As per the research conducted by Fast. MR, the report titled “Companion Animal Drugs Market, by Drug Class (Antibiotics, Anti-inflammatory, Parasiticides, Heart Worm Products, Nutritional Products, Behavioral Drugs, Vaccines and Others), by Companion Animals (Dogs, Cats, and Horses), by Distribution Channel (Veterinary Pharmacies, Veterinary Clinics, and Retail Pharmacies), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa) – Global Market Size, Development, Growth and Demand Forecast, 2014-2024” provides current as well as future analysis of the market by evaluating the major applications, advantages, trends, and challenges. The report dives deeper to produce useful insights into Companion Animal Drugs Market such as major global regions and key competitors and strategies that can be used for the entry-level player too.
Overview
Since the past, the adoption of pet animals has been increased at a significant rate, about 68% of U.S. households own at least one pet, which adds up to 60.2 Mn dogs and 47.1 Mn dogs, among other animals, according to the American Pet Products Association (APPA). Hence, there is a push to increase the standard of living for pets, including higher quality veterinary products. Further, in 2018, US$72.56 Bn was spent on pets, out of which US$ 33.5 Bn was spent for over-the-counter (OTC) medicine in the U.S. Thus, rising companion animal ownership with increase in spending for pet health and nutrition is creating a growing demand for diversified companion healthcare products including, drugs with varied therapeutic indications, feed additives, vaccines, and nutritional supplements. Various drugs like Maropitant citrate (acute vomition), Sarolaner (oral anti-ectoparasitic), Fluralaner and Lotilaner (topical anti-ectoparasitic), Alfaxalone (Anesthetic), Eprinomectin (oral anti-endo-parasitic) have been approved specifically to treat dogs and cats, during past years which is propelling the companion animal drugs growth.
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Various organic and inorganic strategies adopted by market players is expected to drive the growth of companion animal drugs market.
Various animal pharma players have shifted their focus to develop effective healthcare products, including monoclonal antibody therapies, therapeutic vaccines, anti-neoplastic drugs, for companion animals, especially for cats and dogs. Such advancement will lead to market growth for companion animal drugs in the foreseen future. For instance, in September 2019, Zoetis, Inc. received marketing authorization for Simparica Trio (sarolaner/moxidectin/pyrantel) chewable tablets from the European Commission. Simparica Trio is a once-monthly triple combination antiparasitic medication for dogs with, or at risk from, mixed external and internal parasitic infestations.
Moreover, vendors are also engaged in creating awareness for the importance of companion animal drugs, which is turn to increase the adoption of animal drugs in the market. In May 2019, Merck Animal Health, a division of Merck & Co., Inc. launched BRAVECTO Cares, an educational campaign which highlights the critical role that service dogs play and the importance of keeping them healthy by protecting them from fleas and ticks.
However, serious side effects shown by some companion animals to flea medicines may hamper the growth of the market to some extent. In September 2018, U.S. Food and Drug Administration warned the use of Bravecto, Credelio, Nexgard, Simparica drugs containing the isoxazoline compound. Isoxazoline products have been associated with neurologic reactions, including loss of muscle control, muscle tremors, and seizures. Thus, some dogs and cats can show bad results for these products.
Companion Animal Drugs Market Regional Analysis
Based on the region, North America is expected to show a leading position in the companion animal drugs market, followed by Europe. This is attributed to an increase in awareness and continuous approval of new drugs by regulatory bodies. From the year 2015-2018, 39 healthcare products were approved for the production animals (e.g., cattle, pigs, sheep, poultry, etc.) wherein 34 drugs were approved for the companion animals (e.g., dogs, cats, and horses) in the U.S. Moreover, in March 2019, Virbac received an award for its digital Veterinary HPM campaign by the VMA (Veterinary marketing association). Veterinary HPM campaign enable to raise awareness among pet owners to respect the predatory status of dogs and cats as part of healthy nutrition.
Asia-Pacific, Latin America, and Middle East & Africa also exhibit significant growth in companion animal drugs market owing to the focus of key players to expand their product portfolio through collaborations in these geographies. For instance, in October 2019, Kemin Industries, a global ingredient manufacturer, partnered with the ME VAC, an animal vaccine manufacturer based in Cairo, Egypt. This collaboration enable Kemin to distribute animal vaccines outside the Arabic-speaking countries in the Middle East.
Key players operating in the companion animal drugs markets include Merck Animal Health, Elanco Animal Health, Merial Animal Health, Zoetis, Inc., Eli Lilly and Company, Aratana Therapeutics, Inc., Boehringer Ingelheim GmbH, Virbac Animal Health, Ceva Sante Animale, Bayer AG, Dechra Pharmaceuticals PLC, and Vetoquinol SA.
Companion Animal Drugs Market-Taxonomy
By Drug Class
-Antibiotics
-Anti-inflammatory
-Parasiticides
-Heart Worm Drugs
-Nutritional Drugs
-Behavioral Drugs
-Vaccines
-Others
By Companion Animals
-Dogs
-Cats
-Horses
By Distribution Channel
-Veterinary Pharmacies
-Veterinary Clinics
-Retail Pharmacies
By Region
-North America
-Europe
-Asia Pacific
-Latin America
-Middle East and Africa
Access Complete Companion Animal Drugs Market Report @ https://www.fastmr.com/report/94/companion-animal-drugs-market
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