New York, Feb. 14, 2023 (GLOBE NEWSWIRE) -- The Companion Animal Ear Infection Treatment Market revenues were estimated at US$ 500 Million in 2021 and is anticipated to grow at a CAGR of 9.7% from 2023 to 2033, according to a recently published Persistence Market Research report. By the end of 2033, the market is expected to reach US$ 1.4 Billion.
Several factors are predicted to fuel the worldwide market's overall growth. The rising occurrence of otitis externa in dogs is one of the primary growth drivers. The disease has largely affected canine pets, which has fueled the market expansion.
Due to the rigorous lockdown imposed during COVID-19, veterinary clinic operations were constrained, resulting in a decrease in vet visits. This has had a significant impact on the development of the global market. The growing pet population has aided the growth of the global market.
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The 'humanization' of pets has resulted from changes in consumer behavior and an increase in pet ownership. Pets have earned status as members of the owner's family in recent years. As a result, pet owners are more likely to spend more on pet supplies, higher-quality food, and costly medical treatment. Furthermore, with the rise in people's disposable income and elevation in their lifestyles, they have been spending more on their pets, which is likely to boost the market during the projection period.
Due to rising pet ownership and spending on companion animals, increased research and development activities in animal health, and swelled government expenditure on animal welfare, the market in the Asia Pacific is booming.
According to the Animal Health Alliance (Australia) Ltd., over half of Australia's population, or 48%, wants to obtain a pet or adopt another pet. In 2013, over 1.1 million families (14.9%) in the country planned to get a companion animal. During the projected period, the increased adoption rate of companion animals is expected to boost the market. Due to high disposable income and the rising pharmaceutical and biotechnology industry, the Middle East and Africa, as well as Latin America, are likely to be promising markets.
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Competitive Landscape
With a huge number of small-scale industrial participants, the market is significantly competitive. Key players in the market include
- Zoetis
- Elanco
- Dechra Pharmaceuticals
- Merck & Co., Inc.
- Vetoquinol
- Penn Veterinary Supply, Inc.
- Virbac S.A.
- Ceva Santé Animale
- Vedco, Inc.
Some of the recent developments of key Companion Animal Ear Infection Treatment providers are as follows:
- In August 2020, Elanco acquired Bayer Animal Health to expand its animal health footprint globally.
- In August 2020, Elanco granted Dechra Pharmaceuticals the worldwide rights to Osurnia, treatment of otitis externa in dogs associated with susceptible strains of bacteria.
- In April 2020, Virbac launched Easotic, a prescription drug for the topical treatment of canine otitis externa.
- In December 2019, Vetoquinol and Klox Technologies signed a global licensing arrangement, which excludes China. Under the agreement, Vetoquinol will develop and commercialize fluorescent light energy (FLE) products of Klox in animal health.
More Insights Available
Persistence Market Research, in its new offering, presents an unbiased analysis of the Companion Animal Ear Infection Treatment market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
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The study reveals essential insights
- by Product Type (Anti-bacterial, Anti-fungal),
- by Disease Type (Otitis Externa, Otitis Media, Otitis Interna),
- by Mode of Administration (Topical, Oral, Otic),
- by Animal Type (Dogs, Cats, Others)
- by across five regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).
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