Contrive Datum Insights recent study on the “Global Companion Animal Speciality Drugs Market” (By Product Type (Antibiotics, Anti-inflammatory Drugs, Parasiticides, Heartworm, Behavioral Products, Nutritional Products, Anti-Obesity Drugs, Skin Care Products, Vaccines); By Application (Feline, Canine, Equine, Others); By Distribution Channel (Veterinary Hospitals, Pet care Clinics, Pharmacy and Drug Stores)) 2019 – 2026 offers updated industry insights, growth perspective and dynamics about the competitiveness in the market.
Companion animal are referred as pet animals because their physical, behavioural, emotional and social requirement could be met as a companion relationship towards a home. Hence, they are adopted in order to offer company for psychological, amusement, extrovert display and many more across home settings. These companion animals are not trained to undergo specific kind of task instead they are simply used as a confidant companionship. Companion animals are ensured with optimum care throughout their life time. This is because; they have specific needs, natural behaviours and are more prone towards diseases. As a result, a need for companion animal specialty drugs and treatment is required across every user. Global companion animal specialty drugs market is anticipated to attain a growth of CAGR XX% during the forecast period (2019 – 2026).
Growing adoption of companion animals across the globe is enhancing in the development of companion animal specialty drugs market.
Increase in adoption of companion animal across home user is favouring the demand for companion animal specialty drugs market. As per American Pet Products Association study it was observed that more than 70 million U.S. home users include companion animals in the year 2012. Based on the category of companion animals it is segmented as feline, canine, equine and others. Further, based on another survey it was also understood that companion animals represent an essential part of their family. However, in certain cases, companion animals are ill-treated. As a result, companion animal welfare act and protection laws came into prominence. Thus, with the growth in companion animal adoption and emergence of protection laws contributes to the growth of companion animal specialty drugs market.
Rise in FDA approvals for veterinary medicines is surging the demand for companion animal specialty drugs market
The drug approval processes of animals are more complex and expensive than the human drugs. This is due to prevent various drug contaminants and effects from animals. Further, veterinary drugs are likely to undergo approvals and grants from three federal agencies, which are FDA, U.S. Department of Agriculture (USDA) and Environmental Protection Agency (EPA). Based on the types of medication and drugs these three governing bodies have different approval roles. For instance, FDA has jurisdiction over drugs; EPA has over external applied pesticides and USDA over vaccines and veterinary biologicals. The approval rates of drugs are further more extensive owing to the potential towards human exposure. The companion animal specialty drugs market is segmented on the basis of product type. Based on the product type it is categorized as antibiotics, anti-inflammatory drugs, parasiticides, vaccines, skin care products, anti-obesity drugs, behavioural products, heartworm and nutritional products.
Global Companion Animal Speciality Drugs Market, Revenue (USD Million), 2019 – 2026
The competitive landscape of the global companion animal speciality drugs market consists of several global and regional players. Some of the global players in the market include Aratana Therapeutics, Inc., Bayer AG, Beaphar, Boehringer Ingelheim GmbH, Ceva, Elanco, Merck Sharp & Dohme Corp., The J.M. Smucker Company, Virbac, Zoetis. amongst others.
Companion Animal Speciality Drugs, By Product Type, Overview, 2019 – 2026 (USD Million)
- Anti-inflammatory Drugs
- Behavioral Products
- Nutritional Products
- Anti-Obesity Drugs
- Skin Care Products
Companion Animal Speciality Drugs, By Application, Overview, 2019 – 2026 (USD Million)