Companion Animal Specialty Drugs Market 2017-2027: COVID-19 Business Continuity Plan | Evolving Opportunities with Bayer AG and Boehringer Ingelheim International GmbH

(Markitwired via Comtex)

The companion animal speciality drugs market is expected to grow rapidly during the forecast period owing to the increasing research and development activities, leading to the development of new treatment drugs. Moreover, growing demand for compounded medications, is expected to increase the growth of companion animal speciality drugs.

Increasing urbanization and new product launches are major factors expected to boost market growth. The global companion animal speciality drugs market was valued at US$ 31,933.5 Mn in 2019.

"Increasing urbanization and growing affluence in emerging countries is projected to propel growth of the global companion animal speciality drugs market growth," Says an FMI Analyst.

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Key Takeaways of Companion animal speciality drugs Market Study

  • Based on product type, paracidicides contributed maximum value share in the global companion animal speciality drugs market in 2018, owing to its increasing adoption for the treatment of various animal diseases.
  • Based on distribution channel, veterinary clinics contributed around 50% of value share in the companion animal speciality drugs market, owing to increasing pet adoption and increasing awareness among the people regarding the animal diseases.
  • North America is expected to hold a share of more than 30% of the overall market share. Western Europe is expected to be most lucrative regions in the global companion animal speciality drugs market during forecast period.
  • Increasing value and adoption of pet animals, increasing obesity in pets are expected to drive growth of the companion animal speciality drugs market in the region.

Small Business Acquisition – Imperative Strategy for Market Players

Increasing strategic acquisition activities by key market players are the key factors responsible for intense competition among companion animal speciality drugs market players. Several companies are focusing on the development and approval of new products. For Example – In May 2016, the company received marketing approval from the European Medicines Agency (EMA) for Bravecto Spot-On Solution for cats and dogs, and in July 2016, the company received approval in the U.S. to market the product under the trade name bravecto topical.

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What else is in the report?

Future market insights offers a unique perspective and actionable insights on companion animal speciality drugs market in its latest study, presenting historical demand assessment from 2014 - 2018 and projections from 2019-2029 based on product type (Antibiotics, Anti-Inflammatory Drugs, Paraciticides, Heartworm, Behavioral Products, Nutritional Products, Anti-Obesity Drugs, Skin Care Products and Vaccines), distribution channel (Veterinary Hospitals, Veterinary Clinics and Pharmacies and Drug Stores) in seven key regions.

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