LONDON--(BUSINESS WIRE)--The global companion animal specialty drugs market is expected to grow by USD 2.29 billion as per Technavio. This marks a significant market slow down compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of almost 5%.
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Read the 120-page report with TOC on "Companion Animal Specialty Drugs Market Analysis Report by Product (Vaccines, Antibiotics, Parasiticides, Feed additives, and Other drugs), Geography (North America, Europe, APAC, South America, and MEA), and the Segment Forecasts, 2020-2024".
https://www.technavio.com/report/companion-animal-specialty-drugs-market-industry-analysis
The market is driven by the increase in pet humanization. In addition, enhanced product offerings are anticipated to boost the growth of the companion animal specialty drugs market.
Pet owners consider their companion animals as a member of the family. They care a lot about the wellbeing of their pets and hence look for good healthcare products to ensure proper health for their animal counterparts. This is evident in both emerging and developed economies across the world. Besides, the number of people adopting pets is increasing worldwide. For example, about 40 million households in the US own a cat as a companion animal. All these factors are increasing the demand for companion animal wellness products, which is driving the growth of the market.
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Major Five Companion Animal Specialty Drugs Companies:
Bayer AG
Bayer AG operates its business through segments such as Pharmaceuticals, Crop science, and Consumer health. Advantix and Seresto are the key offerings of the company.
Boehringer Ingelheim International GmbH
Boehringer Ingelheim International GmbH operates its business through segments such as Human Pharmaceuticals, Animal Health, Biopharmaceuticals, and Other. The company offers Metacam, Broadline, and HEARTGARD Plus.
Ceva Sante Animale
Ceva Sante Animale operates its business through segments such as Companion animals, Cattle, Poultry, Small Ruminants, and Swine. The company offers drugs such as FELIWAY, SELGIAN, ADAPTIL, SENILIFE, and FELIWAY MultiCat.
Dechra Pharmaceuticals Plc
Dechra Pharmaceuticals Plc operates its business through segments such as EU Pharmaceuticals, NA Pharmaceuticals, and Pharmaceuticals Research and Development. The company offers Carpofen. It is a chewable tablet used for inflammation associated with osteoarthritis in dogs.
Elanco Animal Health Inc.
Elanco Animal Health Inc. operates its business through segments such as Companion Animal Disease Prevention, Companion Animal Therapeutics, Food Animal Future Protein and Health, and Food Animal Ruminants and Swine. The company offers drugs such as Onsior, Galliprant, and Trifexis.
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Companion Animal Specialty Drugs Market Product Outlook (Revenue, USD Billion, 2020-2024)
- Vaccines
- Antibiotics
- Parasiticides
- Feed additives
- Other drugs
Companion Animal Specialty Drugs Market Geography Outlook (Revenue, USD Billion, 2020-2024)
- North America
- Europe
- APAC
- South America
- MEA
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