Companion Animal Specialty Drugs Market Poised to Expand at a Robust Pace by 2025
Companion animals are pets kept primarily for company, entertainment, and safety. Owners of companion animals consider them to be family, friends, and confidants. Dogs, cats, birds, rabbits, horses, goats, gerbils, rats, mice, and amphibians, others are considered as companion animals. According to the American Society for the Prevention of Cruelty to Animals (ASPCA) defines companion animal to be domesticated or domestically-bred whose emotional, physical, social, and behavioral needs are met in its relationship with humans or as companions in a household.
According to a particular survey conducted in 2012, over 42% of five-year olds reported to look towards their pets in situations where they felt happy, sad, or wanted to share a secret. Additionally, a recent research studies have indicated that people with pets tend to have lower blood pressure, less prone to heart diseases, and reduced risk of stress. According to the American Pet Products Association’s 2011-2012 National Pet Owners Survey, over 62% of the U.S. households, that is more than 72.9 million households include one or more companion animals.
Rise in the number of pets in households, growing urbanization contributing to the growing fad of owing pets, and increase in the number of nuclear families, among others are factors boosting the demand for pet healthcare services. This in turn contributes to the expansion of the Companion Animal Specialty Drugs Market. Addition, increase in the number of diseases infecting animals, growing awareness regarding the spread of these diseases to humans aids propels the demand for companion animal specialty drugs. However, growing patent expiries of approved drugs in the market, lack of medications for certain diseases, and inability to understand behavioral symptoms of diseases, among others are likely to negative impact the market in the forecast period.
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The global companion animal specialty drugs market can be segmented based on product type, distribution channel, and region. In terms of product type, the market can be segmented into anti-inflammatory drugs, vaccines, antibiotics, animal feed additives, parasiticides, skin care products, and others. Based on distribution channel, the companion animal specialty drugs market can be divided into hospital pharmacies, veterinary clinics, and drug stores, among others. The veterinary clinics segment is anticipated to dominate the market in terms of revenue and CAGR during the forecast period.
In terms of geography, the global companion animal specialty drugs market can be classified into five regions: North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. In terms of revenue, North America accounted for the highest share of the global market in 2016 and this trend is anticipated to continue during the forecast period. Expansion of the market in the region can be attributed to the rising number of companion animals in households and increasing urbanization, which is contributing to higher dependency on pets for emotional support. Europe is expected to be the second largest market for companion animal specialty drugs treatment market. However, sluggish economy in the region is likely to inhibit the market. The companion animal specialty drugs market in Asia Pacific is anticipated expand at a significantly high CAGR owing to rising urbanization, increasing number of pets among households, and growing humanization of pets, among others.
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Key players operating in the global companion animal specialty drugs market are Zoetis, Inc., Merck & Co., Inc., Bayer AG, Elanco (a division of Eli Lilly & Company), Boehringer Ingelheim Animal Health Gmbh, Ceva Sante Animale S.A., Aratana therapeutics, Merial (acquired by Boehringer Ingelheim), The J.M Smucker Company, Mars, and Beaphar.