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Companion animals are pets kept primarily for company, entertainment, and safety. Owners of companion animals consider them to be family, friends, and confidants. Dogs, cats, birds, rabbits, horses, goats, gerbils, rats, mice, and amphibians, others are considered as companion animals. According to the American Society for the Prevention of Cruelty to Animals (ASPCA) defines companion animal to be domesticated or domestically-bred whose emotional, physical, social, and behavioral needs are met in its relationship with humans or as companions in a household.

According to a particular survey conducted in 2012, over 42% of five-year olds reported to look towards their pets in situations where they felt happy, sad, or wanted to share a secret. Additionally, a recent research studies have indicated that people with pets tend to have lower blood pressure, less prone to heart diseases, and reduced risk of stress. According to the American Pet Products Association’s 2011-2012 National Pet Owners Survey, over 62% of the U.S. households, that is more than 72.9 million households include one or more companion animals. Rise in the number of pets in households, growing urbanization contributing to the growing fad of owing pets, and increase in the number of nuclear families, among others are factors boosting the demand for pet healthcare services. This in turn contributes to the expansion of the companion animal specialty drugs market. Addition, increase in the number of diseases infecting animals, growing awareness regarding the spread of these diseases to humans aids propels the demand for companion animal specialty drugs. However, growing patent expiries of approved drugs in the market, lack of medications for certain diseases, and inability to understand behavioral symptoms of diseases, among others are likely to negative impact the market in the forecast period.

The global companion animal specialty drugs market can be segmented based on product type, distribution channel, and region. In terms of product type, the market can be segmented into anti-inflammatory drugs, vaccines, antibiotics, animal feed additives, parasiticides, skin care products, and others. Based on distribution channel, the companion animal specialty drugs market can be divided into hospital pharmacies, veterinary clinics, and drug stores, among others. The veterinary clinics segment is anticipated to dominate the market in terms of revenue and CAGR during the forecast period.

In terms of geography, the global companion animal specialty drugs market can be classified into five regions: North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. In terms of revenue, North America accounted for the highest share of the global market in 2016 and this trend is anticipated to continue during the forecast period. Expansion of the market in the region can be attributed to the rising number of companion animals in households and increasing urbanization, which is contributing to higher dependency on pets for emotional support. Europe is expected to be the second largest market for companion animal specialty drugs treatment market. However, sluggish economy in the region is likely to inhibit the market. The companion animal specialty drugs market in Asia Pacific is anticipated expand at a significantly high CAGR owing to rising urbanization, increasing number of pets among households, and growing humanization of pets, among others.

Key players operating in the global companion animal specialty drugs market are Zoetis, Inc., Merck & Co., Inc., Bayer AG, Elanco (a division of Eli Lilly & Company), Boehringer Ingelheim Animal Health Gmbh, Ceva Sante Animale S.A., Aratana therapeutics, Merial (acquired by Boehringer Ingelheim), The J.M Smucker Company, Mars, and Beaphar.

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
  • Europe
  • 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.

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Companion Animal Specialty Drugs Market

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