Latest News- Animal Sedative Market: Parenteral is expected to lead the Type segment during 2024-2028

The Animal Sedative Market is being driven by Increasing prevalence of animal diseases

The Animal Sedative Market is expected to grow at a CAGR of 5.25% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 169.2 million. The pet industry has experienced significant growth due to increasing pet ownership and populations. In 2020, 45% of households owned dogs, while 43% owned cats. Notably, 42% of dog owners and 43% of cat owners acquired their pets from retail stores. However, animal rescues and shelters remain popular sources, with an increasing number of stores offering shelter animals. The COVID-19 pandemic led to a surge in pet adoption, with remote workers being eight times more likely to acquire a new pet. These trends present substantial opportunities for veterinary practices to expand their client base and profitability. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on segments_for_ai.nslist

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing prevalence of animal diseases
• Growing applications of animals in medical research
• Growing investment in R and D activities

However, the market also witnesses some limitations, which are as follows:

• Stringent government regulations
• Emerging adverse effects of animal sedative drugs
• High cost of veterinary care

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Market Scope in Animal Sedative Market Research Report

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Research Analysis Overview

The Animal Sedative Market is driven by the rising trend of pet ownership, increased expenditure on animal health, and the need for veterinary care during chronic diseases, surgical procedures, and zoonotic diseases. Veterinary services, including veterinary treatments, dental procedures, and disease diagnosis, require skilled personnel and various veterinary medications. Pet insurance and pharmacokinetics/pharmacodynamics play a role in the affordability and effectiveness of these treatments. Animal healthcare also encompasses research on animal disorders, such as cancers, through organizations like the Animal Cancer Foundation, and medical procedures like surgery.

Market Research Overview

The animal sedative market is a significant segment of the global pharmaceuticals industry, encompassing entities involved in the research and development or production of veterinary drugs. According to Technavio, the healthcare market size is determined by the consolidated revenue generated by providers of equipment, supplies, pharmaceuticals, biotechnology, and life sciences tools and services. Factors driving the expansion of the pharmaceuticals market include the rising prevalence of pet ownership, chronic diseases, and the need for veterinary care and surgeries. Additionally, the increasing demand for veterinary medications, orthopedic treatments, and veterinary services, as well as the growth of pet insurance, contribute to market growth. The aging population trend in developed regions, such as the US and Europe, is also a significant factor, as the number of elderly pet owners is projected to increase substantially, leading to a higher demand for veterinary treatments and medications.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
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