Rapid urbanisation and commonness of isolated family units in the modern world are two of the major reasons that have led to increasing humanization of animals. The trend of pet adoption as companions has been rising all over the world, fueling the demand for veterinary products. A recent study conducted by Future Market Insights (FMI) reveals that revenues from the worldwide sales of companion animal specialty drugs are expected to reach US$ 29,151.5 Mn by 2017-end. The global companion animal specialty drugs market is expected to witness a CAGR of 4.9% in terms of revenue between 2017 and 2027.
FMI’s report titled “Companion Animal Specialty Drugs Market: Global Industry Analysis and Opportunity Assessment 2017-2027” also projects that sales of animal specialty drugs will remain high in regions such as North America, Western Europe and Asia Pacific excluding Japan (APEJ) during the forecast period. In 2016, North America accounted for around 33% revenue share of the market mainly due to the adoption of innovative service delivery models by most retailers in the region. In addition, the companion animal specialty drugs market in North America will continue to be highly lucrative over 2027.
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Towards the end of assessment period, parasiticides animal specialty drug is estimated to garner US$ 17,750.7 Mn in revenues. Among all the product types, demand for parasiticides will continue to gain the highest traction over the next couple of years. Moreover, expansion of distribution networks, especially in emerging countries is anticipated to further boost the sales of such companion animal specialty drugs. Manufacturers are also laying greater emphases on product and process innovation in order to improve their product portfolio as well as to offer better drug options. The market is dominated by top four players, Elanco, Merial, Zoetis, Inc. and Bayer AG, which collectively account for nearly two-third of the market share in terms of revenue. Merck and Co., Inc, Boehringer Ingelheim GmbH, and Ceva Santé Animale are among other key players that have a healthy presence in the global companion animal specialty drugs market.
Key Highlights of the Report Include:
Rising cases of pet obesity fueling the demand for medicines. Pet obesity has become quite prevalent, owing to the rising tendency to overfeed pets. Extensive feeding can make a negative impact on the health of pets, therefore making them susceptible to more diseases.
Of late, higher importance to animal health and welfare has been observed in developing countries. This, in turn, is positively influencing the demand for compounded medication. Also, the need for easy access to services and affordable veterinary drugs is a major factor that is increasing the popularity of compounded drugs across the globe.
The arrival of new technologies, especially in biologics such as recombinant DNA vaccines for dogs are expected to eventually drive demand for specialties in veterinary medicines in 2017 and beyond.
On the basis of distribution channels, veterinary clinics account for more than one-third of the market share. Around US$ 12,446.3 Mn worth companion animal specialty drugs are expected to be distributed through veterinary clinics in 2017.