Companion Animal Specialty Drugs Market – Global Industry Analysis by Product, Distribution Channel, Region and Forecast (2022-2029)

Companion Animal Specialty Drugs Market size was valued at US$ 3.37 Bn in 2021 and the total revenue is expected to grow at 4.3% through 2022 to 2029, reaching nearly US$ 4.73 Bn.
Companion Animal Specialty Drugs Market Overview:
Companion animals are pets that are kept primarily to provide company, amusement, and security. Companion animals are considered family, companions, and confidants by their owners. Companion animals include dogs, cats, birds, rabbits, horses, goats, gerbils, rats, mice, and amphibians, among others. Moreover, companion animals are generally considered as attractive appearance, intelligence, and relatable personalities. Also, pet animals tend to improve human health. The growing proliferation of disease coming from the animal category may affect human health hence, this has boosted the demand for specialty drugs for companion animals.To know about the Research Methodology :- Request Free Sample Report
Global Companion Animal Specialty Drugs Market Dynamics:
The key factors attributing to the growth of the market are an increase in pet humanization, rising awareness about diseases preventions and pet insurance, rise in aging companion animal populations. The current trend of advanced product contributions is likely to have a positive impression on the growth of the companion animal specialty drug market in the forecast time frame.

According to recent research, people who own pets have lower blood pressure, are less likely to develop heart disease and are less stressed. According to the American Pet Products Association's 2011-2012 National Pet Owners Survey, one or more companion animals are present in over 61 % of households, or more than 73.9 million households. Increasing urbanization, which contributes to the growing popularity of owning pets, and growth in the number of nuclear families, among other things, are driving up demand for pet healthcare services. As a result, the market for companion animal specialty medications continues to grow.

In addition, the number of diseases attacking animals is increasing, and people are becoming more aware of how these diseases might transfer to humans, driving up demand for companion animal specialty pharmaceuticals. Growing patent expirations of approved drugs on the market, a lack of medications for specific conditions, and the inability to interpret behavioral symptoms of diseases, among other factors, are expected to have a negative influence on the market throughout the projected period.

In addition, development and enhancement by the top market players in new drug approvals and innovations, and expansion in the productions facility to satisfy the global demand are likely to boost the expansion of the market in the forecast period. For instance, Merck stated in June 2021 that it would invest US$ 20 million in the development and enhancement of its manufacturing facilities in De Soto, Kansas. The investment was made to strengthen the site's production capacities to meet the growing demand for compounded vaccinations.
Global Companion Animal Specialty Drugs Market Segment Analysis:
The Vaccine segment is dominating the Product segment of the Global Companion Animal Specialty Drugs Market:
The rising prevalence of zoonotic illnesses has the potential to have a detrimental impact on human life, which will likely increase demand for pet vaccines. In May 2021, the CDC, in partnership with the USDA and the US Department of Agriculture, released a report. The Department of the Interior has produced a list of the top eight infectious diseases that are easily transmitted from animals to humans. Salmonellosis, zoonotic influenza, West Nile virus, coronavirus, plague, rabies, Lyme disease, and brucellosis are examples of these diseases. As a result, the Centres for Disease Control and Prevention (CDC) are taking steps to safeguard people from zoonotic infections. Hence, Animal vaccines are likely to dominate the growth of the market in the forecast timeframe. With numerous acquisitions and strategic alliances, the market for pet vaccines is projected to remain innovative. For a significant advantage, product development and effective distribution methods will be necessary. The market is predicted to develop due to rising demand for animal-derived food items, regulatory mandates, and an increasing livestock population.

The Veterinary Clinics segment is considered to supplement the growth of the Global Companion Animal Specialty Drugs Market.

The veterinary clinic segment is projected to lead the market growth and held the largest market share of 78% in 2021 will continue to do so throughout the projection period. The amount of treatments performed at these facilities, which range from laboratory tests to general health examinations, surgery, and immunizations, contributes to the segment's growth. Further, an increase in animal testing for a variety of health issues and spreading animal infection in humans is estimated to boost the demand for veterinary clinics. Further, the most common point-of-care treatment in animals is such as fructosamine, hemoglobin, lactate, lipase (pancreatic), cCRP, fibrinogen, T4 testing, Serum Amyloid A, NH3, Phenobarbital. Hence, these key factors are estimated to drive the growth of the market in the forecast period.
Global Companion Animal Specialty Drugs Market Regional Insights:
In 2021, North America held the largest share of the global market, and this trend is expected to maintain during the forecast period. During the forecast period, North America will account for 39% of market growth. The region's market is expanding due to an increase in the number of companion animals in households and increased urbanization, both of which are contributing to a greater reliance on pets for emotional support. In North America, the US. is a major market for specialized medications for companion animals. North America has experienced rapid growth and is likely to provide market vendors with several prospects for expansion over the forecast period. Further, rising knowledge regarding disease control and pet insurance may promote the expansion of the companion animal specialty medicines market in North America. Europe is set to be the second-largest market for the treatment of companion animals using specialized pharmaceuticals. However, the region's slow economy is expected to hamper the market.

The objective of the report is to present a comprehensive analysis of the Global Companion Animal Specialty Drugs Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Global Companion Animal Specialty Drugs Market dynamics, structure by analyzing the market segments and project the Global Companion Animal Specialty Drugs Market size. Clear representation of competitive analysis of key players by Grade, price, financial position, Grade portfolio, growth strategies, and regional presence in the Global Companion Animal Specialty Drugs Market make the report investor’s guide.
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Global Companion Animal Specialty Drugs Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 3.37 Bn.


Forecast Period 2022 to 2029 CAGR:
4.3%
Market Size in 2029:
US $ 4.73 Bn.


 Segments Covered:
by Product
• Anti-Inflammatory Drugs
• Vaccines
• Antibiotics
• Animal Feed Additives
• Parasiticides
• Skin Care Products
• Others


by Distribution Channel
• Hospital Pharmacies
• Veterinary Clinics
• Drug Stores
• Others


by Animal Type
• Dogs
• Cats
• Horses
• Others


by Route of Administration
• Oral
• Injectable
• Topical
• Others



Companion Animal Specialty Drugs Market, by Region
• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
• Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina Rest of South America)
Global Companion Animal Specialty Drugs Market Key Player
• 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
• Beapha
• Dechra Pharmaceuticals Plc
• Elanco Animal Health Inc.
• Henry Schein Inc.
• Vetoquinol SA
• Virbac Group
• Zoetis Inc.
FAQs:
1. What is the global Companion Animal Specialty Drugs market value in 2021?
Ans: Global Companion Animal Specialty Drugs market value in 2021 was estimated as 3.37 Billion USD.

2. What is the global Companion Animal Specialty Drugs market growth?
Ans: The global Companion Animal Specialty Drugs market is anticipated to grow with a CAGR of 4.3% in the forecast period and is likely to reach USD 4.73 Billion by the end of 2029.

3. Which Distribution Channel segment is expected to dominate the global Companion Animal Specialty Drugs market during the forecast period?
Ans: The Veterinary clinic segment is projected to lead the market growth and held the largest market share of 78% in 2021, owing to growing various test options and increasing pet adoptions globally.

4. Who are the key players in the Companion Animal Specialty Drugs market?
Ans: Some key players operating in the Companion Animal Specialty Drugs market include 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 Beaphar.

5. What is the key driving factor for the growth of the global Companion Animal Specialty Drugs market?
Ans: Key factors that are driving the Companion Animal Specialty Drugs market growth include owing the factors such as increasing adoption of companion animals, increasing numbers of nuclear families and increase in several diseases infecting the companion animals, increase in pet humanization, and enhanced product offerings.