Global Companion Animal Pharmaceuticals Market – Overview
Since the beginning of 2020, an increasing number of countries across the globe have shut down their borders and limited transportation and travel to contain the coronavirus (COVID-19) outbreak, creating impediments for international trade and transportation. This disrupted the supply chain for the companion animal pharmaceuticals market, temporarily leading to a decline in the demand for these products. The dermatologic diseases segment is expected to grow at the highest CAGR during the forecast period. The increasing prevalence of arthritis, rising need for advanced orthopedic drugs, and growing pet population are some of the key factors driving the growth of this segment.
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Global Companion Animal Pharmaceuticals Market – Drivers and Restraints
The development in this market is significantly determined by the development in companion animal proprietorship, rising prevalence of zoonotic illnesses, rising interest for pet insurance with the developing animal wellbeing consumption, and drives by different government organizations and animal affiliations. Then again, the set number of new anti-toxins, rising pet consideration expenses, and increasing expense of vaccine stockpiling are relied upon to control the development of this market during the estimate time frame.
With the flood in companion animal populace and expanding animal wellbeing consumption, India and China grandstand high-development opportunities for players in the APAC animal wellbeing industry. Additionally, numerous players from global markets are zeroing in on putting resources into these nations to extend their essence and guarantee long haul income development.
Global Companion Animal Pharmaceuticals Market – Competitive Scenario Notable Developments
The prominent players in the global companion animal pharmaceuticals market are Zoetis Inc. (US) Merck & Co., Inc. (US) Boehringer Ingelheim GmbH (Germany) Elanco Animal Health Incorporated (US), Virbac (France), Ceva Santé Animale (France), Vetoquinol S.A. (France), and Dechra Pharmaceuticals plc (UK).
- In September 2020, Virbac acquired a range of Tilapia vaccines from Ictyogroup (an animal health company) to distribute and market them worldwide.
- In June 2020, Merck invested USD 100 million in facility expansion and enhancement efforts in its US manufacturing site in De Soto, Kansas. This site also included an additional expansion of the vaccine production facility, thus enhancing its manufacturing capabilities.
- In February 2020, Zoetis received FDA approval for Simparica Trio.
- In February 2019, Zoetis launched Eradia, an antibiotic for dogs, in Europe.
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Global Companion Animal Pharmaceuticals Market – Geographical Outlook
The global companion animal pharmaceuticals market has five key regions that define its geographical landscape. These regions are Latin America, Europe, Middle East and Africa, North America, and Asia Pacific. Of these important regional segments, the global market is currently dominated by the region of North America. The growth of the region is fueled by the growing prevalence of pet obesity cases. In recent years there has been a substantial growth in such cases and thus the development of the market is highest in the region. Moreover, the number of people buying pets is also increasing per year. This too is expected to play an important role in the development of the companion animal pharmaceuticals market in North America.
On the other hand, the regional segment of Asia Pacific is expected to show most promising growth rate over the course of the given forecast period. The growth of the regional segment can be attributed to increasing trend of pet adoption in countries such as India, Bangladesh, China, and Singapore among others. India in particular is one of the most lucrative markets for the development of the companion animal pharmaceuticals market. The government is putting a lot of efforts in the development of the veterinary healthcare infrastructure and is thus presenting several lucrative business opportunities for the development of local market.
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
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
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.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
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.