The companion animal speciality drugs market focused on drugs for animals is related to products exclusively developed for pets which are cats, birds, dogs, and other domestic animals primarily for companionship instead of for commercial objectives. Companion animal drug development has developed in tandem with human medicine and has allowed pets to obtain treatments and medicines that can improve their health, and treat illnesses and conditions proficiently.
Rise in the incidence of zoonotic illnesses, a need for safe and effective animal drugs to enhance the health of pets and reduce the spread of communicable diseases act to bolster the evolution of the market. An increasing trend of adopting animals is witnessed to offer lucrative opportunities for the companion animal specialty drugs market.
According to North American Pet Health Insurance Association, Inc the rise in the pet insurance industry is increasing at the rate of 23.4% in the last several years. However, according to the North American Pet Health Insurance Association, only 3.45 million pets in the U.S. and Canada were insured by the end of 2021.
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