LONDON--(BUSINESS WIRE)--The global companion animal specialty drugs market is expected to grow at a CAGR of around 5% from 2017-2021, according to a new market research report by Technavio.
Global companion animal specialty drugs market segmentation by product type and distribution channel
Technavio’s report on the global companion animal specialty drugs market analyses the business dimensions and presents a comprehensive breakdown in terms of market segmentation by product type, including animal vaccines, animal antibiotics, animal feed additives, and animal parasiticides. As projected in 2016, more than 36% of the market share originated from animal vaccines. The global companion animal vaccines market is witnessing an increase in revenue as periodic vaccination of companion animals is now considered a vital part of pet care.
Based on distribution channel, the global companion animal specialty drugs market has been segmented into veterinary hospitals, pet care clinics and pharmacy stores.
“Veterinary hospitals provide a range of healthcare services for companion animals. The important aspects of proper pet care include grooming, vaccination and flea treatment. The facilities for diagnosis, prophylaxis, medical treatment, and surgery are available at veterinary hospitals. Animal healthcare companies specifically focus on veterinary hospitals as most of the prescriptions for companion animals are filled directly from the veterinary hospitals,” says Sapna Jha, a lead analyst at Technavio for infectious and rare diseases research.
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Global companion animal specialty drugs market: competitive vendor landscape
The global companion animal specialty drug market is consolidated in nature. The market has the presence of prominent players such as Zoetis, Boehringer Ingelheim (Merial), Elanco, and Bayer. The brand loyalty is high for companion animal specialty drugs because of the concerns regarding safety and quality of the products. This brand loyalty helps the products to enjoy a high market share despite patent expiries and regulatory exclusivity. In recent years, big vendors in life sciences have entered the animal healthcare market and invested in R&D toward novel drug development for animals.
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Other topics covered in the report:
Market drivers:
- Increase in Pet humanization
- Rising awareness about disease prevention and pet insurance
Market challenges:
- Patent expiry
- Stringent global regulatory requirements
Market trends:
- Enhanced product offerings
- Increase in M&A
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