Rising pet adoption is driving demand for Companion Animal Specialty Drugs, global market is expected to grow at a CAGR of 6.1% through 2032 | insightSLICE
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.
Dogs, cats, rabbits, horses, goats, rats, mice, tiny amphibians, reptiles, and birds are examples of companion animals that people and families keep as pets. Animals kept as pets are typically adored and regarded as part of the family. Additionally, these creatures are endearing, perceptive, and relatable, and it has been shown that they have a favorable effect on their owners’ mental health.
These factors make it necessary to prioritize the health and welfare of these animals, and as a result, there is a sizable market for companion animal specialty medications. We tend to worry more about their health since it is quite likely that infectious companion animal illnesses may spread to humans.
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Global Companion Animal Specialty Drugs Market Key Segments:
By Product:
- Behavioural Products
- Nutritional Products
- Skin Care Products
- Antibiotics
- Anti-Inflammatory Drugs
- Parasiticides
- Heartworm
- Anti-Obesity Drugs
- Vaccines
By Distribution Channel:
- Veterinary Clinics
- Online Distribution
- Retail Stores
- Others
By Geography
- North America
- United States
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- India
- China
- Australia
- Rest of Asia Pacific
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- South America
- Brazil
- Rest of South America
The key players of the Global Companion Animal Specialty Drugs Market 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 are some of the key companies involved in this sector.
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Driving factors for the growth of Global Companion Animal Specialty Drugs Market
Pet ownership has increased recently all across the world. This growth can be attributed to a rise in the acceptance of companion animals as pets, increased knowledge of the health advantages of having pets, and an increase in disposable income in general.
A greater emphasis on the health of these animals is anticipated given the expanding number of pets and the rising occurrence of illnesses among them. For companion animals, there are already medications for various kidney disorders, vaccines for viral diseases, and treatments for chronic diseases like heartworm and Lyme disease.
Pet ownership has increased recently all across the world. This growth can be attributed to a rise in the acceptance of companion animals as pets, increased knowledge of the health advantages of having pets, and an increase in disposable income in general.
A greater emphasis on the health of these animals is anticipated given the expanding number of pets and the rising occurrence of illnesses among them. For companion animals, there are already medications for various kidney disorders, vaccines for viral diseases, and treatments for chronic diseases like heartworm and Lyme disease.
One of the key factors in the growth of the market for specialty drugs for pets is the increased humanization of pets around the world. Spending on companion animal specialty pharmaceuticals has increased along with the sharp increase in NGOs, animal welfare groups, and government efforts.
Demand for medications with shorter treatment cycles, fewer side effects, and long-term usage capabilities is also growing. The market for specialty drugs for companion animals is entering a new era as a result of the advancement in companion animal drug development, which is on par with human drug development.
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 alternatives for pet animals in case of infections have been created and are largely accessible following the covid pandemic.
All the elements that have affected this market and its projected expansion over the following ten years have been thoroughly explored in our study on the worldwide market for companion animal specialty pharmaceuticals.
The growing practice of licensing manufacture of pharmaceutical components to small biotech and pharmaceutical firms has also made it possible to produce specialty medications for veterinary use more quickly and affordably.
There is less of an economic constraint on R&D operations as a result of the increased demand for specialist medications for companion animals. The availability of innovative therapeutic options and, consequently, the expansion of the global companion animal specialty medicines market are both being aided by the faster transition of known drugs into animal clinical studies.
Regional performance of Companion Animal Specialty Drugs Market
The market for specialty pharmaceuticals for companion animals is widely established in North America, particularly in the USA. This industry has expanded as a result of rising pet adoption rates and the rising need for improved treatment options.
Germany and Brazil are also expanding favourably and will keep playing a significant role in the market for specialized pharmaceuticals for companion animals. The growth of this industry will be aided by several nations in the Asia-Pacific region, which will also increase the sales and income of these specialty medications.
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Hindering factors for growth of Companion Animal Specialty Drugs Market
The development of the global market for specialty drugs for companion animals is being significantly hampered by several limiting and restricting factors. Many rules apply to pharmaceutical production corporations that also apply to drug manufacturing businesses in this industry. Adoption and development of new drugs may be hampered by non-compliance or the failure to recognize any issues during therapy.
The businesses that produce veterinary drugs are also being impacted by the increased regulatory agency scrutiny, which may lead to unexpected losses. Regulatory organizations are also investigating vaccine drugs. The market for specialty drugs for companion animals may face obstacles due to the strict action taken by such agencies in the upcoming years.
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