The need for companion animal specialty drug has been driven by the adoption of pets by the older population. Cats and dogs have become increasingly popular as pets among baby boomers, in the US and the United Kingdom. Older folks value and prefer a clean and sanitary environment at home. This has resulted in a rise in the use of preventative drugs for pets, which is projected to expand in the forecast timeframe.
According to the American Society for the Prevention of Cruelty to Animals, there were more than 3.7 million pet owners in the US. in 2019. Over the last five years, pet adoption has increased mostly for dogs, while feline cat ownership rates have stayed stable globally.
In the global companion animal specialty medicines market, the parasiticides sector is estimated to account for over 32% of revenue. The expansion of this segment has been fueled by an increase in usage for the treatment of numerous animal ailments. Veterinary parasiticides, often known as antiparasitic, are drugs that are used to treat vector-borne illnesses and parasites in pets, livestock, and other animals. The rising prevalence of vector-borne infections among pets, particularly dogs, has prompted more veterinary clinics and hospitals to use parasiticides.
Due to factors such as expanding pet ownership and awareness about pet health and treatment, Asia Pacific is expected to be the fastest-growing regional market during the forecast period. Thailand’s pet animal population, for example, is on the rise, according to a 2019 analysis by Nation Thailand, with dogs dominating the pet population. Insurance firms in India have begun to offer pet insurance, owing to a growing need for excellent and inexpensive pet care, as well as a better awareness of the demands of modern-day pet parents, particularly those who own rare and exotic breeds. This is anticipated to fuel regional market expansion.
Despite a huge decline in the sales of products during the initial phase of pandemic spread and lockdown restrictions all over the region, the market is observed to pick up a quick pace for registering a CAGR of almost more than 4.3%, during the tenure of 2021 – 2027.
The report published by Maximize encompasses the market dynamics, which could affect the market growth of Companion Animal Specialty Drugs in the region, the Value – Chain Analysis, and the PORTER’s analysis for the Companion Animal Specialty Drugs market at a global level. The study is associated based on major segments and further into sub-segments, by Product (anti-inflammatory drugs, vaccines, antibiotics, animal feed additives, parasiticides, skincare products, and others) and Distribution Channel (hospital pharmacies, veterinary clinics, and drug stores, among others) to forecast the market size by value; also includes the analysis of past market dynamics from 2016 – 2020, considering 2020 as the base year.
Lastly, the market research report provides a regional comparison and a complete country-level analysis for the latest trends, along with the major key players- Zoetis, Inc., Merck & Co., Inc., Bayer AG, Elanco (a division of Eli Lilly & Company), Boehringer Ingelheim Animal Health Gmbh, Ceva Sante Animale S.A., Aratana Therapeutics, Merial (acquired by Boehringer Ingelheim), The J.M Smucker Company, Mars, and Beapha, Dechra Pharmaceuticals Plc, Henry Schein Inc., Vetoquinol SA, Virbac Group, Zoetis Inc.
You can browse the market data Tables and Figures spread through a comprehensive research report and in-depth TOC on the “Global Companion Animal Specialty Drugs Market.”
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