Companion Animal Specialty Drugs Market with a 4.21% CAGR, to Reach USD 56,828.56 Million by 2032

Companion Animal Specialty Drug Market

During the forecast period, the worldwide companion animal specialty pharmaceuticals market is anticipated to grow at a moderate rate of 4.21% CAGR. As of 2022, the market is valued at USD 37,624.67 million. By 2032, it is projected that the companion animal specialty pharmaceuticals market would have grown to a peak value of USD 56,828.56 million. For the market in question, Future Market Insights’ specialists have calculated a historical CAGR of 5.42%.

According to experts at Future Market Insights, the companion animal specialty drugs market recorded a historical CAGR of 5.42%, underscoring the sector’s consistent growth and increasing demand for specialized pharmaceuticals for companion animals.

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A major contributing element to the rise in sales and demand for animal nutrition and behavioral products is the rise in pet adoption. The need for anti-obesity medications has surged dramatically as a result of the rise in pet obesity over the past few years.

The COVID-19 epidemic and the ensuing worldwide shutdown in the first quarter of 2021 contributed to a rise in pet adoptions, especially of dogs and cats. Dog adoption is fairly common, particularly among senior citizens. It is anticipated that this will increase demand for skin care items, pet food, and medicines.

Key Takeaways

• Urbanization and trend of nuclear families have been greatly helpful in increasing market share of companion animal drug market.
• People have started considering pets as their family member and this led to increase in overall expenditure of a family, as a result this benefitted the companion market.
• Increase in rising pet diseases have provided the industry with a positive push to manufacture more companion drugs to meet the demand
• Industrial growth can likely be attributed to a rise food-borne and zoonotic diseases.
• Increase in per capita income of urban population, have enabled people to take better care of their pets by means of diagnosis, vaccination, mitigation, and treatment of diseases such as kidney diseases, heartworms and Lyme diseases, which resulted in giving a boost for companion animal specialty drug market share.
• COVID-19 had a positive impact on pet adoption rate, with a rise of 50% each year
• Technological advancement has been a strong driving factor in market progression of companion animal drug market

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Competitive Landscape

Extensive mergers and acquisitions, product portfolios, geographical expansions, and collaborative research initiatives are some of the strategies undertaken by the leading players. Established players in this market have made alliances with different companies to increase their market reach and social media presence. Some well-established players in the US companion animal drug specialty market are:

• Merck Animal Health
• Elanco
• Zoetis
• Vetiquinol S.A.
• Virbac, Inc.
• Norbrook Inc.
• Dechra Pharmaceuticals
• Patterson Companies, Inc.
• Vedco Inc.
• Covetrus
• MWI Animal Health
• Nutramax Laboratories Veterinary Sciences, Inc.
• Ellevet Sciences

Recent Developments

• In 2017, Zoetis emerged as a leading player with the highest share of compassion animal specialty drugs, as the company has a considerable and significant market presence, a diverse portfolio of product offerings, and an acute strategic perspective which includes M&As, such as the acquisition of Abaxis in 2018.

• In July 2019, Zoetis and Colorado state university made an agreement to establish a research lab for the development of immunotherapies for veterinary patients.
• In August 2020, Elanco Animal Health Incorporatedannounced that it has acquired Bayer Animal Health. The transaction was valued at USD 6.89 billion. This development helped the company to expand itself in the durable animal health industry.

Key Segments in the Companion Animal Specialty Drugs Market:

By Product:

• Antibiotics
• Anti-Inflammatory Drugs
• Parasiticides
• Heartworm
• Behavioral Products
• Nutritional Products
• Anti-Obesity Drugs
• Skin Care Products
• Vaccines

By Distribution Channel:

• Modern Trade
• Online Distribution
• Neighborhood Stores
• Other Retail Format

By Region:

• North America
• Latin America
• Asia Pacific
• Middle East & Africa (MEA)
• Europe

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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