Companion Animal Specialty Drugs Market

Key Points Covered in Companion Animal Specialty Drugs Market Study

• Market estimates and forecast 2021-2031
• Key drivers and restraints impacting market growth
• Segment-wise, Country-wise, and Region-wise Analysis
• Competition Mapping and Benchmarking
• Brand share and Market Share Analysis
• Key Product Innovations and Regulatory Climate
• COVID-19 Impact on Companion Animal Specialty Drugs Market and How to Navigate
• Recommendation on Key Winning Strategies

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How is Future Projection of Companion Animal Specialty Drugs Market Outpacing Historical Sales?

Demand for companion animal specialty drugs increased at a steady pace in the last five years. As per FMI, the market exhibited growth at 5.43% CAGR between 2016 and 2020. Increasing urbanization and adoption of companion animals across the globe will facilitate growth in the market through the assessment period.

The market is slated to gain from the advent of novel technologies and increased research & development activities aimed at developing advanced vaccines, nutritional products, and anti-obesity drugs have spurred the demand.

Development of recombinant DNA vaccines for dogs is expected to drive the demand for companion animal specialty drugs over the coming years. Due to the rise in vector-borne diseases, adoption of parasiticides has increased, which has improved the market demand.

Increasing prevalence of obesity among pet dogs, especially across the U.K. and Germany have increased the demand for anti-obesity drugs. This has encouraged market players to introduce novel drugs to curb spread of diseases and obesity rate among companion animals.

Spurred by this, the market registered steady year-on-year growth at 5.42% CAGR during 2020-21. Increasing adoption of dogs across the developed nations, including the U.S., Germany and the U.K. will increase the adoption of nutritional products and behavioral products among the pet owners.

Rising Geriatric Population Driving Companion Animal Specialty Drugs Market

Adoption of pets among elderly population has been driving demand for companion animal specialty drugs services. Baby boomers have been increasingly adopting cats and dogs as pets, especially across the U.S. and the U.K.

A clean and hygienic atmosphere at home is essential and preferred by older people. This has led to increased adoption of prophylactic medications for pets and the trend is expected to continue in the upcoming years.

There were more than 3.7 Mn pet owners among the baby boomer generation in the U.S. in 2019, as per American Society for the Prevention of Cruelty to Animals. Pet adoption has been increasing mostly for dogs while feline pet ownership rates have remained stagnant globally over the past five years.

Approval of New Drugs Bolstering Growth

Development and approval of new drugs for the treatment of animal diseases is expected to increase the growth of overall market.

For example - In May 2016, the company announced the approval from the European Medicines Agency (EMA) for Bravecto Spot-On Solution for cats and dogs, and in July 2016, the company received approval in the U.S. to market the product under the trade name Bravecto Topical.

Also, in June 2020, Merck announced the investment of US$ 20 Mn for the facility expansion and improvement in its manufacturing site established in the U.S. in De Soto, Kansas. The site produces vaccines and the investment was for the improvement of its production capabilities to cater the demand for compounded vaccines.

Country-wise Insights

How is the Companion Animal Specialty Drugs Market Expanding in the U.S.?

The companion animal specialty drugs market is poised to accrue significant gains across the U.S. Rising adoption of pet across the country have improved the sales of companion animal specialty drugs.

According to the survey of American Society for the Prevention of Cruelty to Animals, nearly 6.5 million companion animals enter the U.S. animal shelters every year. Among these, 3.3 million are dogs and 3.2 million are cats. Approximately, 3.2 million shelter animals are adopted every year.

It is estimated that around 44% of households in the U.S. have a dog and nearly 33% have a cat. With growing adoption of companion animals in the U.S., pet owners are increasing their awareness about the maintenance of their pet. Now, internet being the primary source and with rising penetration of social media, millennials and baby boomers are taking extra-care for their pet wellbeing.

This includes proper vaccination for their pet, which is directly impacting the companion animal specialty drugs market positively. Apart from this, rising cases of vector borne diseases among the companion animals will fuel demand in the U.S. market.

How will Demand for Companion Animal Specialty Drugs Fare in the U.K.?

The U.K. is anticipated to be the most lucrative market across Europe for companion animal specialty drugs. Growth registered in the U.K. can be attributed to the growing adoption of companion animals across the country.

Obesity in pets is another major factor driving the companion animal specialty drugs market. A study by Royal Veterinary College has revealed that 1 in 14 dogs in the U.K. are recorded by their vets as overweight.

Pet Food Manufacture Association stated in its White Paper-2019 survey that, 74% of veterinary professionals believe that prevalence of obesity has increased over the past 5 years. To reduce the statistics, many private and public organizations are encouraging the use of anti-obesity drugs and nutritional products, propelling the demand for companion animal specialty drugs market across the U.K.

How is Germany’s Companion Animal Specialty Drugs Market Expected to Perform?

With initiatives undertaken to lower the obesity rate among companion animals and rapid adoption of nutritional and anti-obesity drugs, the Germany’s companion animal specialty drugs market is expected to witness significant growth during the assessment period.

Alongside this, adoption of pets across Germany have increased the growth prospects for the market players. Unprecedented outbreak of coronavirus compelled people around the world to spend more time indoors, resulting in increased adoption of dogs.

Global shutdown caused a spike in demand for companion animals, especially puppies in Germany. According to the German Canine Association (VDH), demand for dogs across Germany increased by 20% in FQ-20.

With rising adoption, demand for nutritional products, anti-inflammatory medicines, and other drugs for pets burgeoned.

What are the Key Factors Enabling Growth in India?

India is expected to dominate the South Asia’s companion animal specialty drugs market during the forecast period. Demand for vaccines, nutritional products, behavioral drugs, and specialty drugs will increase due to the rising adoption of companion animals.

Growing urbanization, technological advancements, and awareness regarding animal cruelty have significantly improved the adoption of companion animals across India. Penetration of social media and campaigns implemented to increase the awareness about the cruelty against animals and pet adoption have impacted the market positively.

As per National Geographic statistics, India is home to around 35 million street dogs and the number is likely to increase by 2030. Recently, due to Covid-19 adoption of dogs have significantly increased in India, says Humanities and Social Sciences Communications. This has in turn resulted in higher focus on the treatment of companion animals for various diseases, which will bode well for the market in India.

Category-wise Insights

Which is the Top-selling Companion Animal Specialty Drug?

FMI estimates, parasiticides segment is expected to account for over 32% of revenue share in the global companion animal specialty drugs market. Increasing adoption for treatment of various animal diseases have prompted the growth of this segment.

Veterinary parasiticides or antiparasitics are the products that treat vector-borne diseases and kill parasites that infect pets, livestock, and other animals. Rising prevalence of vector-borne diseases among pets, especially dogs, have increased the adoption of parasiticides within veterinary clinics and hospitals.

What is the Scope of Sales through Veterinary Clinics?

Demand for companion animal specialty drugs for the veterinary clinics distribution channel is anticipated to be relatively strong, owing to the increasing pet adoption and rising awareness among the people regarding animal diseases.

As per Future Market Insights, the veterinary clinics segment is anticipated to contribute over 52% of value share in global companion animal specialty drugs market during the forecast period.

Competitive Landscape

Future Market Insights forecasts, increasing strategic acquisition and collaboration activities among the companies has led to intense consolidation. Key players are also focusing on research and development activities to develop more effective drugs for the treatment of cats and dogs.

For instance, Aeronics Inc., a Pittsburgh-based startup that develops innovative oxygen technologies for veterinary use announced the collaboration with MWI Animal Health, a leading distributor of animal health products to expedite veterinarians access to portable oxygen.

Also, in January 2021, Merck Animal Health, known as MSD Animal Health outside the U.S. and Canada, a division of Merck & Co. Inc., announced the collaboration with the Street Dog Coalition to offer medications, vaccines, 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’.

*The list is not exhaustive, and only for representational purposes. Full competitive intelligence with SWOT analysis available in the report.

Scope of Report

Key Questions Answered in the Report

• What is the current companion animal specialty drugs market value?

  The companion animal specialty drugs market is expected to exceed US$36,104.66 Mn in 2021

• At what rate did the companion animal specialty drugs market grow between 2016 and 2020?

  The companion animal specialty drugs market projected steady growth, registering a CAGR at 5.43% between 2016 and 2020.

• What are the key trends driving companion animal specialty drugs distribution?

  Growing demand for compounded medications and increasing adoption of anti-obesity drugs to reduce the growing obesity rate among pets will drive the sales.

• Who are the leading players of companion animal specialty drugs?

  Zoetis Inc., Merck and Co., Inc., Bayer AG, Eli Lily and Co. (Elanco), Merial (Sanofi), Ceva Santé Animale, Virbac Animal Health, and Boehringer Ingelheim GmbH, are the top players FMI identifies as key players.

• What will be the demand outlook for North America companion animal specialty drugs market?

  North America’s companion animal specialty drugs market demand is set to rise at over 3.38% CAGR during the forecast period of 2021 and 2031.

• What is the market share of leading players in Companion animal specialty drugs market?

  The top 10 players in the companion animal specialty drugs market will collectively account for over 85% of global market share in the year 2021.

• At what rate will companion animal specialty drugs demand rise in Europe?

  Demand for companion animal specialty drugs across Europe will exhibit steady expansion at 5.28% during the forecast period of 2021 and 2031.

• Which are the top countries driving the Companion animal specialty drugs market distribution?

  Top countries in terms of companion animal specialty drugs distribution are China, the U.K., the U.S., India and Germany.

• What is the current market share of Japan and South Korea in the global Companion animal specialty drugs market?

  In 2021, Japan accounted for 6.4% market share while South Korea contributed less than 1% market share.

Companion Animal Specialty Drugs Market by Category

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
• Europe
• East Asia
• South Asia
• Oceania
• Middle East & Africa (MEA)