Key Factors Shaping Companion animal speciality drugs Market
Emergence of new technologies especially in biologics such as recombinant DNA vaccines, Propelling the Growth of Companion Animal Specialty Drugs Market
The animal healthcare market is sub-segmented broadly as drugs for food producing animals and drugs for companion animals. A companion animal primarily refers to cats and dogs, which are domesticated and normally maintained in or near the household of the owner or person caring for them. Pet or companion animals do not refer to a farm animal, or grazing animals such as cattle and sheep etc. A farm animal is a food-producing animal.
These produce food items such as meat, eggs, milk, etc. and are not raised or kept within the home premises. A marked shift towards maintaining animal health and welfare has been recorded in developing countries and popularity of compounded drugs has been growing rapidly due to need for easy access to services and affordable veterinary drugs.
Emergence of new technologies especially in biologics such as recombinant DNA vaccines for dogs are expected to eventually drive demand for specialties in veterinary vaccines. Recombinant vaccines provide advanced protection to pet animals. Example of one such vaccine is the Recombitek from Sanofi – usually administered to offer broad range protection in canines.
Increasing value and adoption of pet animals to Boost Companion animal speciality drugs Market
Increasing urbanization and increasing spread of isolated family units are expected to increase the growth of the market. Humanization of animals is another important factor, which can increase the growth of companion animal specialty drugs market.
Dogs are the most commonly owned pets in the U.S. (~45 Mn households) while cats are pets of choice in around 30 Mn households in the country. Pet ownership increased from 53.6% to 56.5% over 2009-13 in the U.S.
Increase in geriatric population driving Companion animal speciality drugs market
Globally, adoption of pets among the ageing population has been driving demand for Companion animal speciality drugs services. Baby boomers have been increasingly adopting cats and dogs as pets globally. A clean and hygienic atmosphere at home is essential and preferred by older people. This has led to increased prophylactic medications for pets and the trend is visible globally.
There were more than 3.7 Mn pet owners among the baby boomer generation in the U.S. in 2013. Pet adoption has been increasing mostly for dogs while feline pet ownership rates have remained stagnant globally over the past five years.
Development and Approval of New Drugs is Expected to Increase the Growth of Companion Animal Speciality Drugs Market
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 received marketing 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.
Companion animal speciality drugs Market Structure Analysis
- Key players are focusing on strengthening their position by the innovation of new products.
- Various manufacturers are targeting Asia and Europe through distribution agreements with local players.
- Some of the key players in the companion animal speciality drugs market include Zoetis Inc., Merck and Co., Inc., Bayer AG, Eli Lily and Co. and Boehringer Ingelheim GmbH among others.
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FREQUENTLY ASKED QUESTIONS ABOUT COMPANION ANIMAL SPECIALITY DRUGS MARKET
Which region is expected to lead the global companion animal speciality drugs market?
North America is expected to dominate the global companion animal speciality drugs market. Western Europe is expected to show a significant growth rate in the global companion animal specialty drugs market. Countries in Asia such as Japan is also expected to remain targeted geographies and provide numerous opportunities for regional and key players operating in the companion animal speciality drugs market.
Which product type segment is expected to be most attractive in the companion animal speciality drugs market?
Paraciticides are expected to hold more than 30% of revenue share in the companion animal speciality drugs market owing to its increasing adoption for the treatment of companion animals.
Which distribution channel segment is expected to dominate the companion animal speciality drugs market?
Veterinary clinics in the distribution channel segment represented significant market value share followed by veterinary hospitals. Veterinary clinics are expected to continue their dominance during the forecast period, owing to growing preference among pet owners.
Who are the major players contributing to the growth of companion animal speciality drugs market?
Zoetis Inc., Merck and Co., Inc., Bayer AG, Eli Lily and Co. and Boehringer Ingelheim GmbH are the key players operating in the companion animal speciality drugs market. Introduction of new products and effective marketing are the key strategies practised by major market players to enhance their product portfolio and market share.
How do complications associated with companion animal speciality drugs hamper market growth?
Lack of awareness on animal diseases, declining productivity of R&D on veterinary drugs, increasing cost of innovation dampens R&D investments are the major risk factors expected to hamper the companion animal speciality drugs market growth. Also, matured product portfolios are expected to hinder the growth of companion animal specialty drugs market.
Key Segments of Companion animal speciality drugs Market
FMI’s study on the companion animal speciality drugs market offers information divided into five important segments - product type, distribution channel, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories.
- Anti- Inflammatory Drugs
- Behavioural Products
- Nutritional Products
- Anti - Obesity Drugs
- Skin Care Products
- Veterinary Hospitals
- Veterinary Clinics
- Pharmacies and Drug Stores
- North America
- Latin America
- East Asia
- South Asia