Companion Animal Drug Market to Grow at a CAGR of 4.9% by 2025
The market is segmented based on product type, distribution channels and regions. The overall market has been segmented broadly into eight product types such as antibiotics, anti-inflammatory drugs, parasiticides (further sub-divided into ecto-parasiticides and endo-parasiticides), heartworm drugs, nutritional, behavioural and skincare drugs and vaccines. Parasiticides more frequently applied as a cure for flea and tick infestations, are estimated to account for maximum revenue share by product type in the global companion animal drug market by 2015 end. The parasiticide drug segment is expected to expand at a CAGR of 6.6% in terms of value during the forecast period. Other popular drugs used in companion animals include heartworm medicines and vaccines. The vaccines segment is expected to reach market value of US$ 1,760.4 Mn by 2025, expanding at a CAGR of ~3% over the forecast period.
To provide deeper insight into drug dispensing and distribution channels, the report has also been segmented by distribution channels such as veterinary hospitals, veterinary clinics and pharmacies and drug stores. It has been observed and validated that pet owners globally prefer consulting veterinary doctors at hospitals and clinics and administering prescription drugs to their small companion pets. However, a new trend of referring to the Internet to find out disease pathogenesis and buying over-the-counter (OTC) drugs from retail pharmacies and drug stores has been fast picking up.
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The primary trend in the companion animal drug market is an increase in pet adoption and humanization of pets globally. Other driving forces include increasing urbanization and growing affluence in emerging economies, increasing R&D for faster launch of first-in-line drugs, extension of patent approvals on formularies and growing demand for compounded medicines, as they are easily affordable and accessible. Factors restraining market growth include rising costs for R&D and lack of scope for innovation due to matured product portfolios.
This report assesses trends driving growth of each segment on global as well as regional levels, and offers potential strategic recommendations that could prove useful to drug makers planning to penetrate or enter the market. North America is estimated to dominate the companion animals drug market with maximum market share by end of 2015. North America and Western Europe are collectively expected to account for close to 50% of the total companion animals drug market share in terms of value by end of 2015. Among emerging markets, Latin America is estimated to witness highest CAGR of 6.0% over the forecast period, followed by Asia Pacific excluding Japan, due to increasing pet adoption and rise in geriatric population.
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Some key players identified in the global companion animal drug market report include Zoetis Inc., Elanco (Eli Lilly), Merck Animal Health, Bayer Animal Healthcare, Merial (Sanofi), Boehringer Ingelheim GmbH, Virbac Animal Health and Ceva Santé Animale. We have discussed individual strategies followed by these companies in terms of enhancing drug portfolios, market consolidation and drug innovation pipelines. The report has been concluded with strategic recommendations for players already present in the market and also new players planning to enter the market, which could help them in the long run.
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