Worldwide sales of companion animal drugs is set to reach ~ US$ 32 Bn by 2019-end, unveils the new research study by Future Market Insights (FMI). According to the report, the companion animal drugs market is estimated to grow by ~ 4% YOY in 2020, primarily influenced by growing adoption of pets across the globe.
According to the report, increasing focus on pet healthcare is likely to contribute to the build-up of the companion animal drugs market by the end of 2029. Inclination towards compounded drugs to maintain animal health and welfare is expected to increase the sales of companion animal drugs market in 2019 and beyond.
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Increasing Urbanization and Growing Affluence in Developing Countries to Benefit the Market
Increasing urbanization level and growing affluence, especially in developing countries, have been driving the adoption of pets, thus leading to increased demand for healthcare products for pets such as companion animal drugs. Continued urbanization has also resulted in increasing prevalence of various diseases such as allergies, lower appetite, reduced energy and behavioral anxieties among small companion animals. This has been driving the demand for innovative classes of medicines such as companion animal drugs.
Upcoming Therapeutic Innovations in Pet Care to Aid Market Growth
Besides traditional drugs, animal health companies have also been investing in smart diagnostic care to help prevent diseases before the actual onset. Companies are also trying to develop generic capabilities to demonstrate bioequivalence to reference prescription drugs in the companion animal drugs market, as many key drugs no longer benefit from intellectual property protection. The development of new vaccines and medications for animals are expected to support the growth of the companion animal drugs market over the forecast period.
Increasing R&D activities and shorter drug-lifecycle are playing an important role in the growth of the companion animal drugs market. Innovations in companion animal drugs are easier and sustainable for a longer period of time, while R&D cycle time are shorter (~ three years) in the Companion Animal Healthcare (CAH) industry as compared to human health, ranging between seven and 15 years for other drugs. This increases return on investment in companion animal drugs and leads to faster profits for the market players.
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Collaborative Ventures to Promote the Companion Animal Drugs Market Growth
Collaborative ventures such as One Health promotes unification of veterinary and medical sciences, leading to better disease surveillance, control and education, especially for companion animals such as dogs and cats. One Health venture enables identification of alteration in infection travelling patterns. The patterns are changing mostly in case of parasites due to change in climate and increasing host-vector interactions. Some organizations helping in monitoring of One Health in companion animals are Companion Animal Parasite Council and European Scientific Counsel Companion Animal Parasites.
Such ventures are expected to complement the growth of the companion animal drugs market.
Low Awareness of Animal Diseases to Hamper the Companion Animal Drugs Market Growth
In many developing countries, people lack awareness regarding certain serious companion animal diseases as opposed to livestock diseases, which are more regularly monitored. This is primarily true with regards to pet vaccinations, which is a mandatory requirement for up to three years. Additionally, parasitic medications for companion animals and livestock are different. Lack of awareness with regards to differentiation of these medication varieties leads to adverse drug side effects and thus low administration of companion animal medications. Such factors are likely to create a hindrance in the growth of the companion animal drugs market.
Also, majority of animal healthcare drugs have limited scope for patent extension, primarily due to drug portfolios dominated by drugs that have crossed maturity, which in turn is expected to deter the growth of the companion animal drugs market over the forecast period.
This study underlines key opportunities in the companion animal drugs market and finds that the market would exhibit growth at a value CAGR of ~5% during forecast period. For in-depth information on companion animal drugs market, write in to the analyst at press@futuremarketinsights.com
About the Healthcare Division at Future Market Insights
Future Market Insights facilitates corporates, government, investors, and associated audiences in the healthcare sector to identify and accentuate vital aspects applicable to product strategy, regulatory landscape, technology evolution, and other crucial issues to achieve sustainable success. Our unique approach to gathering market intelligence equips you in devising innovation-driven trajectories for your business. Know more about our sector coverage here