Companion Animal Specialty Drugs Market

A Summary of the Companion Animal Specialty Drugs Market Development (2022 to 2032)

The global companion animal specialty drugs market is projected to grow at a moderate pace, with a CAGR of 4.21% during the forecast period. The current market valuation is USD 37,624.67 million as of 2022. The market value of the companion animal specialty drugs market is expected to reach a high of USD 56,828.56 million by 2032.

According to the experts at Future Market Insights, a historical CAGR of 5.42% has been recorded for the relevant market. This growth is supported by

• The rising adoption of pets due to growing urbanization and the increase in the number of nuclear families is among the primary factors driving market growth.
• Growing focus on animal health, along with surging demand for pet insurance, especially in developed countries, will augment the market expansion for companion animal specialty drugs.
• A consistent rise in the number of diseases is generating demand for companion animal drugs.
• Industrial growth can likely be attributed to increasing incidences of zoonotic and foodborne diseases.
• Rising per capita income enables the urban populace to increasingly spend on the treatment of companion animals, including diagnosis, vaccines, mitigation, and treatment of diseases such as kidney concerns, heartworm, and Lyme disease, thereby surging the market share for companion animal specialty drugs.

Although the market is projected to register healthy growth across the estimated study period, expert analysts at FMI have revealed that certain constraints still prevail in the burgeoning market. A number of elements were identified while analyzing the market that are likely to hinder the advancement of the companion animal specialty drugs market. They are as follows:

• Risks or chances of side effects, such as mild vomiting, exist after the intake of a drug if it is not suited or administered in excess amounts acts as a key restraint in the global market.
• There is a very high cost associated with companion animals’ specialty drugs, and the middle-class population with pets in low-income countries still remains unaware of such advanced treatments.

Therefore, it is projected that a lack of awareness is likely to curb the penetration of these drugs across certain regions, simultaneously impeding the growth of the concerned market.

Launch of New Veterinary Drug Products - A Blessing to Boon

According to FMI's analysis, the global companion animal specialty drugs market is experiencing an unprecedented surge, driven by rising animal ownership and increasing demand for animal-derived products.

New veterinary drugs have been launched in recent years, and the ones identified to gain rapid traction are parasiticides. This drug segment accounted for a market share of 32.2% in the base year.

The rising prominence of parasiticides through the forecast period can be attributed to the fact that there is an upsurge in demand for animals and animal-derived products like meat, and the administration of parasiticides enables the boost in the quality of meat for consumption and is most sincerely improving the efficiency of livestock and health of companion animals.

At present, technological advances are being made in the administering of this newly launched specialty drug parasiticide such as collars, sprays, and dips, which in turn is expected to boost the market size of companion animal specialty drugs through the projection period.

Report Attribute	Details
Companion Animal Specialty Drugs Market Value (2022)	USD 37,624.67 Million
Companion Animal Specialty Drugs Market Anticipated Value (2032)	USD 56,828.56 Million
Companion Animal Specialty Drugs Projected Growth Rate (2022 to 2032)	4.21%

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.

Category-wise Insights - Identifying the Domineering Segments

Vaccines - By Product Type

The vaccines segment accounted for more than USD 2.89 billion in the base year. The surging market valuation of this product type can be attributed to:

• Increasing research and development activities related to the development of curable vaccines for companion animals are driving segment growth.
• Due to increased R&D, the market has witnessed the emergence of new technologies, including recombinant DNA vaccines for dogs in companion animal drugs, thereby fueling industry expansion. This type of vaccine is reckoned to provide enhanced disease prevention to pet animals.

Online Veterinary Pharmacies - By Distribution Channel

Technological advances are reported in every sector, including animal health, thereby driving the market progression. This segment is expected to account for a market share of 37.8% during the forecast period, growing at a CAGR of 6.8%. The reasons augmenting the growth of this segment are as follows:

• Increasing inclination toward mobile apps that help in tracking animal health habits and nutritional intake, as well as alerts for pet care services, is likely to foster the market revenue.
• Veterinary online pharmacies offer a wide range of pet care products, supplements, vaccinations, injections, medications, and more, and the ease of availability is a key factor in expanding market shares.
• The integration of digital platforms in veterinary care, combined with a shift in population preference towards online services, will accelerate overall market demand.
• The high acceptance of e-commerce platforms in emerging economies is also identified as a key factor in driving business revenue growth.

Oral Consumption - By Route of Administration

The oral segment accounted for a market valuation of USD 2.86 billion in the base year. This route of administration is identified to lead through the forecast period due to:

• Increasing preference for companion animals and their ease of consuming specialty drugs.
• Various benefits associated with oral animal drugs, such as reduced risk of infection, less pain, and no skin penetration, support the demand for oral dosage.
• Suspensions, solutions, capsules, as well as tablet forms of drugs, are administered orally in companion animals to improve their health conditions and production.

Regional Insights                                               

Strategic Initiatives Coupled with Rising Digitalization Stir Up the Regional Landscapes

Country/Region	United States
Statistics	The USA companion animal specialty drugs market dominated the global market in the base year, with more than 88% of the revenue share in the North American region. It is estimated that approximately 44% of households in the United States have a dog, and nearly 33% have a cat.
Key Propellants	The market in the USA is poised to accrue significant gains owing to the following factors: The rising adoption of pets across the country has led to increased sales of companion animal specialty drugs. The internet is the primary source, and with the rising penetration of social media, millennials and baby boomers are taking extra care of their pet well-being in this country.

Country/Region	Brazil
Statistics	The market size for companion animal specialty drugs in Brazil was valued at USD 426 million in the base year.
Key Propellants	The factors contributing to the rapid progression of the market in Brazil are as follows: The availability of better health infrastructure, stringent regulatory guidelines for animal healthcare, and increased spending on R&D initiatives are expected to drive the growth of the companion animal specialty drugs forum. The high acceptance rate of pet animals is driving the industry's value and is estimated to create lucrative opportunities in the years to come.

Country/Region	Germany
Statistics	Germany is projected to advance at a CAGR of 2.4% through the forecast period. The industry profit margin in Germany has increased over the past five years and is expected to continue growing steadily during the period from 2022 to 2032.
Key Propellants	The following aspects fuel the market dynamics in Germany: Initiatives are being undertaken to reduce the obesity rate in companion animals, which is driving the growth of the companion animal specialty drugs market in Germany. There is a spike in demand for companion animals, coupled with the rising number of healthcare NGOs and animal hospitals, further bolstering the market outlook for the country.

Start-up Ecosystem

How are the New Entrants Ceding a Silver Lining to the Forum?

The start-up companies in the companion animal specialty drugs market are continually innovating the drug to better cure companion animals, paying keen attention to faster recovery. The business models are changing due to evolving market dynamics and the start-up firms are in tandem with the pet humanization trends of the populace, investing heavily in common veterinary drugs.

5 Top Start-ups to Watch For

Wiggles

Funding: USD 9 Million

This firm is a provider of a wide range of veterinary care products and services. The company provides pet-focused supplements, foods, medicines, and ayurvedic and herbal care products. In addition to selling its products online, the company also provides vet on-call and grooming services.

FidoCure

Funding: USD 16 Million

An online platform offering health care services for dogs. It connects pet owners and vets. It sends the tumor sample from the original biopsy used to diagnose cancer for DNA sequencing. It identifies genomic mutations and suggests targeted therapy. The vet provides the treatment based on the suggestion given on the platform.

Itch

Funding: USD 16 Million

Itchpet has developed customized flea treatment products. The user can provide the details via the platform to develop a customized flea and tick treatment product. The products developed are flea, calm, dental, warmer, joint, and ear.

PetMedix

Funding: USD 37 Million

Developed monoclonal antibody therapeutics for pets. The company has developed Ky9 and Felyne platforms to generate therapeutic antibodies to treat cancer, inflammation, and other conditions.

Nexvet

Funding: USD 38 Million

Nexvet is focused on developing novel therapies for companion animal care. Its proprietary PETization platform allows for the rapid translation of monoclonal antibodies between species. The current focus is on chronic pain and inflammatory diseases in cats and dogs. Pipeline products include NV-01 for chronic pain associated with osteoarthritis in dogs, NV-02 for chronic pain in cats, and NV-08 targeting inflammation and atopic dermatitis in dogs.

Competitive Landscape

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 United States and Canada, a division of Merck & Co., Inc., announced a collaboration with the Street Dog Coalition to provide medications, vaccines, and treatments for pets of individuals 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

Table of Content

• 1. Executive Summary
• 2. Market Introduction
• 3. Global Market Analysis Scenario
• 4. Market Dynamics
• 5. Global Market Analysis and Forecasts, By Product Type
  • 5.1. Antibiotics
  • 5.2. Anti-inflammatory Drugs
  • 5.3. Parasiticides
  • 5.4. Heartworm
  • 5.5. Behavioral Products
  • 5.6. Nutritional Products
  • 5.7. Anti-Obesity Drugs
  • 5.8. Skin Care Products
  • 5.9. Vaccines
• 6. Global Market Analysis and Forecasts, By Distribution Channel
  • 6.1. Veterinary Hospitals
  • 6.2. Veterinary Clinics
  • 6.3. Pharmacies and Drug Stores
• 7. Global Market Analysis and Forecasts, By Region
  • 7.1. North America
  • 7.2. Latin America
  • 7.3. Western Europe
  • 7.4. Eastern Europe
  • 7.5. Asia Pacific Excluding Japan
  • 7.6. Japan
  • 7.7. Middle East & Africa (MEA)
• 8. North America Market Analysis and Forecast
• 9. Latin America Market Analysis and Forecast
• 10. Western Europe Market Analysis and Forecast
• 11. Eastern Europe Market Analysis and Forecast
• 12. APEJ Market Analysis and Forecast
• 13. Japan Market Analysis and Forecast
• 14. MEA Market Analysis and Forecast
• 15. Competition Landscape
  • 15.1. Zoetis, Inc.
  • 15.2. Merck and Co., Inc.
  • 15.3. Bayer AG
  • 15.4. Elanco
  • 15.5. Boehringer Ingelheim Animal Health
  • 15.6. Ceva Santé Animale
• 16. Assumptions and Acronyms Used
• 17. Research Methodology