution Channel (Veterinary Hospitals And Clinics), And Indication (Antibiotics and Parasiticides)- Market Outlook And Industry Analysis 2031"

The global Companion Animal Medicine market is estimated to reach over USD 41.71 billion by 2031, exhibiting a CAGR of 9.22% during the forecast period.

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The COVID-19 pandemic outbreak affected the animal healthcare industry by raising the price of veterinarian treatment and animal testing. Several nations experienced supply chain disruptions and shortages of veterinary medications, mainly as a result of temporary export bans, factory lockdowns, and increased demand for drugs to treat COVID-19. For example, in July 2020, the CDC advised veterinarians to follow a set of recommendations for the care of companion animals during the COVID-19 pandemic. Nonetheless, the market is being driven by the rising spending on R&D activities to introduce cutting-edge products in the animal healthcare sector. For instance, Merck Animal Health boosted its Kansas manufacturing facility's capacity to produce animal vaccines by USD 100 million in July 2021.

Furthermore, the rise in pet ownership prompted the creation of several pet monitoring and tracking systems that keep an eye on pets' activities and look after their health, propelling the study market's expansion. For instance, Tractive, a provider of GPS-based monitoring devices, introduced an LTE GPS tracker for cats in January 2022.