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Detailed examination of Companion Animal Specialty Drugs Market Size & Share, Growth, Trends, and Forecast 2017 - 2025
The objective of this report is to define, describe, and forecast the market on the basis of type, application, medical condition, and region. It provides detailed information regarding the major factors influencing the growth of the market. This report also tracks and analyzes competitive developments of the key players in terms of market developments, product portfolios, and financials.
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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.
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.
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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.
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.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
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The study is a source of reliable data on:
Market segments and sub-segments
Market trends and dynamics
Supply and demand
Market size
Current trends/opportunities/challenges
Competitive landscape
Technological breakthroughs
Value chain and stakeholder analysis
The regional analysis covers:
North America (U.S. and Canada)
Latin America (Mexico, Brazil, Peru, Chile, and others)
Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
Eastern Europe (Poland and Russia)
Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
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Highlights of the report:
A complete backdrop analysis, which includes an assessment of the parent market
Important changes in market dynamics
Market segmentation up to the second or third level
Historical, current, and projected size of the market from the standpoint of both value and volume
Reporting and evaluation of recent industry developments
Market shares and strategies of key players
Emerging niche segments and regional markets
An objective assessment of the trajectory of the market
Recommendations to companies for strengthening their foothold in the market
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