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The companion animal specialty drugs market size is estimated to grow by USD 4.55 billion accelerating at a CAGR of 6.68% between 2023 and 2028.
Companion animal specialty drugs market Share
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the companion animal specialty drugs is the rise in the aging companion animal population. There is an increase in the elderly companion animal population across the world as the owners of companion animals wish to provide proper nutrition to control aging effects. As a result, it is fuelling the demand for health products for companion animals.
Moreover, the energy requirement of dogs minimizes with age because of metabolic rates. In addition, as the protein needs and fat utilization of companion animals change with age, the diet requirements vary as well. Furthermore, the requirement for minerals and vitamins to support of growing dogs is adequate for senior dogs. Hence, such factors are positively impacting the market. Therefore, it is expected to drive the market growth during the forecast period.
A key factor shaping the companion animal specialty drugs market growth is the rising obesity in companion animals. There is an increasing incidence of obesity among companion animals. One of the main factors resulting in the increasing obesity is unhealthy feeding habits. Several other factors also determine the weight of pets.
Moreover, one of the most critical among them is exercise. In addition, several veterinarians suggest that cats, especially indoor cats, must have at least forty minutes of playtime every day. For instance, the recommended playtime for adult dogs is about an hour. Therefore, the balance between meals and exercise holds the same importance in animals as they do in humans, which is positively impacting the market. Hence, such factors are expected to drive market growth during the forecast period.
Patent expiry of companion animal specialty drugs is one of the key challenges hindering the growth of the companion animal specialty drugs market growth. Several companion animal specialty drugs are expected to lose their patents in the coming years. In addition, the decline in prices due to patent expiries will negatively impact the global companion animal specialty drugs market.
Moreover, the process of drug approval for veterinary use is far more stringent than the drugs intended for humans, resulting in lesser rates of drug approvals for animals. Therefore, it further aggravates concerns over the high rate of patent expiries described above. Hence, such factors are hindering the market growth during the forecast period.
The distribution channel segment is classified into veterinary hospitals, pet care clinics, and pharmacy stores. The product segment is classified into vaccines, antibiotics, parasiticides, feed additives, and others. The geography segment includes key regions such as North America, Europe, Asia, and the Rest of the World (ROW)
The veterinary hospitals segment is estimated to witness significant growth during the forecast period. This segment offers a range of healthcare services for companion animals. Some of the key aspects of proper pet care include grooming, vaccination, and flea treatment. In addition, the facilities for diagnosis, prophylaxis, medical treatment, and surgery can be availed at veterinary hospitals.
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The veterinary hospitals segment was the largest segment and was valued at USD 5.10 billion in 2018. Moreover, animal healthcare companies increasingly focus on veterinary hospitals, as most of the prescriptions for companion animals are filled directly from veterinary hospitals. In addition, regular visits to veterinary hospitals are inexpensive and help in pet care, early diagnosis of illness, and periodic assessments of behavioral issues if required. Furthermore, regular visits to veterinary hospitals can identify risk factors at the initial stages. Hence, the high awareness regarding companion animals' health is fuelling the growth of this segment which in turn drives the market growth during the forecast period.
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North America is estimated to contribute 35% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
North America leads globally in pet ownership, with 66% of US households owning pets, according to the 2023-2024 National Pet Owners Survey by the American Pet Products Association. This marks an increase from 62% in 2022 and 56% in 1988. The region's market growth is driven by the widespread interest in pet ownership, especially in the US, Canada, and Mexico.
The rising adoption rate of pets, fueled by the desire for companionship, and the pet humanization trend, where pets are treated as family members, contribute to North America's position as the highest spender on premium and luxury pet care. In Canada, the demand for pet healthcare is rising, with owners seeking high-quality products to improve their pets' quality of life, leading to increased availability of specialty drugs. The growing consideration of pets as integral family members drives the demand for companion animal specialty drugs, fueling the regional market's growth during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Bayer AG: The company focuses on companion animal specialty drugs through proteins that are contained in milk, eggs, and meat.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
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Companion Animal Specialty Drugs Market Scope |
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Report Coverage |
Details |
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Page number |
168 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.68% |
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Market growth 2024-2028 |
USD 4.55 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
6.22 |
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Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
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Performing market contribution |
North America at 35% |
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Key countries |
US, Germany, UK, China, and Japan |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Bayer AG, Beaphar Beheer BV, Bimeda Holdings Ltd., Boehringer Ingelheim International GmbH, Ceva Sante Animale, Chanelle Pharma Group, Dechra Pharmaceuticals Plc, Elanco Animal Health Inc., Kyoritsuseiyaku Corp., LABORATORIOS CALIER S.A, Mars Inc., Merck and Co. Inc., Neogen Corp., Norbrook Laboratories Ltd., Tianjin ringpu bio-technology Co. Ltd., Vetoquinol SA, Virbac Group, Zenex Animal Health India Private Ltd., Zoetis Inc., and Orion Corp. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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