As per ESOMAR-certified consulting firm Future Market Insights (FMI), the global companion animal specialty drugs market registered steady year-on-year (YoY) growth at 5.42% CAGR in 2021.
Increasing pet adoption is a major factor, fuelling the demand for animal nutrition and behavioral products, thereby accelerating sales. With increasing rate of obesity among the pet, demand for anti-obesity drugs have burgeoned over the past few years.
Adoption of canine and feline pets increased during the FQ-20, due to the outbreak of COVID-19 and consequent global shutdown. Adoption of dogs is quite high, especially among the geriatric population. This is expected to drive the demand for antibiotics, skin-care, and nutritional products for pets.
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As per FMI, the market is expected to reach a valuation of US$ 36,104.66 Mn in 2021 owing to the increasing demand for anti-obesity drugs across veterinary clinics. Alongside this, prevalence of canine vector-borne diseases due to bacteria and protozoa infection will fuel the demand for parasiticides in the next decade.
Key Takeaways from FMI’s Companion Animal Specialty Drugs Market Study
By product type, parasiticides will dominate the market, accounting for over 32% of global market share. In terms of distribution channel, veterinary clinics are expected to lead the segment contributing over 52% of value share by 2031 In terms of technology type, drying technology is predicted to exceed US$ 89 Bn by end 2031 The U.S. will emerge as the leading market across North America backed by the high adoption of pet dogs Germany and the U.K. are anticipated to lead the Europe’s Companion animal specialty drugs market, owing to the growing obesity rate in dogs Increasing cases of neglect and animal cruelty in India will bolster the demand for companion animal specialty drugs through 2021
Zoetis Inc., Merck and Co., Inc., Bayer AG, Eli Lily and Co. and Boehringer Ingelheim GmbH are the key players operating in the companion animal specialty drugs market. among others are some prominent players operating in the Companion animal specialty drugs market.
For instance, in July 2020, Boehringer Ingelheim announced the launch of two new products, NexGard and Broadline, to provide comprehensive parasite treatment for dogs and cats, to expand their product portfolio for the India market.
As per the report, key players are focusing on product introduction and launches to expand their product portfolios. Key player are also involved extensively in strategic acquisition activities which has led to severe competition among companion animal specialty drugs market players.
For example, on August 4,2021, Zoetis, the Parsippany-based animal health company announced the acquisition of a leading Australian-based Jurox’s veterinary medicines, maker of livestock and companion animal medicines.
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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