During the forecast period, the specialty medications for companion animals market is anticipated to grow at a moderate rate of 4.21%. In 2022, the market is expected to be worth US$37,624.67 million. By the year 2032, it is expected that the market for specialty medications for companion animals will reach a high of US$ 56,828.56 Million. The experts at Future Market Insights have observed a historical CAGR of 5.42% for the relevant market.
In the past few years, there’s been a rise in the number of pet owners as well as a growing awareness regarding the health of pet animals. In addition to this, technological advances in the administration of novel veterinary medicines will likely supplement the growth of the companion animal specialty drugs market through the assessment period. Again, the manufacture and approval of new drugs for the treatment of various animal ailments is stimulating the demand for companion animal specialty drugs. For instance, the growing occurrence of obesity amongst pet dogs and other companion animals contributes to a surge in the sales of anti-obesity drugs.
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Moreover, the significant rise in the number of animal healthcare and NGOs in the past couple of years is one of the major growth drivers of the companion animal specialty drugs market. Also, some pet diseases can even lead to serious effects on humans and need to be mitigated so as to deter infection. All of these factors contribute to the growth of the target market during the forecast 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.
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.
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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 Bn 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.
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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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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