Companion Animal Specialty Drugs Market is Projected to Grow at A CAGR of 4.7% During 2020-2026

ABOUT THIS REPORT

OVERVIEW

Companion Animal Specialty Drugs Market is valued at USD XX million in 2019 and is expected to reach USD xx million by the end of 2026.

Bizlytik analysts forecast the global Companion Animal Specialty Drugs market to grow at a CAGR of 4.7% during the forecast period, according to their latest market research report.

Veterinary drug refers to drug intended for use in the diagnosis, cure, treatment, mitigation, or prevention of disease in animals. Veterinary medicines are used to prevent diseases in animals, including animals used for food production. The veterinary drugs are given to animals through feed, drinking water, or by injection. The veterinary drugs may result in residues of these drugs in animal products like milk, meat, and egg.

The number of Companion animals with diseases are increasing. According to the study, Feline leukemia virus (FeLV) is one of the common infectious diseases in cats, affecting between 2 and 3% of all cats in the United States. In the United States each year 6,000 to 7,000 documented cases of rabies in animals. According to FDA, there are more than 500 cases of dilated cardiomyopathy (DCM) in dogs eating certain types of food. The U.S. Food and Drug Administration (FDA) has identified 16 brands of dog food which had reported cases of DCM. The top three brands, according to the FDA, are Acana, Zignature, and Taste of the Wild. Growing awareness regarding the spread of diseases from animals to humans are key driving factors of the market. According to World Health Organization (WHO), 13 zoonoses are responsible for 2.2 million human deaths every year. Around 95% of human cases of rabies are due to dog bites. Rabies kills nearly 60,000 people worldwide, mostly children each year. Cat bites have higher rate of infection than dog bites. In the United States, approximately 4.5 million persons are bitten by dogs each year, of which 316,000 are treated in the emergency department, and 9,500 are hospitalized.

Vaccines, Antibiotics, Parasiticides, and Other are covered in the Type segment of the market scope, while the Application segment is categorized into dogs, Cats, and Other. The report covers value of the global market by Type and Application.

The market value of Vaccineswas USD XX Million in 2019, and it is expected to reach USD XX Million by 2026, growing at a CAGR of 4.1% during 2020-2026. The increasing investment by the companies to develop new vaccination and commercialization of new products would propel the growth of the segment.

North America, Europe, AsiaPacific, South America, and Middle East & Africa are taken into consideration at the global Companion Animal Specialty DrugsValue figures. While North America is further categorized into enhancing United States, Canada, and Mexico, Europe is split into the United Kingdom, Germany, France, Italy, and Rest of Europe. Asia-Pacific covers India, China, Japan, South Korea, and Rest of Asia Pacific in its scope. South America is bifurcated into Brazil, Argentina, and Rest of South America, with Middle East & Africa involvingGCC Countries, Egypt, South Africa, and Rest of Middle East & Africa.

North AmericaCompanion Animal Specialty Drugsmarketwas USD XX Million in 2019, and it is predicted to reach USD XX Million by 2026, growing at a CAGR of 4.2% during the forecast period. The increasing regulatory approvals for companion animal drugs would improve the growth prospects of the market.

Europe has shown significant growth due to increasing investment for animal health, commercialization of new products, and competitive strategy to develop and expand the business globally. Europe Companion Animal Specialty Drugs market is estimated to reach $4,974.6 Million by 2026; growing at a CAGR of 3.4% till 2026.

Majorplayers operating in the Companion Animal Specialty Drugs industry include Boehringer Ingelheim, Zoetis, Elanco Animal Health, Bayer Animal Health, MSD Tiergesundheit, VirbacTierarzneimittel, Dechra Veterinary Products, Ceva Animal Health (IDT Biologika), Vetoquinol, AniMedica GmbH, Bela-Pharm GmbH, Chevita GmbH, CP-Pharma, Dopharma International B.V., Ecuphar GmbH, HIPRA Deutschland, Selectavet, Serumwerk Bernburg, Veyx Pharma, WDT Wirtschaftsgenossenschaft.

Increasing commercialization of new products, strategic advancement between companies to expand their business, increasing investment for animal health and regulatory approval for animal medication are key factor boosting the market.