The global companion animal specialty drug market is anticipated to grow at a moderate rate of 4.21% CAGR. As of 2022, the market is valued at US$ 37,624.67 million. By 2032, it is projected that the companion animal specialty pharmaceuticals market would have grown to a peak value of US$ 56,828.56 million. For the market in question, Future Market Insights’ specialists have calculated a historical CAGR of 5.42%.
Since the early pandemic phase in 2020, pet adoption in the United States has increased by 50% annually. Families spent more money on their pets’ health and wellbeing as a result of the pet adoption rate rising. Pets are seen as members of the family by many. The market for animal insurance firms grew favorably as well.
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- Surging Pet Adoption: Pet ownership in the U.S. is experiencing a remarkable rise. According to the U.S. Census Bureau’s American Housing Survey, at least 65% of households welcomed a furry (or feathered) friend in 2020. This trend shows no signs of slowing down, with people increasingly drawn to the companionship of pets.
- Urbanization on the Rise: The growing trend of urbanization is another significant driver. As more people move to cities, living spaces tend to shrink. Companion animals, particularly dogs and cats, often become the perfect fit for these environments.
- Shifting Family Dynamics: The rise of nuclear families and evolving leisure activities are also contributing factors. People are seeking new ways to connect, and pets are increasingly playing a cherished role in family life.
Key Takeaways
- Urbanization and trend of nuclear families have been greatly helpful in increasing market share of companion animal drug market.
- People have started considering pets as their family member and this led to increase in overall expenditure of a family, as a result this benefitted the companion market.
- Increase in rising pet diseases have provided the industry with a positive push to manufacture more companion drugs to meet the demand
- Industrial growth can likely be attributed to a rise food-borne and zoonotic diseases.
- Increase in per capita income of urban population, have enabled people to take better care of their pets by means of diagnosis, vaccination, mitigation, and treatment of diseases such as kidney diseases, heartworms and Lyme diseases, which resulted in giving a boost for companion animal specialty drug market share.
- COVID-19 had a positive impact on pet adoption rate, with a rise of 50% each year
- Technological advancement has been a strong driving factor in market progression of companion animal drug market
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Competitive Landscape
Extensive mergers and acquisitions, product portfolios, geographical expansions, and collaborative research initiatives are some of the strategies undertaken by the leading players. Established players in this market have made alliances with different companies to increase their market reach and social media presence. Some well-established players in the US companion animal drug specialty market are:
- Merck Animal Health
- Elanco
- Zoetis
- Vetiquinol S.A.
- Virbac, Inc.
- Norbrook Inc.
- Dechra Pharmaceuticals
- Patterson Companies, Inc.
- Vedco Inc.
- Covetrus
- MWI Animal Health
- Nutramax Laboratories Veterinary Sciences, Inc.
- Ellevet Sciences
Recent Developments
- In 2017, Zoetis emerged as a leading player with the highest share of compassion animal specialty drugs, as the company has a considerable and significant market presence, a diverse portfolio of product offerings, and an acute strategic perspective which includes M&As, such as the acquisition of Abaxis in 2018.
- In July 2019, Zoetis and Colorado state university made an agreement to establish a research lab for the development of immunotherapies for veterinary patients.
- In August 2020, Elanco Animal Health Incorporatedannounced that it has acquired Bayer Animal Health. The transaction was valued at USD 6.89 billion. This development helped the company to expand itself in the durable animal health industry.
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
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East & Africa (MEA)
- Europe
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