Companion Animal Drugs Market: Introduction
- Companion animal drugs are administered to pet or companion animals in order to keep them healthy and safe from diseases and other health issues
- A companion animal veterinarian provides drugs to the animals when they undergo surgeries, to treat wounds, to diagnose various illnesses, etc. Therefore, companion animal drugs are highly essential for animals in order to keep them healthy and also to keep the entire caretaking family free from any health hazards that can be caused through animals.
- Companion animal drugs are commonly utilized on various companion animals such as dogs, cats, horses, etc.
Key Drivers, Restrains, and Opportunities of Global Companion Animal Drugs Market
- Rising number of companion pet adoption centers globally where companion animals need to be kept safe is increasing the demand for companion animal drugs to keep them healthy and safe. On the other hand, popularity of pet grooming centers is also increasing and hence, these centers provide various drugs for the pets to keep them healthy. This is propelling the demand for companion animal drugs.
- Increasing pet diseases that can cause serious effects on humans, such as zoonosis, fuels the need to provide drugs to animals in order to prevent these kinds of infection and to keep caretakers as well as the animals safe
- However, risks or chances of side-affects, such as mild vomiting, exists after the intake of a drug if it is not suited or administered in excess amount. This is a major factor restraining the companion animal drugs market.
North America to Capture Major Share of Global Companion Animal Drugs Market
- In terms of geography, the global companion animal drugs market is segmented into five regions; North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America is expected to account for a major share of the global companion animal drugs market due to increased spending on pet health. According to the Animal Health Institute, around 67% of people in the U.S. own companion pets, which comes to around 400 million pets. Therefore, an increase in number of pets is estimated to increase the demand for surgeries when the pets undergo various health conditions. Moreover, favorable government initiatives in implementing pet insurance as well as pet safety are also estimated to further propel the companion animal drugs market in North America.
- Europe is the second-leading market for companion animal drugs globally, as the animal health industry was valued at around US$ 7 billion in 2020. This is likely to fuel the companion animal drugs market in Europe.
- The companion animal drugs market in Asia Pacific is estimated to expand at a rapid pace during the forecast period owing to a rise in the number of pet care centers and veterinary clinics that are improving companion animal treatments by providing various drugs and subsequently, fueling the need for companion animal drugs.
Key Players Operating in Global Companion Animal Drugs Market
The global companion animal drugs market is growing rapidly due to the presence of prominent key players as well as start-ups. Most companies are implementing new strategies for development of innovative companion animal drugs that cause less side-affects. Consequently, these factors are anticipated to drive the global companion animal drugs market.
Major players operating in the global companion animal drugs market are listed below:
- Merck Animal Health (Merck & Co., Inc.)
- Boehringer Ingelheim International GmbH.
- Elanco Animal Health Incorporated
- Virbac S.A.
- Biogenesis Bago SA
- Piramal Group
- NEOGEN Corporation.
- Vetoquinol S.A.
- Ceva Santé Animale
Global Companion Animal Drugs Market: Research Scope
Global Companion Animal Drugs Market, by Drug Type
- Pain Relievers
Global Companion Animal Drugs Market, by Dosage Type
Global Companion Animal Drugs Market, by Indication
- Skin Disease
- Infectious Disease
Global Companion Animal Drugs Market, by Distribution Channel
- Veterinary Clinics & Hospitals
- Pharmaceutical Stores
Global Companion Animal Drugs Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.