Companion animal specialty drugs market to grow by USD 4.55 billion from 2023 to 2028; North America to account for 35% of market growth- Technavio

NEW YORK, Nov. 17, 2023 /PRNewswire/ -- The companion animal specialty drugs market size is expected to grow by USD 4.55 billion from 2023 to 2028. In addition, momentum of the market will progress at a CAGR of  6.68% during the forecast period, according to Technavio Research. The market is segmented by distribution channel (veterinary hospitals, pet care clinics, and pharmacy stores), product (Vaccines, Antibiotics, Parasiticides, Feed additives, and Others), and geography (North America, Europe, Asia, and Rest of World (ROW)). North America is estimated to contribute 35% to the growth of the global market during the forecast period. The US, Canada, and Mexico are some of the most important countries that have a major impact on market growth in North America. Furthermore, the adoption rate of pets is on the rise as more and more elderly people seek companionship.

This report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment. Read a Free PDF Sample Report

Company Profile:

Bayer AG, Beaphar Beheer BV, Bimeda Holdings Ltd., Boehringer Ingelheim International GmbH, Ceva Sante Animale, Chanelle Pharma Group, Dechra Pharmaceuticals Plc, Elanco Animal Health Inc., Kyoritsuseiyaku Corp., LABORATORIOS CALIER S.A, Mars Inc., Merck and Co. Inc., Neogen Corp., Norbrook Laboratories Ltd., Tianjin ringpu bio-technology Co. Ltd., Vetoquinol SA, Virbac Group, Zenex Animal Health India Private Ltd., Zoetis Inc., and Orion Corp.

• Bayer AG: The company focuses on companion animal specialty drugs through proteins that are contained in milk, eggs, and meat.

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Companion Animal Specialty Drugs Market: Segmentation Analysis

The veterinary hospitals segment is estimated to witness significant growth during the forecast period.  For companion animals, this segment provides a wide range of veterinary services. Grooming, vaccination, and flea treatment are some of the fundamental aspects of good pet care.

Learn about the contribution of each segment summarized in concise infographics and thorough descriptions. View a PDF Sample Report

Companion Animal Specialty Drugs Market: Driver & Trend:

Key Drivers- 

• Increase in pet humanization
• Rising awareness about disease prevention and pet insurance
• Rise in aging companion animal population

One of the key factors driving the companion animal specialty drugs is the rise in the aging companion animal population. There is an upsurge in the elderly companion animal population across the globe as the owners of companion animals wish to provide proper nutrition to control aging effects. Also, the requirement for minerals and vitamins to support growing dogs is adequate for senior dogs. 

A key factor shaping market growth is the rising obesity in companion animals. Identify key trends, drivers, and challenges in the market. Download a sample to gain access to this information.

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The animal biotechnology market is estimated to grow by USD 3.65 billion at a CAGR of 3.01% between 2023 and 2028. 

What are the key data covered in this companion animal specialty drugs market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the companion animal specialty drugs market between 2023 and 2028.
• Precise estimation of the companion animal specialty drugs market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the companion animal specialty drugs market across North America, Europe, Asia, and ROW
• A thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of companion animal specialty drugs market companies.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Distribution Channel

Market Segmentation by Product 

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio