Global Pet Veterinary Drug Market Outlook
Report Highlights
What is Pet Veterinary Drug?
Pet veterinary drug is the category of medicine that deals with the prevention, disorder, and injury in animals and diagnosis and treatment of disease. Among pet veterinary drugs some are similar to human drugs, with development have created a number of specialties within the field, that include areas of expertise such as internal medicine, ophthalmology, surgery, radiology, dermatology, anesthesiology, neurology, and oncology, as well as emergency care.
Global Pet Veterinary Drug Market Outlook
The increasing number of millennial pet parents and the trend of health and wellness are reshaping the pet veterinary drug market. New innovation in the pet care world like health-related pet tech, nutrition apps, veterinary telemedicine, and fitness trackers will have influencing effects growth on the market. Furthermore, pet health care has marked an impressive degree of comparability to human health care. Increasing awareness associated with pet care is fuelling growth. For instance, Tufts at Tech Community Veterinary Clinic in Worcester, Mass., developed in collaboration with a veterinary school. This collaboration will allow students to gain hands-on experience while working toward a traditional diploma and an approved veterinary assistant certificate from the National Association of Veterinary Technicians in America (NAVTA). Increasing approvals by the FDA for the treatment and control of animal decease is creating new exploring applications and shares value.
Controversies associated with indiscriminate usage by non-registered and untrained practitioners is leading to frequent cases of drug resistance and treatment failure may restrain the market. As mandated by the Federal Food, Drug, and Cosmetic Act (the act), a new animal drug cannot be sold into interstate commerce unless it is the subject of an approved new animal drug application (NADA). Challenge in the pet veterinary drugs market is a shortage of these drugs and importing issues due to lack of a streamlined process. Also, pet parents are becoming more open to alternative therapies such as aromatherapy (81%), reflexology (79%) or naturopathy, which is hampering the growth of the market.
Global Pet Veterinary Drug Market Competitive Landscape
The “Global Pet Veterinary Drug Market” study report will provide a valuable insight with an emphasis on global market including some of the major players such as Boehringer Ingelheim International GmbH, Zoetis Animal Healthcare, Bayer AG, Merck Animal Health, Elanco Animal Health Inc., Virbac Group, Ceva, Dechra Pharmaceuticals Plc, Vetoquinol and Orion Corporation. Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis.
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