The global companion animal specialty drug market is anticipated to grow at a respectable CAGR of 4.21%. In 2022, the market is projected to be valued USD 37,624.67 million. By 2032, the market for specialized medications for companion animals is anticipated to reach a peak value of USD 56,828.56 million. For the relevant market, Future Market Insights specialists have calculated a historical CAGR of 5.42%.
Since the early epidemic phase in 2020, there has been an annual 50% increase in pet adoption in the United States. Families were investing more money in their pets’ health and well-being as a result of the rising pet adoption rate. A lot of individuals consider their dogs to be family members. Furthermore, there was a significant expansion in the market for animal insurance providers.
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One important aspect driving up demand for animal nutrition and behavioral products and driving up sales is the rise in pet adoption. Over the past few years, there has been a sharp increase in demand for anti-obesity medications due to the rising rate of obesity in pets.
During the FQ-20, more people adopted dogs and cats as pets as a result of the COVID-19 outbreak and the ensuing worldwide shutdown. Dog adoption is fairly common, particularly among the elderly population. It is anticipated that this will increase demand for pet nutrition, skin care, and antibiotics.
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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