Global Companion Animal Specialty Drugs Market 2017-2021
About Companion Animal Specialty Drugs
Companion animals are becoming a part of urban population. The factors that have contributed to increased companion animal ownership includes nuclear families and the growing geriatric population living independently. This increasing pet adoption is essentially driving the demand for companion animal specialty drugs, because of the growing prevalence of various diseases and awareness toward pet nutrition.
Technavio’s analysts forecast the global companion animal specialty drugs market to grow at a CAGR of 4.99% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global companion animal specialty drugs market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Companion Animal Specialty Drugs Market 2017-2021
Technavio recognizes the following companies as the key players in the global companion animal specialty drugs market: Bayer, Elanco, Merial, and Zoetis.
Other Prominent Vendors in the market are: Aratana therapeutics, Beaphar, Henry Schein, Mars, and The J.M Smucker Company.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is enhanced product offerings. The companion animal specialty drug market is witnessing a significant increase in product portfolio. The focus on product differentiation through novel delivery technology is increasing. This differentiation helps to enhance compliance of the companion animal, and thus, results in higher efficacy.”
According to the report, one driver in the market is increase in Pet humanization. The pets are increasingly being treated as a member of the family. Therefore, the focus on the wellbeing of the companion animals is increasing significantly. The owners of pets are looking for good healthcare products to lengthen the healthy lifespan of their animal companions. This is evident in both emerging as well as developed markets. The population that owns pets is also increasing. As per the CDC, 40 million households in the US own a cat as a companion animal. Globally, the owners of pets are ensuring that the quality of ingredients and manufacturing standards of their companion animal products are as good as products intended for humans.
Further, the report states that one challenge in the market is patent expiry. In the coming years, many companion animal specialty drugs will lose their patents. The decline in prices due to patent expiries will negatively impact the global companion animal specialty drugs market. For example, in 2018, the process patent for Revolution expires and the patent for the active ingredient, Selamectin formulation, expires in 2019. Between 2022 to 2024, another formulation patent related to the product line of Convenia will expire. The process of drug approval for veterinary use is far more stringent than the drugs intended for humans, resulting in lesser rates of drug approvals for animals, which further aggravates concerns over the high rate of patent expiries described above.
Bayer, Elanco, Merial, Zoetis, Aratana therapeutics, Beaphar, Henry Schein, Mars, and The J.M Smucker Company.