The global companion animal specialty drugs market size was estimated to be 12.2 billion in 2021 and is expected grow at a CAGR of 6.1% between 2023 to 2032.
Companion animals are kept as pets by individuals or families and include animals such as dogs, cats, rabbits, horses, goats, rats, mice, small amphibians, reptiles, and birds. Companion animals are generally loved by their owners and considered family members.
Moreover, these animals are attractive, intelligent, and relatable and are found to have a positive impact on the mental health of their owners. Due to these reasons, the health and well-being of these animals are highly regarded to be important and so a large market exists for companion animal specialty drugs. Also, the possibility of contagious diseases of companion animals proliferating in the human population is very high we tend to take more care of their health.
Recently there has been a rise in the number of pet owners globally. This growth can be attributed to an increased acceptance of pets as companions, rising awareness of pet-associated health benefits, and a general rise in disposable income to adopt such animals. Due to such a growing population of pet animals along with the increased prevalence of diseases in them, a growing focus on the health of these animals is expected.
Treatments for chronic diseases like Lyme disease, and heartworm, drugs for various kidney disorders, and availability of vaccination for viral diseases are already present for companion animals. These factors are expected to rise the demand for companion animal specialty drugs and enable rapid growth in this sector during the forecast period. Increased facilities for animal diagnostics and availability of pet insurance will help in increase of expenditure for such drugs and medications. The rising per-capita income in the urban population also enables capital spending on high-quality and advanced drugs for these companion animals.
Similarly, the growing awareness of available treatments for companion animals will increase their adoption by the general population. Growing occurrence of lifestyle diseases in pet animals like obesity and hyperglycaemia are also anticipated to provide a boost to this market. Technological advances in the administration of novel animal drugs, along with better availability of primary care facilities will also benefit the adoption and increase in growth of the companion animal specialty drugs market globally.
Research and development activities in the animal drugs sector are also increasing due to such rising demand which will further enable specialized treatment options for several pet diseases. Approval and manufacturing of such novel and specialized medications for pet animals are also improved which will ensure the long-term growth of the companion animal specialty drugs market.
The increased humanization of pet animals across the globe has been one of the main reasons for the development of the specialty drugs market for them. Significant rise in NGOs, animal welfare organizations, and government initiatives have also escalated the spending for companion animal specialty drugs. Demand for drugs with faster treatment cycles, fewer side effects, and long-term usage capabilities is also rising. Such progression of companion animal drug development which is on par with human drugs is ushering in a new era for the companion animal specialty drugs market.
The covid-19 pandemic had also put companion animals at risk of infections as the virus was observed to have a cross-infection potential. Treatment and specialized care options for pet animals in case of infections have been developed and are extensively available after the covid pandemic. Our global companion animal specialty drugs report has extensively covered all the factors that have impacted this market and its subsequent growth forecast for the next decade.
The rise in out-licensing chemical compounds to small biotech and pharmaceutical companies has also enabled faster and more economical production of specialty drugs for veterinary use. Due to the higher demand for companion animal specialty medication, there has been a reduced economical constraint on R&D activities. Along with this, the quicker progression of known drugs to clinical trials in animals is also providing a boost to the availability of novel treatment options and subsequently the growth of the Global Companion Animal Specialty Drugs Market.
Hurdles in growth of market:
There are certain limiting and restricting factors that are causing major hurdles in the growth of the Global Companion Animal Specialty Drugs Market. Drug manufacturing companies in this sector are also subject to various regulations implied on pharmaceutical production companies. Failure to comply or identification of any complications during treatment can hamper drug adoption and development.
The increased scrutiny of regulatory agencies is also affecting the companies involved in manufacturing veterinary drugs and can result in unexpected losses. Vaccination drugs are also under the scrutiny of regulatory agencies. The stringent action by such agencies may cause hurdles to the growth of the companion animal specialty drugs market in the coming years.
The Companion animal specialty drugs market is well established in North America and especially in the USA. The growing adoption of pet animals and increased demand for better treatment alternatives have propelled the growth of this market. Brazil and Germany are also showing positive growth and will continue to be major contributors to the companion animal specialty drugs market. Several countries in Asia-Pacific will also boost sales and revenue of these specialty drugs and help in the development of this sector.
Key companies involved in this sector are Boehringer Ingelheim International GmbH, Biogenesis Bago SA, Ceva Santé Animale, Elanco Animal Health Incorporated, Merck Animal Health (Merck & Co., Inc.), Virbac S.A., Piramal Group, Zoetis, NEOGEN Corporation, Vetoquinol S.A. and others.
These companies are involved in rapid development resulting in a significant rise in the portfolio of specialty drugs for companion animals. The focus on novel drug delivery technologies is also increasing and thus resulting in the market progression of these companies. Mergers, partnerships, outsourcing, and other factors are also contributing to the growth of companies involved in the companion animal specialty drugs market.
By Distribution Channel:
Companion animals’ speciality drugs are used for treatment of various diseases and disorder in different pet animals kept as companions by human.
Factors like increased adoption of pets and growing demand for better healthcare services for them are some of the primary reasons for growth of this sector.
Companion animals are kept as pets by individuals or families and include animals such as dogs, cats, rabbits, horses, goats, rats, mice, small amphibians, reptiles, and birds.
The global market for companion animal specialty drugs will most likely expand at over 6.1% CAGR between 2023 to 2032.
The companion animal specialty drugs market size was estimated to be 12.2 billion in 2021.
Boehringer Ingelheim International GmbH, Biogenesis Bago SA, Ceva Santé Animale, Elanco Animal Health Incorporated, Merck Animal Health (Merck & Co., Inc.), Virbac S.A., Piramal Group, Zoetis, NEOGEN Corporation, Vetoquinol S.A. and others are some of the key companies involved in this sector.
Copyright © 2024 Same Page Management Consulting Pvt. Ltd. (insightSLICE) | All Rights Reserved