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
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:
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.
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 |
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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% |
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.
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:
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:
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:
Strategic Initiatives Coupled with Rising Digitalization Stir Up the Regional Landscapes
Country/Region | United States |
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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:
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Country/Region | Brazil |
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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:
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Country/Region | Germany |
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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:
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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 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.
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:
Table 01: Global Companion Animal Specialty Drugs Market Value (US$ Million) Analysis and Forecast By Product Type, 2022 to 2032
Table 02: Global Companion Animal Specialty Drugs Market Value (US$ Million) Analysis and Forecast By Distribution Channel, 2022 to 2032
Table 03: Global Companion Animal Specialty Drugs Market Value (US$ Million) Analysis and Forecast By Region, 2022 to 2032
Table 04: North America Companion Animal Specialty Drugs Market Value (US$ Million) Analysis and Forecast By Country, 2022 to 2032
Table 05: North America Companion Animal Specialty Drugs Market Value (US$ Million) Analysis and Forecast By Product, 2022 to 2032
Table 06: North America Companion Animal Specialty Drugs Market Value (US$ Million) Analysis and Forecast By Distribution Channel, 2022 to 2032
Table 07: Latin America Companion Animal Specialty Drugs Market Value (US$ Million) Analysis and Forecast By Country, 2022 to 2032
Table 08: Latin America Companion Animal Specialty Drugs Market Value (US$ Million) Analysis and Forecast By Product, 2022 to 2032
Table 09: Latin America Companion Animal Specialty Drugs Market Value (US$ Million) Analysis and Forecast By Distribution Channel, 2022 to 2032
Table 10: Western Europe Companion Animal Specialty Drugs Market Value (US$ Million) Analysis and Forecast By Country, 2022 to 2032
Table 11: Global Companion Animal Specialty Drugs Market Value (US$ Million) Analysis and Forecast By Product, 2022 to 2032
Table 12: Global Companion Animal Specialty Drugs Market Value (US$ Million) Analysis and Forecast By Distribution Channel, 2022 to 2032
Table 13: Eastern Europe Companion Animal Specialty Drugs Market Value (US$ Million) Analysis and Forecast By Country, 2022 to 2032
Table 14: Eastern Europe Companion Animal Specialty Drugs Market Value (US$ Million) Analysis and Forecast By Product, 2022 to 2032
Table 15: Eastern Europe Companion Animal Specialty Drugs Market Value (US$ Million) Analysis and Forecast By Distribution Channel, 2022 to 2032
Table 16: APEJ Companion Animal Specialty Drugs Market Value (US$ Million) Analysis and Forecast By Country, 2022 to 2032
Table 17: APEJ Companion Animal Specialty Drugs Market Value (US$ Million) Analysis and Forecast By Product, 2022 to 2032
Table 18: APEJ Companion Animal Specialty Drugs Market Value (US$ Million) Analysis and Forecast By Distribution Channel, 2022 to 2032
Table 19: Japan Companion Animal Specialty Drugs Market Value (US$ Million) Analysis and Forecast, 2022 to 2032
Table 20: Japan Companion Animal Specialty Drugs Market Value (US$ Million) Analysis and Forecast By Product, 2022 to 2032
Table 21: Japan Companion Animal Specialty Drugs Market Value (US$ Million) Analysis and Forecast By Distribution Channel, 2022 to 2032
Table 22: MEA Companion Animal Specialty Drugs Market Value (US$ Million) Analysis and Forecast By Country, 2022 to 2032
Table 23: MEA Companion Animal Specialty Drugs Market Value (US$ Million) Analysis and Forecast By Product, 2022 to 2032
Table 24: MEA Companion Animal Specialty Drugs Market Value (US$ Million) Analysis and Forecast By Distribution Channel, 2022 to 2032
Figure 01: Global Companion Animal Drugs Market Size (US$ Million) By Product Type, 2021 to 2031
Figure 02: Global Companion Animal Drugs Market Share Analysis (%) By Product Type, 2021 to 2031
Figure 03: Global Companion Animal Drugs Market Y-o-Y Growth (%) By Product Type, 2022 to 2032
Figure 04: Global Companion Animal Drugs Market Absolute $ Opportunity (US$ Million) By Antibiotics Segment, 2022 to 2032
Figure 05: Global Companion Animal Drugs Market Absolute $ Opportunity (US$ Million) By Anti-inflammatory Drugs Segment, 2022 to 2032
Figure 06: Global Companion Animal Drugs Market Absolute $ Opportunity (US$ Million) By Parasiticides Segment, 2022 to 2032
Figure 07: Global Companion Animal Drugs Market Absolute $ Opportunity (US$ Million) By Heartworm Segment, 2022 to 2032
Figure 08: Global Companion Animal Drugs Market Absolute $ Opportunity (US$ Million) By Behavioral Products Segment, 2022 to 2032
Figure 09: Global Companion Animal Drugs Market Absolute $ Opportunity (US$ Million) Nutritional Products Segment, 2022 to 2032
Figure 10: Global Companion Animal Drugs Market Absolute $ Opportunity (US$ Million) By Anti-Obesity Drugs Segment, 2022 to 2032
Figure 11: Global Companion Animal Drugs Market Absolute $ Opportunity (US$ Million) By Skin Care Products Segment, 2022 to 2032
Figure 12: Global Companion Animal Drugs Market Absolute $ Opportunity (US$ Million) By Vaccines Segment, 2022 to 2032
Figure 13: Global Companion Animal Drugs Market Attractiveness Analysis By Product Type, 2022 to 2032
Figure 14: Global Companion Animal Drugs Market Size (US$ Million) By Distribution Channel, 2021 to 2031
Figure 15: Global Companion Animal Drugs Market Share by Distribution Channel, 2022 to 2032
Figure 16: Global Companion Animal Drugs Market Y-o-Y Growth (%) By Distribution Channel, 2022 to 2032
Figure 17: Global Companion Animal Drugs Market Absolute $ Opportunity (US$ Million) By Veterinary Hospitals Segment, 2022 to 2032
Figure 18: Global Companion Animal Drugs Market Absolute $ Opportunity (US$ Million) By Veterinary Clinics Segment, 2022 to 2032
Figure 19: Global Companion Animal Drugs Market Absolute $ Opportunity (US$ Million) By Pharmacies and Drug Stores Segment, 2022 to 2032
Figure 20: Global Companion Animal Drugs Market Attractiveness Analysis By Distribution Channel, 2022 to 2032
Figure 21: Global Companion Animal Drugs Market Size (US$ Million) By Region, 2021 to 2031
Figure 22: Global Companion Animal Drugs Market Share Analysis (%) By Region, 2021 to 2031
Figure 23: Global Companion Animal Drugs Market Y-o-Y Growth (%) By Region, 2022 to 2032
Figure 24: North America Companion Animal Drugs Market Absolute $ Opportunity (US$ Million), 2022 to 2032
Figure 25: Latin America Companion Animal Drugs Market Absolute $ Opportunity (US$ Million), 2022 to 2032
Figure 26: Western Europe Companion Animal Drugs Market Absolute $ Opportunity (US$ Million), 2022 to 2032
Figure 27: Eastern Europe Companion Animal Drugs Market Absolute $ Opportunity (US$ Million), 2022 to 2032
Figure 28: APEJ Companion Animal Drugs Market Absolute $ Opportunity (US$ Million), 2022 to 2032
Figure 29: Japan Companion Animal Drugs Market Absolute $ Opportunity (US$ Million), 2022 to 2032
Figure 30: MEA Companion Animal Drugs Market Absolute $ Opportunity (US$ Million), 2022 to 2032
Figure 31: Global Companion Animal Drugs Market Attractiveness Analysis By Region, 2022 to 2032
Figure 32: North America Companion Animal Drugs Market Share Analysis (%) By Country, 2017 - 2027
Figure 33: North America Companion Animal Drugs Market Y-o-Y Growth (%) By Country, 2022 to 2032
Figure 34: The U.S. Companion Animal Drugs Market Absolute $ Opportunity (US$ Million),
Figure 35: Canada Companion Animal Drugs Market Absolute $ Opportunity (US$ Million),
Figure 36: North America Companion Animal Drugs Market Attractiveness Analysis By Product Type, 2022 to 2032
Figure 37: North America Companion Animal Drugs Market Attractiveness Analysis By Distribution Channel, 2022 to 2032
Figure 38: Global Companion Animal Drugs Market Attractiveness Analysis By Country, 2022 to 2032
Figure 39: Latin America Companion Animal Drugs Market Share Analysis (%) By Country, 2022 to 2032
Figure 40: Latin America Companion Animal Drugs Market Y-o-Y Growth (%) By Country, 2022 to 2032
Figure 41: Brazil Companion Animal Drugs Market Absolute $ Opportunity (US$ Million), 2022 to 2032
Figure 42: Mexico Companion Animal Drugs Market Absolute $ Opportunity (US$ Million), 2022 to 2032
Figure 43: Argentina Companion Animal Drugs Market Absolute $ Opportunity (US$ Million), 2022 to 2032
Figure 44: Rest of Latin America Companion Animal Drugs Market Absolute $ Opportunity (US$ Million), 2022 to 2032
Figure 45: Latin America Companion Animal Drugs Market Attractiveness Analysis By Product Type, 2022 to 2032
Figure 46: Latin America Companion Animal Drugs Market Attractiveness Analysis By Distribution Channel, 2022 to 2032
Figure 47: Latin America Companion Animal Drugs Market Attractiveness Analysis By Country, 2022 to 2032
Figure 48: Western Europe Companion Animal Drugs Market Share Analysis (%) By Country, 2021 to 2031
Figure 49: Western Europe Companion Animal Drugs Market Y-o-Y Growth (%) By Country, 2022 to 2032
Figure 50: The UK Companion Animal Drugs Market Absolute $ Opportunity (US$ Million), 2022 to 2032
Figure 51: Germany Companion Animal Drugs Market Absolute $ Opportunity (US$ Million), 2022 to 2032
Figure 52: France Companion Animal Drugs Market Absolute $ Opportunity (US$ Million),
Figure 53: Italy Companion Animal Drugs Market Absolute $ Opportunity (US$ Million), 2022 to 2032
Figure 54: Spain Companion Animal Drugs Market Absolute $ Opportunity (US$ Million), 2022 to 2032
Figure 55: Nordic Companion Animal Drugs Market Absolute $ Opportunity (US$ Million),
Figure 56: Benelux Companion Animal Drugs Market Absolute $ Opportunity (US$ Million), 2022 to 2032
Figure 57: Rest of Western Europe Companion Animal Drugs Market Absolute $ Opportunity (US$ Million), 2022 to 2032
Figure 58: Western Europe Companion Animal Drugs Market Attractiveness Analysis By Product Type, 2022 to 2032
Figure 59: Western Europe Companion Animal Drugs Market Attractiveness Analysis By Distribution Channel, 2022 to 2032
Figure 60: Western Europe Companion Animal Drugs Market Attractiveness Analysis By Country, 2022 to 2032
Figure 61: Eastern Europe Companion Animal Drugs Market Share Analysis (%) By Country, 2022 to 2032
Figure 62: Eastern Europe Companion Animal Drugs Market Y-o-Y Growth (%) By Country, 2022 to 2032
Figure 63: Russia Companion Animal Drugs Market Absolute $ Opportunity (US$ Million), 2022 to 2032
Figure 64: Poland Companion Animal Drugs Market Absolute $ Opportunity (US$ Million), 2022 to 2032
Figure 65: Rest of Eastern Europe Companion Animal Drugs Market Absolute $ Opportunity (US$ Million), 2022 to 2032
Figure 66: Eastern Europe Companion Animal Drugs Market Attractiveness Analysis By Product Type, 2022 to 2032
Figure 67: Eastern Europe Companion Animal Drugs Market Attractiveness Analysis By Distribution Channel, 2022 to 2032
Figure 68: Eastern Europe Companion Animal Drugs Market Attractiveness Analysis By Country, 2022 to 2032
Figure 69: APEJ Companion Animal Drugs Market Share Analysis (%) By Country, 2017 & 2027
Figure 70: APEJ Companion Animal Drugs Market Y-o-Y Growth (%) By Country, 2022 to 2032
Figure 71: China Companion Animal Drugs Market Absolute $ Opportunity (US$ Million), 2022 to 2032
Figure 72: India Companion Animal Drugs Market Absolute $ Opportunity (US$ Million), 2022 to 2032
Figure 73: A&NZ Companion Animal Drugs Market Absolute $ Opportunity (US$ Million), 2022 to 2032
Figure 74: ASEAN Companion Animal Drugs Market Absolute $ Opportunity (US$ Million), 2022 to 2032
Figure 75: Rest of APEJ Companion Animal Drugs Market Absolute $ Opportunity (US$ Million), 2022 to 2032
Figure 76: APEJ Companion Animal Drugs Market Attractiveness Analysis By Product Type, 2022 to 2032
Figure 77: APEJ Companion Animal Drugs Market Attractiveness Analysis By Distribution Channel, 2022 to 2032
Figure 78: APEJ Companion Animal Drugs Market Attractiveness Analysis By Country, 2022 to 2032
Figure 79: Japan Companion Animal Drugs Market Absolute $ Opportunity (US$ Million), 2022 to 2032
Figure 80: Japan Companion Animal Drugs Market Attractiveness Analysis By Product Type, 2022 to 2032
Figure 81: Japan Companion Animal Drugs Market Attractiveness Analysis By Distribution Channel, 2022 to 2032
Figure 82: MEA Companion Animal Drugs Market Share Analysis (%) By Country, 2021 to 2031
Figure 83: MEA Companion Animal Drugs Market Y-o-Y Growth (%) By Country, 2022 to 2032
Figure 84: GCC countries Companion Animal Drugs Market Absolute $ Opportunity (US$ Million), 2022 to 2032
Figure 85: South Africa Companion Animal Drugs Market Absolute $ Opportunity (US$ Million), 2022 to 2032
Figure 86: Rest of MEA Companion Animal Drugs Market Absolute $ Opportunity (US$ Million), 2022 to 2032
Figure 87: North America Companion Animal Drugs Market Attractiveness Analysis By Product Type, 2022 to 2032
Figure 88: North America Companion Animal Drugs Market Attractiveness Analysis By Distribution Channel, 2022 to 2032
Figure 89: MEA Companion Animal Drugs Market Attractiveness Analysis By Country, 2022 to 2032
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 USD 37, 624.67 Million in 2022.
The companion animal specialty drugs market has the potential to reach a valuation of USD 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.
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