The global companion animal specialty drugs market is on track for steady growth, projected to expand at a CAGR of 4.21% from 2022 to 2032. Currently valued at USD 37,624.67 million in 2022, the market is expected to reach approximately USD 56,828.56 million by the end of the forecast period. This market, which saw a historical CAGR of 5.42% in recent years, reflects a growing commitment to pet health and the increasing demand for advanced treatments.
Rising pet ownership worldwide and a growing awareness of animal health are major factors driving demand for specialty drugs tailored to companion animals. Innovations in veterinary pharmaceuticals, combined with an increasing focus on preventative and therapeutic care for pets, are boosting market expansion. Furthermore, advances in drug formulations and delivery methods are making treatments more effective and accessible for pet owners, enhancing overall animal care.
A Contrast with the Historical Market Scenario
The global market for companion animal specialty drugs generated huge demand in previous years. The forum registered a gradual CAGR of 5.42% during the period from 2017 to 2021. A number of factors are responsible for this substantial growth.
The expert analysts at FMI have analyzed that the development and approval of new drugs for the treatment of animal diseases are spurring the demand for companion animal specialty drugs. It is identified while studying the market in-details that the rising prevalence of obesity amongst pet dogs and other companion animals has resulted in higher sales of anti-obesity drugs.
Furthermore, significant growth in the number of animal healthcare and NGOs in recent years is also a key aspect majorly contributing to the acceleration of the companion animal specialty drugs. Moreover, some pet diseases also cause serious effects on humans and need to be mitigated for the prevention of infection, which is further identified to boost the market size of companion animal specialty drugs.
Strong Industry Players Revolutionize & Upscale the Market-o-comics
The global companion animal specialty drugs market is growing rapidly due to the presence of prominent key players as well as start-ups. Most companies are implementing new strategies for the development of innovative companion animal specialty drugs that cause fewer side effects. Consequently, these factors are anticipated to drive the global companion animal drugs market.
Leaders are focusing on new product launches and adopting inorganic growth strategies to remain competitive and sustain in the market. Partnerships with other players are enhancing product offerings, thus helping the companies to increase their customer base by providing superior quality products.
Recent Developments
- In February 2021, Vetoquinol acquired Canadian rights for the Profender product family from Elanco Animal Health. The acquisition is poised to impact the company’s revenue and offer business development opportunities in untapped economies.
- In August 2020, Elanco Animal Health Incorporated announced 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.
- In January 2021, Merck Animal Health, known as MSD Animal Health outside the US and Canada, a division of Merck & Co. Inc., announced the collaboration with the Street Dog Coalition to offer medications, vaccines, and treatment for pets of those experiencing homelessness.
- In June 2021, ALR Technologies SG Pvt. Ltd., the diabetes management company announced the establishment of its new business division which will be the world’s first and only CGM for diabetic companion animals, known as ‘ALRT Animal Health Division.
- 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.
Some of the key companies proliferating in the market are:
- 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.
- Ceva Santé Animale
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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
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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