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DUBLIN--(BUSINESS WIRE)--Sep 9, 2022--
The "Companion Animal Ear Infection Treatment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" report has been added to ResearchAndMarkets.com's offering.
The companion animal ear infection treatment market is expected to register a CAGR of more than 6% during the forecast period, 2022-2027.
Companies Mentioned
Key Market Trends
Dogs Segment is Expected to Hold a Significant Market Share in the Companion Animal Ear Infection Treatment Market
The dog's segment is expected to hold a significant market share by animal type. The major factors fueling the segment's growth are the increasing adoption of cats worldwide and the growing prevalence of ear infections in dogs.
As per a September 2021 update by the Royal Veterinary College, United Kingdom, one in every 14 dogs in the United Kingdom suffers from ear infections every year, indicating that out of 22,333 dogs, 1,631 dogs (7.3%) had an ear infection. The source also reports that sixteen breeds have an increased risk of ear infection compared with crossbred dogs.
In addition, several market players are engaged in implementing strategic initiatives, thereby contributing to market growth. For instance, in January 2020, Elanco Animal Health Incorporated signed an agreement to divest Osurnia, a treatment for otitis externa in dogs, to Dechra Pharmaceuticals PLC for USD 135 million in an all-cash deal. Moreover, in April 2020, Virbac Corporation reported the availability of EASOTIC (hydrocortisone aceponate, miconazole nitrate, gentamicin sulfate) Otic Suspension for Dogs, a prescription treatment for canine otitis externa.
Thus, the market is expected to witness significant growth over the forecast period due to the abovementioned factors.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
The United States is expected to retain its significant market share within North America, owing to rising pet adoption and the increasing per capita animal healthcare expenditure. Additionally, the rise in the prevalence of various animal diseases and injuries has been identified as the major factor fueling the market growth.
According to the 2021-2022 National Pet Owners Survey, conducted by the American Pet Products Association (APPA), around 70% of United States households own a pet, which equates to 90.5 million homes, including 45.3 million cats and 69 million dogs. The same source also reports that the annual expenditure on a routine visit for dogs accounts for USD 242, whereas it is 178 for cats in the country.
Moreover, the 2022 North American Pet Health Insurance Association, Inc. results for 2020 show a growth of 16.6% in total insured pets in Canada, an improvement from 2019. Thus, the demand for ear infection treatment products is anticipated to be significant in the country.
Furthermore, in March 2019, Bayer in Canada launched Claro, the only single-dose, veterinarian-administered first-line treatment for canine otitis externa. Such launches are boosting the growth of the market.
Thus, the above mentioned factors are expected to witness significant growth over the forecast period.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Prevalence of Ear Infection in Companion Animals
4.2.2 Growing Pet and Animal Healthcare Services
4.3 Market Restraints
4.3.1 Lack of Pet Care and Side Effects of Medications
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Product Type
5.2 By Disease Type
5.3 By Animal Type
5.4 By Mode of Administration
5.5 Geography
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/440lpc
View source version on businesswire.com:https://www.businesswire.com/news/home/20220909005239/en/
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KEYWORD:
INDUSTRY KEYWORD: VETERINARY HEALTH
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 09/09/2022 07:36 AM/DISC: 09/09/2022 07:36 AM
http://www.businesswire.com/news/home/20220909005239/en