[341 Pages Report] The global companion animal specialty drugs market is projected to have a moderate-paced CAGR of 4.21% during the forecast period. The current valuation of the market is US$ 37,624.67 Million in 2022. The market value of the companion animal specialty drugs market is anticipated to reach a high of US$ 56,828.56 Million by the year 2032. A historical CAGR of 5.42% has been recorded by the experts of Future Market Insights for the concerned market. This growth is supported by:
Although the market is projected to register healthy growth across the estimated study period, it has been revealed by the expert analysts at FMI that certain constraints still prevail in the burgeoning forum. A number of elements were identified while analyzing the market that is likely to hinder the advancement of the companion animal specialty drugs market. They are as follows:
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.
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As per the analysis of FMI, there is an unprecedented surge witnessed by the global companion animal specialty drugs market, owing to rising ownership of animals and increasing demand for animal-derived products.
New veterinary drugs are being 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 enable to boost 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) | US$ 37,624.67 Million |
| Companion Animal Specialty Drugs Market Anticipated Value (2032) | US$ 56,828.56 Million |
| Companion Animal Specialty Drugs Projected Growth Rate (2022 to 2032) | 4.21% |
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.
Principal Consultant
Vaccines - By Product Type
The vaccines segment accounted for more than US$ 2.89 billion in the base year. The surging market valuation of this product type can be attributed to:
Online Veterinary Pharmacies - By Distribution Channel
Technological advances are reported in every sector including animal health, thereby driving the market progression. This segment is anticipated to account for a market share of 37.8% through the forecast period, advancing at a CAGR of 6.8%. The reasons augmenting the growth of this segment are as follows:
Oral Consumption - By Route of Administration
The oral segment accounted for a market valuation of US$ 2.86 billion in the base year. This route of administration is identified to lead through the forecast period due to:
Strategic Initiatives Coupled with Rising Digitalization Stir Up the Regional Landscapes
| Country/Region | United States |
|---|---|
| Statistics | The U.S. companion animal specialty drugs market dominated the global forum in the base year, with more than 88% of revenue shares in the North American region. It is estimated that around 44% of households in the US have a dog and nearly 33% have a cat. |
| Key Propellants | The market in the US is poised to accrue significant gains owing to factors as follows:
|
| Country/Region | Brazil |
|---|---|
| Statistics | The market size for companion animal specialty drugs in Brazil accounted for a valuation of US$ 426 million in the base year. |
| Key Propellants | The factors owing to the rapid progression of the market in Brazil are as follows:
|
| 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 have steady growth during the period 2022 to 2032. |
| Key Propellants | The market dynamics in Germany are fuelled by the following aspects:
|
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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 for better curing the 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: US$ 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: US$ 16 Million
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: US$ 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: US$ 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: US$ 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 associated with osteoarthritis in dogs, NV-02 for chronic pain in cats, and NV-08 targeting inflammation and atopic dermatitis in dogs.
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
Some of the key companies proliferating in the market are:
The companion animal specialty drugs market is likely to record a CAGR of 4.21% through 2032.
The companion animal specialty drugs market is currently valued at US$ 37, 624.67 Million in 2022.
The companion animal specialty drugs market has the potential to reach a valuation of US$ 56,828.56 Million by 2032.
Demand for vaccines is predicted to remain the highest.
Consumers prefer online veterinary pharmacies to purchase companion animal specialty drugs.
1. Executive Summary | Companion Animal Specialty Drugs Market 2. Market Introduction 2.1. Market Definition 2.2. Market Taxonomy 3. Global Companion Animal Drugs Market Analysis Scenario 3.1. Market Size (US$ Million) and Forecast 3.2. Market Size and Y-o-Y Growth 4. Market Dynamics 4.1. Drivers 4.2. Restraints 4.3. Opportunity 4.4. Global Trends 4.5. PEST Analysis - The US 4.6. PEST Analysis - Europe 4.7. Portor's Five Analysis 4.8. Trilateral regulatory harmonization between the US, EU, and Japan on registration of veterinary products 5. Global Companion Animal Drugs Market Analysis and Forecasts, By Product Type 5.1. Introduction 5.2. Basis Point Share (BPS) Analysis By Product Type 5.3. Y-o-Y Growth Projections By Product Type 5.4. Market Value Forecast By Product Type, 2021 to 2031 5.4.1. Antibiotics 5.4.2. Anti-inflammatory Drugs 5.4.3. Parasiticides 5.4.4. Heartworm 5.4.5. Behavioral Products 5.4.6. Nutritional Products 5.4.7. Anti-Obesity Drugs 5.4.8. Skin Care Products 5.4.9. Vaccines 5.5. Market Attractiveness By Product Type 6. Global Companion Animal Drugs Market Analysis and Forecasts, By Distribution Channel 6.1. Introduction 6.2. Basis Point Share (BPS) Analysis By Distribution Channel 6.3. Y-o-Y Growth Projections By Distribution Channel 6.4. Market Value Forecast By Distribution Channel, 2021 to 2031 6.4.1. Veterinary Hospitals 6.4.2. Veterinary Clinics 6.4.3. Pharmacies and Drug Stores 6.5. Market Attractiveness By Distribution Channel 7. Global Companion Animal Drugs Market Analysis and Forecasts, By Region 7.1. Basis Point Share (BPS) Analysis By Region 7.2. Y-o-Y Growth Projections By Region 7.3. Market Value Forecast By Region 7.3.1. North America 7.3.2. Latin America 7.3.3. Western Europe 7.3.4. Eastern Europe 7.3.5. Asia Pacific Excluding Japan 7.3.6. Japan 7.3.7. Middle East & Africa (MEA) 7.4. Market Attractiveness By Region 8. North America Companion Animal Drugs Market Analysis and Forecast 8.1. Introduction 8.1.1. Basis Point Share (BPS) Analysis By Country 8.1.2. Y-o-Y Growth Projections By Country 8.2. Market Value Forecast By Product Type, 2021 to 2031 8.2.1. Antibiotics 8.2.2. Anti-inflammatory Drugs 8.2.3. Parasiticides 8.2.4. Heartworm 8.2.5. Behavioral Products 8.2.6. Nutritional Products 8.2.7. Anti-Obesity Drugs 8.2.8. Skin Care Products 8.2.9. Vaccines 8.3. Market Value Forecast By Distribution Channel, 2021 to 2031 8.3.1. Veterinary Hospitals 8.3.2. Veterinary Clinics 8.3.3. Pharmacies and Drug Stores 8.4. Market Value Forecast By Country, 2021 to 2031 8.4.1. The US 8.4.2. Canada 8.5. Market Attractiveness Analysis 8.5.1. By Product Type 8.5.2. By Distribution Channel 8.5.3. By Country 8.6. Regional Trends 8.7. Drivers and Restraints: Impact Analysis 9. Latin America Companion Animal Drugs Market Analysis and Forecast 9.1. Introduction 9.1.1. Basis Point Share (BPS) Analysis By Country 9.1.2. Y-o-Y Growth Projections By Country 9.2. Market Value Forecast By Product Type, 2021 to 2031 9.2.1. Antibiotics 9.2.2. Anti-inflammatory Drugs 9.2.3. Parasiticides 9.2.4. Heartworm 9.2.5. Behavioral Products 9.2.6. Nutritional Products 9.2.7. Anti-Obesity Drugs 9.2.8. Skin Care Products 9.2.9. Vaccines 9.3. Market Value Forecast By Distribution Channel, 2021 to 2031 9.3.1. Veterinary Hospitals 9.3.2. Veterinary Clinics 9.3.3. Pharmacies and Drug Stores 9.4. Market Value Forecast By Country, 2021 to 2031 9.4.1. Brazil 9.4.2. Mexico 9.4.3. Argentina 9.4.4. Rest of Latin America 9.5. Market Attractiveness Analysis 9.5.1. By Product Type 9.5.2. By Distribution Channel 9.5.3. By Country 9.6. Regional Trends 9.7. Drivers and Restraints: Impact Analysis 10. Western Europe Companion Animal Drugs Market Analysis and Forecast 10.1. Introduction 10.1.1. Basis Point Share (BPS) Analysis By Country 10.1.2. Y-o-Y Growth Projections By Country 10.2. Market Value Forecast By Product Type, 2021 to 2031 10.2.1. Antibiotics 10.2.2. Anti-inflammatory Drugs 10.2.3. Parasiticides 10.2.4. Heartworm 10.2.5. Behavioral Products 10.2.6. Nutritional Products 10.2.7. Anti-Obesity Drugs 10.2.8. Skin Care Products 10.2.9. Vaccines 10.3. Market Value Forecast By Distribution Channel, 2021 to 2031 10.3.1. Veterinary Hospitals 10.3.2. Veterinary Clinics 10.3.3. Pharmacies and Drug Stores 10.4. Market Value Forecast By Country, 2021 to 2031 10.4.1. The UK 10.4.2. Germany 10.4.3. France 10.4.4. Italy 10.4.5. Spain 10.4.6. Nordics 10.4.7. Benelux 10.4.8. Rest of Western Europe 10.5. Market Attractiveness Analysis 10.5.1. By Product Type 10.5.2. By Distribution Channel 10.5.3. By Country 10.6. Regional Trends 10.7. Drivers and Restraints: Impact Analysis 11. Eastern Europe Companion Animal Drugs Market Analysis and Forecast 11.1. Introduction 11.1.1. Basis Point Share (BPS) Analysis By Country 11.1.2. Y-o-Y Growth Projections By Country 11.2. Market Value Forecast By Product Type, 2021 to 2031 11.2.1. Antibiotics 11.2.2. Anti-inflammatory Drugs 11.2.3. Parasiticides 11.2.4. Heartworm 11.2.5. Behavioral Products 11.2.6. Nutritional Products 11.2.7. Anti-Obesity Drugs 11.2.8. Skin Care Products 11.2.9. Vaccines 11.3. Market Value Forecast By Distribution Channel, 2021 to 2031 11.3.1. Veterinary Hospitals 11.3.2. Veterinary Clinics 11.3.3. Pharmacies and Drug Stores 11.4. Market Value Forecast By Country, 2021 to 2031 11.4.1. Russia 11.4.2. Poland 11.4.3. Rest of Eastern Europe 11.5. Market Attractiveness Analysis 11.5.1. By Product Type 11.5.2. By Distribution Channel 11.5.3. By Country 11.6. Regional Trends 11.7. Drivers and Restraints: Impact Analysis 12. APEJ Companion Animal Drugs Market Analysis and Forecast 12.1. Introduction 12.1.1. Basis Point Share (BPS) Analysis By Country 12.1.2. Y-o-Y Growth Projections By Country 12.2. Market Value Forecast By Product Type, 2021 to 2031 12.2.1. Antibiotics 12.2.2. Anti-inflammatory Drugs 12.2.3. Parasiticides 12.2.4. Heartworm 12.2.5. Behavioral Products 12.2.6. Nutritional Products 12.2.7. Anti-Obesity Drugs 12.2.8. Skin Care Products 12.2.9. Vaccines 12.3. Market Value Forecast By Distribution Channel, 2021 to 2031 12.3.1. Veterinary Hospitals 12.3.2. Veterinary Clinics 12.3.3. Pharmacies and Drug Stores 12.4. Market Value Forecast By Country, 2021 to 2031 12.4.1. China 12.4.2. India 12.4.3. Australia & New Zealand 12.4.4. ASEAN 12.4.5. Rest of APEJ 12.5. Market Attractiveness Analysis 12.5.1. By Product Type 12.5.2. By Distribution Channel 12.5.3. By Country 12.6. Regional Trends 12.7. Drivers and Restraints: Impact Analysis 13. Japan Companion Animal Drugs Market Analysis and Forecast 13.1. Introduction 13.1.1. Absolute $ Opportunity (US$ Million), 2021 to 2031 13.2. Market Value Forecast By Product Type, 2021 to 2031 13.2.1. Antibiotics 13.2.2. Anti-inflammatory Drugs 13.2.3. Parasiticides 13.2.4. Heartworm 13.2.5. Behavioral Products 13.2.6. Nutritional Products 13.2.7. Anti-Obesity Drugs 13.2.8. Skin Care Products 13.2.9. Vaccines 13.3. Market Value Forecast By Distribution Channel, 2021 to 2031 13.3.1. Veterinary Hospitals 13.3.2. Veterinary Clinics 13.3.3. Pharmacies and Drug Stores 13.4. Market Attractiveness Analysis 13.4.1. By Product Type 13.4.2. By Distribution Channel 13.5. Regional Trends 13.6. Drivers and Restraints: Impact Analysis 14. MEA Companion Animal Drugs Market Analysis and Forecast 14.1. Introduction 14.1.1. Basis Point Share (BPS) Analysis By Country 14.1.2. Y-o-Y Growth Projections By Country 14.2. Market Value Forecast By Product Type, 2021 to 2031 14.2.1. Antibiotics 14.2.2. Anti-inflammatory Drugs 14.2.3. Parasiticides 14.2.4. Heartworm 14.2.5. Behavioral Products 14.2.6. Nutritional Products 14.2.7. Anti-Obesity Drugs 14.2.8. Skin Care Products 14.2.9. Vaccines 14.3. Market Value Forecast By Distribution Channel, 2021 to 2031 14.3.1. Veterinary Hospitals 14.3.2. Veterinary Clinics 14.3.3. Pharmacies and Drug Stores 14.4. Market Value Forecast By Country, 2021 to 2031 14.4.1. GCC Countries 14.4.2. South Africa 14.4.3. Rest of MEA 14.5. Market Attractiveness Analysis 14.5.1. By Product Type 14.5.2. By Distribution Channel 14.5.3. By Country 14.6. Regional Trends 14.7. Drivers and Restraints: Impact Analysis 15. Competition Landscape 15.1. Competition Dashboard 15.2. Company Profiles (Details – Overview, Financials, Strategy, Recent Developments, and SWOT Analysis) 15.2.1. Zoetis, Inc. 15.2.1.1. Overview 15.2.1.2. Financials 15.2.1.3. Strategy 15.2.1.4. Recent Developments and SWOT Analysis 15.2.2. Merck and Co., Inc. 15.2.2.1. Overview 15.2.2.2. Financials 15.2.2.3. Strategy 15.2.2.4. Recent Developments and SWOT Analysis 15.2.3. Bayer AG 15.2.3.1. Overview 15.2.3.2. Financials 15.2.3.3. Strategy 15.2.3.4. Recent Developments and SWOT Analysis 15.2.4. Elanco 15.2.4.1. Overview 15.2.4.2. Financials 15.2.4.3. Strategy 15.2.4.4. Recent Developments and SWOT Analysis 15.2.5. Boehringer Ingelheim Animal Health 15.2.5.1. Overview 15.2.5.2. Financials 15.2.5.3. Strategy 15.2.5.4. Recent Developments and SWOT Analysis 15.2.6. Ceva Santé Animale 15.2.6.1. Overview 15.2.6.2. Financials 15.2.6.3. Strategy 15.2.6.4. Recent Developments and SWOT Analysis 16. Assumptions and Acronyms Used 17. Research Methodology
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Companion Animal Specialty Drugs Market
