Atipamezole Market: Increase in Awareness about Veterinary Care to Drive the Market
Atipamezole Market: Introduction
According to the report, the global atipamezole market was valued at US$ 60 Mn in 2019. It is projected to expand at a CAGR of ~1% from 2020 to 2030. Atipamezole is a specific α2-antagonist that was developed to reverse the actions of medetomidine and has marketing authorization for dogs and cats.
Medetomidine and antagonism with atipamezole is, presently widely utilized in small animal practice. The reduction in sedative time of animals shortens the in-clinic stay and saves the time of staff, leading to an increase in adoption of atipamezole, which is boosting the atipamezole market.
Moreover, atipamezole is utilized off-label as an antidote for various toxicities in dogs. Thus, a surge in number of toxicity cases due to overuse of medications or drugs leads to an increase in the demand for atipamezole. This, in turn, is estimated to propel the atipamezole market. North America dominated the global atipamezole market in 2019. The trend is anticipated to continue during the forecast period. Strategies adopted by key players such as product approval & launch and mergers & acquisitions, well-established health care infrastructure, and early adoption of advanced therapeutics boost the atipamezole market in the region.
Asia Pacific is likely to be a highly lucrative market for atipamezole. The market in the region is expected to expand at a high CAGR during the forecast period. Government initiatives in developing countries toward modernization of animal healthcare infrastructure and rise in awareness about advanced therapeutics are key factors that are anticipated to fuel the atipamezole market in Asia Pacific.
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Rise in Healthcare Expenditure on Animals to Drive Atipamezole Market
The pet industry expenditure primarily comprises spending on live animals & OTC (over-the-counter) medicine, vet care & product sales, and pet food & treats. Spending on pets is increasing, including spending on veterinary care. Rise in awareness about pet care products is leading to an increase in expenditure. Thus, increase in healthcare expenditure on animals is likely to fuel the market.
For instance, according to the American Pet Products Association, the estimated spending in the U.S. pet industry increased by 4.4% from 2017 to reach US$ 72.56 Bn in 2018. Companion animal ownership has grown and owners are willing to spend extra on animal health. According to The North American Pet Health Insurance Association, the number of pets insured stood at 1.4 million in 2014. Rise in animal health awareness and animal welfare boosts the atipamezole market.
Anti-sedative to Offer Lucrative Opportunities
In terms of application, the global atipamezole market has been classified into anti-sedative and antitoxic (off-label use). Rise in usage of atipamezole, owing to advantages such as reduction in sedative time of animals shortens the in-clinic stay and saves the time of staff. This is a key factor that is anticipated to drive the segment.
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Intramuscular to be Preferred Route of Administration
In terms of route of administration, the global atipamezole market has been divided into intramuscular, intravenous, and others. Absorption of atipamezole is rapid due to its weak lipophilic nature, a peak plasma level is reached in about 10 minutes in dogs, and it rapidly crosses the blood brain barrier. This factor is propelling the intramuscular segment.
Surge in Pet Ownership of Dogs to Drive Atipamezole Market
In terms of animal type, the global atipamezole market has been divided into dogs, cats, and others. FDA has approved atipamezole in dogs. Surge in number of pet ownership of dogs across the globe is anticipated to drive the dogs segment.
Veterinary Hospitals to be Key Distribution Channel
In terms of distribution channel, the global atipamezole market has been divided into veterinary hospitals, retail pharmacies, and online pharmacies. Expansion of the veterinary hospitals segment can be attributed to the availability of a wide range of services, such as diagnosis and treatment at hospitals, thereby leading to an increase in number of pet owner visitors.
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North America to Dominate Atipamezole Market
In terms of region, the global atipamezole market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global atipamezole market in 2019, followed by Europe. North America accounted for a major share of the global atipamezole market in 2019. Presence of key players, adoption of advanced therapeutics, and focused on research and development are key factors that are anticipated to drive the atipamezole market in the region. The atipamezole market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period. Rise in healthcare spending on animals and government initiatives to increase awareness about animal healthcare is likely to propel the atipamezole market in the region.
The global atipamezole market is fragmented in terms of number of players. Key players in the global atipamezole market include Zoetis Services LLC, Merck & Co., Inc. (Merck Sharp & Dohme Corp), Modern Veterinary Therapeutics, Orion Corporation, Jurox Pty Limited, Vetoquinol UK Limited, Chanelle Pharma Group, Forte Healthcare Ltd, and Troy Laboratories Pty Ltd.
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