ANIMAL DEPRESSION MEDICATION MARKET ANALYSIS

Market Challenges And Opportunities

Increasing spending on animal care to boost growth of the animal depression medication market

Increasing number of pet animals is a major factor fueling growth of the animal depression medication market. According to 2016 estimates released by Pet Secure, over half of the population in the U.S. owns a cat or a dog. This is mainly attributed to increasing consumer awareness regarding the various social, emotional, and physical benefits associated with pet ownership. Therefore, with increasing number of pets, there is an increasing spending on pet animals, further fueled by pet humanization trend. According to 2016 estimates of Pet Secure, the U.S. population spends over US$ 50 billion per annum on their pets. This is projected to fuel growth of the animal depression medications market in the near future. Other factors include awareness about animal illness, better medical facilities, use of latest technology in diagnosis, and increased spending capabilities on animal treatment.