Companion Animal Therapeutics: Introduction
- Companion animals such as horses, cats, and dogs are increasingly playing an important part in the lives of several people. They provide friendship and a sense of responsibility, demand care and attention, and respond with love.
- Numerous studies have shown that positive health benefits, such as lowered blood pressure, decreased anxiety, decreased cardiac arrhythmias, greater psychological stability, and improved well-being are associated with owning a companion animal. Furthermore, animal-assisted therapy offers several recognized advantages and is becoming common in numerous areas of human healthcare.
Key Drivers and Restraints of Global Companion Animal Therapeutics Market
- Increase in investments by government bodies
- Government initiatives play an important role in the expansion of the companion animal therapeutics market. For instance, compulsory immunization policy in China, availability of affordable vaccine, awareness programs and funding for research & development are likely to drive the overall companion animal therapeutics market.
- The Biotechnology and Biological Sciences Research Council (BBSRC) funded GBP 5.7 million for the development of companion animal therapeutics to the London School of Hygiene and Tropical Medicine in December 2018. Thus, favorable government initiatives boost the demand for companion animal therapeutics globally.
- Stringent Regulations
- Product exclusivity period is only three years to five years in the animal healthcare industry. Shorter exclusivity period results in increased competition from generics and over-the-counter (OTC) products. Increase in generic competition lowers product sales. Additionally, stringent regulations for product approval and thus limited therapeutics production hamper the global companion animal therapeutics market.
Companion Animal Therapeutics Market: Segmentation
- In terms of indication, the global companion animal therapeutics market can be divided into infectious diseases, dermatological diseases, orthopedic diseases, behavioral disorders, and others
- In terms of animal type, the global companion animal therapeutics market can be split into dogs, cats, horses, and other companion animals
- Based on distribution channel, the global companion animal therapeutics market can be segregated into veterinary hospitals, retail pharmacies, and online pharmacies
Asia Pacific Companion Animal Therapeutics Market to Expand at a Rapid Pace
- In terms of region, the global companion animal therapeutics market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America is expected to account for a notable share of the global companion animal therapeutics market. Organized nature of animal healthcare industry and increase in pet ownership are major factors driving in the market. The U.S. has the highest number of pets globally.
- Europe is expected to hold the second-largest share of the market. The region has highly organized animal healthcare industry. This helped it to strengthen its position in the global market.
- The market in Asia Pacific is projected to expand at a notable CAGR during the forecast period due to a rise in awareness about companion animal therapeutics among the middle class population and increase in government support in the region.
Leading Players Operating in Global Companion Animal Therapeutics Market
The global companion animal therapeutics market was highly fragmented in 2018. Key players operating in the global companion animal therapeutics market are:
- Aratana Therapeutics, Inc.
- Bayer AG
- Boehringer Ingelheim GmbH
- Ceva Sante Animale
- Dechra Pharmaceuticals plc
- Eli Lilly and Company
- Merck & Co., Inc.
- Zoetis, Inc.
Global Companion Animal Therapeutics Market: Research Scope
Global Companion Animal Therapeutics Market, by Indication
- Infectious Diseases
- Dermatological Diseases
- Orthopedic Diseases
- Behavioral Disorders
Global Companion Animal Therapeutics Market, by Animal Type
- Other Companion Animals
Global Companion Animal Therapeutics Market, by End-user
- Veterinary Hospitals
- Retail Pharmacies
- Online Pharmacies
Global Companion Animal Therapeutics 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
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.