The global Companion Animal Specialty Drugs Market size is expected to be worth US$ 56,828.56 million by 2032, with the market rising at a 4.21% CAGR from 2022 to 2032. The Companion Animal Specialty Drugs industry, which is currently worth US$ 37,624.67 million, is being driven by increasing pet adoption and a greater emphasis on animal health. During the projected period, the increase in the number of animal-derived products would boost the expansion of the Companion Animal Specialty Drugs market.
There has been an increase in the number of pet owners in recent years, as well as a growing awareness about the health of companion animals. Furthermore, technological developments in the administration of novel veterinary medicines are expected to fuel the expansion of the Companion Animal Specialty Drugs market during the assessment period. Once again, the development and approval of novel drugs for the treatment of diverse animal illnesses is increasing demand for Companion Animal Specialty Drugs. For example, the increasing prevalence of obesity in pet dogs and other companion animals adds to an increase in anti-obesity prescription sales.
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Furthermore, the huge increase in the number of animal healthcare and non-governmental organisations (NGOs) in recent years is one of the primary growth factors of the Companion Animal Specialty Drugs market. Furthermore, some pet diseases can have major consequences for humans and must be avoided in order to prevent infection. All of these variables contribute to the target market’s growth during the predicted period.
“Surge in the introduction of new veterinary medicines, rise in the number of pet owners, and growing awareness of animal health are furling the global growth of the Companion Animal Specialty Drugs market over the forecast period,” says an FMI analyst.
Key Takeaways:
- Surging number of animal healthcare centers and NGOs will strengthen the market prospects.
- The Companion Animal Specialty Drugs market in the U.S. will account for 88% of the North American market share.
- Brazil’s Companion Animal Specialty Drugs market will be valued at US$ 426 Million in 2022.
- The Companion Animal Specialty Drugs market in Germany will expand at a CAGR of 2.4%.
- Online veterinary pharmacies will grow at a CAGR of 6.8%.
- The parasiticide drug segment accounted for a market share of 32.2% in
- By product type, the vaccines segment will reach a value of US$ 2.89 Billion in 2022.
- By route of administration, the oral segment will account for a value of US$ 2.86 Billion in 2022.
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Competitive Landscape
Merck Animal Health (Merck & Co., Inc.), Boehringer Ingelheim International GmbH., Elanco Animal Health Incorporated, Virbac S.A., Biogenesis Bago SA, Piramal Group, Zoetis, NEOGEN Corporation., Vetoquinol S.A., and Ceva Santé Animale among others are some of the major players in the Companion Animal Specialty Drugs market profiled in the full version of the report.
Leading market players are focusing on developing innovative products with fewer side effects. These organizations are also adopting tactics like product releases, partnerships, collaborations, and other inorganic strategies to expand their consumer base.
More Insights into Companion Animal Specialty Drugs Market Report
In its latest report, FMI offers an unbiased analysis of the global Companion Animal Specialty Drugs market, providing historical data and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of product type (antibiotics, anti-inflammatory drugs, parasiticides, heartworm, behavioral products, nutritional products, anti-obesity drugs, skin care products, vaccines), distribution channel (modern trade, online distribution, neighborhood stores, other retail formats), and region.
According to the latest FMI reports, based on segmentation, the vaccines segment is anticipated to dominate the market with a value of about US$ 2.89 Billion in 2022. On the basis of the distribution channel, online veterinary pharmacies will likely account for 37.8% of the market share while expanding at a CAGR of 6.8% during the forecast period.
Based on region, the Companion Animal Specialty Drugs market in the United States will likely account for 88% of the revenue share in North America. The growing adoption of pets coupled with many pet owners interested in taking better care of their pets fuels the growth of the Companion Animal Specialty Drugs market in this country. Brazil and Germany are two other countries that are expected to register considerable growth in the Companion Animal Specialty Drugs market during the forecast period.
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Key Segments in the Companion Animal Specialty Drugs Market
By Product:
- Antibiotics
- Anti-Inflammatory Drugs
- Parasiticides
- Heartworm
- Behavioral Products
- Nutritional Products
- Anti-Obesity Drugs
- Skin Care Products
- Vaccines
By Distribution Channel:
- Modern Trade
- Online Distribution
- Neighborhood Stores
- Other Retail Format
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