Companion Animal Ear Infection Treatment Market Share, Business Scenario, Impressive Growth from 2021 to 2028.

Posted on 2022-08-18 by researchinsights in Industrial // 0 Comments

Companion Animal Ear Infection Treatment Industry Overview

The global companion animal ear infection treatment market size was valued at USD 531.2 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 6.5% from 2021 to 2028.

Increased prevalence of otitis externa in pets is propelling the market growth. According to Dechra Pharmaceuticals, otitis or ear infection is the final diagnosis in 2% of all feline and 5% of all canine consultations currently. During the COVID-19 pandemic, limited operation of veterinary clinics due to stringent lockdown norms consequently resulted in a decline in veterinary visits, thus impacting the market. However, the market has shown a V-shaped recovery during the 3rd quarter of 2020 due to the resumption of pet clinics and ease of norms. According to IDEXX, U.S. clinic visits increased by 6% in Q4 2020 from the last quarter, which is expected to boost the market growth over the forecast period.

Gather more insights about the market drivers, restrains and growth of the Global Companion Animal Ear Infection Treatment Market

Though COVID-19 restricted outdoor visits, otitis remained in the list of top 10 pet insurance claims in 2020 according to Trupanion, a pet insurance provider based in the U.S. The company received around 6,000 claims for otitis between March 1 to May 31, 2020. In April 2019, the North American veterinary dermatology forum reported better resolution of clinical signs of otitis in referral dermatology practice settings as compared to primary care.

Growth in the pet population is expected to increase the demand for veterinary healthcare services and boost the overall expenditure on pets. According to the American Pet Products Association report, overall spending in the U.S. pet industry was USD 103.6 billion in 2020 and is expected to reach USD 110 billion by 2021. Veterinary care spending increased by 560% between 1994 and 2020.

Industry players are also continuously trying to strengthen their market position through various strategies, such as regional expansion, new product launches, partnership & collaboration, etc. In February 2020, Bayer (Elanco) launched Neptra ear solution in the U.K. market to increase its geographic footprint. In December 2019, Vetoquinol and Klox Technologies had entered into a global licensing agreement, excluding China.

Browse through Grand View Research’s Animal Health Industry Research Reports.

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Companion Animal Ear Infection Treatment Market Segmentation

Grand View Research has segmented the global companion animal ear infection treatment market on the basis of product, disease type, mode of administration, animal type, and region:

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