A recent study published by FMI states that the companion animal specialty drug market is likely to envisage a steady CAGR of 4.9% in revenue terms during the forecast period 2017-2027. The companion animal specialty drug market is likely to witness significant growth in all major regional markets due to the increased availability of companion animal specialty drugs and an increase in the presence of local manufacturers. Furthermore, increase in the knowledge regarding various diseases that affect companion animals and growth in the pet population in emerging markets is creating attractive opportunities for the companion animal specialty drug market, which is expected to contribute to a steady CAGR across the forecast period.
The widespread penetration of pet services, such as groomers, training facilities and pet day cares, especially in developed markets, are totally reliant on the sustainable availability of suitable medicines. This ensures that these companion animals are free from diseases that are likely to eventually affect human health. In the U.S., the American Pet Products Association (APPA) has reported that the overall spending on the pet industry in 2016 was reported to be US$66.75 Bn, reflecting a US$6.47 Mn increase (9.6% Y-o-Y) over 2015. This increase in spending is driven by the higher demand for pet care products, which include pet medicines as well as other associated healthcare services. The percentage of people owning pets in different countries is also expected to steady rise in the last five years.
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The companion animal specialty drugs market in Latin America, Eastern Europe and APEJ regional segments is expected to witness significant growth due to increasing awareness and increasing focus on the adoption of pets inspired by western countries. Urbanization and humanization of pets has increased exponentially in developed markets, wherein the U.S. is the prime country exhibiting this trend in the companion animal specialty drugs market. In the U.S., the highly emotional bond between humans and pets has reached epic levels, with pet insurance having grown at close to 16-17% in the last ten years. However, only 1-2% of the pets in the U.S. are insured as compared to ~25% in the UK. This has increased the affordability of companion animal specialty drugs. Most pet medications are branded and are manufactured only in developed markets. Earlier, this had restricted the availability of companion animal specialty drugs in developing markets. However, a gradual increase in global trade and the consolidation of larger companies through acquisitions of leading regional players is changing the market dynamics.
The animal health industry is one of the most lucrative revenue-generating as well as innovative industries. The companion animal specialty drug market is said to exhibit higher profitability as compared to farm animal drugs. The route map of the companion animal drug market is innovative too – “Prevent – Treat – End”. One of the leading players in the companion animal specialty drugs market has noted that the performance of the market is dependent upon the ability to innovate, range of offerings and communication with professionals & animal owners, who have a growing influence on purchasing behavior. Most of the top players tend to design their sales plans for high-volume markets with products such as ecto-parasiticides, endo-parasiticides and cat & dog nutrition products.
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The U.S. pet industry is undergoing a transition phase with influence from veterinarians. The availability of drugs through private veterinary practices is increasing. Furthermore, the habit of self-medication and Internet pharmacies is fuelling the entry of branded as well as generic drugs into the market. With increased demand, the market is witnessing consolidation between players (among large players, as well as between large &medium-size players). The large players account for a majority market share. Consolidation among major drug makers is making the market more competitive, thus increasing the bargaining power of sellers. However, recent patent expirations are putting the bigger players at risk from generic veterinary drugs, which are expected to be available in large quantities in less-developed markets at substantially lower prices.