Companion Animal Ear Infection Treatment Market is expected to witness promising growth in the coming years | TMR Research
There are multitude of factors that are shaping the overall development of the global market. The market is expected to witness growth in terms of regional expansion and product development as growing adoption of pets and rising concerns about their health are helping mode adoption of high end treatment.
Global Companion Animal Ear Infection Treatment Market – Notable Developments
Some of the key developments in the global companion animal ear infection treatment market are given below:
- In February 2020, Bayer (Elanco) launched Neptra ear solution in the U.K. market to increase its geographic footprint.
- In April 2020 Virbac launched Easoticotic suspension for canine otitis externa.
- In December 2019, Vetoquinol and Klox Technologies had entered into the global licensing agreement, excluding China.
- In June 2019, Virbac launched Cortavance, a topical corticosteroid spray in India across 4 metro cities.
- Zoetis is investing in R&D to develop new products to gain more market share. In August 2020, Elanco also increased its market penetration after acquiring Bayer.
- Dechra pharmaceuticals received the worldwide rights of Osurnia from Elanco in August 2020.
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Global Companion Animal Ear Infection Treatment Market – Drivers and Restraints
There are several factors that are expected to drive the overall growth of the global companion animal ear infection treatment market. One of the key growth factors for the market is the increasing prevalence of otitis externa in pets. The disease has been primarily affecting the canine pets and has thus been propelling the market growth. During the COVID-19 period, limited operations of veterinary clinics because of the strict lockdown subsequently resulted in the decline of vet visits. This has had a considerable impact on the overall development of the global market. However, the market has shown a V shaped growth curve since the gradual recovery from the COVID-19 pandemic. Additionally, increasing pet population has also played a key role in helping the development of the global companion animal ear infection treatment market.
Global Companion Animal Ear Infection Treatment Market – Geographical Outlook
With respect to geographical segmentation, there are five key regions of the global companion animal ear infection treatment market. These regions are North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Of these, currently, the global companion animal ear infection treatment market is expected to be led by the regional segment of North America. The region accounted for nearly half of the global market. The presence of prominent animal health companies is also one of the key factors that is helping the development of the regional segment of North America. In addition to this, the introduction of veterinary health information systems in the region has improve real-time diagnosis. Such developments are expected to expedite research and development activities and facilitate new product developments. Furthermore, the growing number of veterinary doctors and clinics in the region is also expected to help the overall development of the regional segment in the coming years of the forecast period.
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On the other hand, the regional segment of Asia Pacific is expected to witness a highly promising rate of growth in the coming years of the forecast period ranging from 2018 to 2028. Some of the key factors for the development of the regional segment is the increasing adoption of pet animals, increasing health concerns about animals, and rising prevalence of pet diseases. In addition to this, the rising health care expenditure on animal health and veterinary services is contributing to the regional market growth.
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