Increasing adoption of pets and pet humanization to boost the growth of Animal Depression Medication Market
Animal Depression Medication Market
The global
Animal Depression Medication Market is estimated to be valued at US$ 38.5 billion in 2022 and is
expected to exhibit a CAGR of 4.4 % over
the forecast period, as highlighted in a new report published by Coherent Market
Insights.
Market Overview:
Pet interactive professionals state that animals perhaps do suffer from despair
while they experience distressing conditions. Prodromes of depression usual takes
place post a life-changing incident, such as a migrating from one place to other,
a family member shifting out or the a pet or family member’s fatality.
Competitive Landscape:
Major players involved in the growth of global Animal Depression Medication Market are Cipla Inc., Elite Pharma
Private Limited, Torrent Pharmaceuticals, Intas Pharmaceuticals Limited and Eli
Lily and Company.
Market Key Drivers:
Increasing adoption of pets and pet humanization is expected to augment the
growth of the global Animal Depression Medication Market. For instance, as per National
Pet Owners Survey, around 470 million dogs are pets across the globe.
Increasing approvals and product launches for the expansion of the product
is projected to propel the growth of global Animal Depression Medication Market.
For instance, USFDA has approved Clomicalm for curing anxiety in dogs. The Global
Calcium pantothenate Market is estimated to be valued at US$ 258.4
million in 2022 and is expected to exhibit a CAGR of 4.3% during the forecast period (2022-2030).
Covid-19 Impact Analysis:
The Covid-19 outbreak has adversely affected the growth of global Animal
Depression Medication Market due to the rise in pandemic cases, the fatality of
several people, delay in supply of pharma and other commodities and the disruption
in supply chain and closure of manufacturing units. All these factors along with
strict lockdown has impeded the market growth.
Key Takeaways:
The global Animal Depression Medication Market is anticipated to exhibit
a CAGR of 4.4 % during the forecast period owing to the increasing approvals by
the regulatory and the quick product launches by the key players. For instance,
in August 2019, Lupin Limited introduced Fluoxetine Tablets to Eli Lily Company.
Among regions, North America, Europe and Asia Pacific are expected to witness
robust growth in global Animal Depression Medication Market due to rising pet population,
increasing product approvals and quick launches. For instance, as per APPA, above
69 million U.S. households have a dog.
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