Companion animals are domesticated animals which are kept primarily for person’s companionship and enjoyment rather than as a livestock, working animal or laboratory animal. Companion animal include dog, cat, fish, bird, horse, rabbit, hamster, guinea pig, and ferret. According to the National Pet Owners Survey in 2017, conducted by American Pet Products Association (APPA), around 68% of the household owns a companion animal or pet in U.S. Companion animal drug include veterinary and over-the-counter drugs, supplements, nutraceuticals, vaccines, antibiotics and parasiticides, which are used in the treatment of disease associated with digestive system, immunological system, reproductive system, respiratory, and urinary system.
According to the report published by Federal Trade Commission (FTC), in 2015, U.S. spent around US$ 58 billion in 2014 on their companion animals, which include food, veterinary care, prescription, and OTC medications, and other pet services and products. Moreover, U.S. companion animal drugs market is significantly growing in both prescription and non-prescription based medications. Growing rate of companion animal ownership, progressive rate in pet health insurance, and longer life expectancy of companion animals due to the advances in animal health medication, expected to drive the growth of companion animal drugs market in the near future. According to the North American Pet Health Insurance Association (NAPHIA), in 2015, there is an increase of US$ 774 million in overall gross written premium (GWP), accounting to 17.2 percent growth in GWP. In 2015, around 1.6 million pets got secured with health insurance, increasing to 12% from 2014 to 2015.
However, growing antimicrobial drug resistance is the major factor hindering the growth of companion animal drugs market. According to the report by the University of Illinois at Urbana Champaign (UIUC), in 2017, methicillin-resistant staphylococcus is a prevalent infection in companion animals, accounted to around 40% in North America, 20% in Europe, 12% in Australia, and 48% in China. U.S. Food & Drug Administration (FDA) started Center for Veterinary Medicine (CVM), which is engaged in various activities to address the threat of antimicrobial resistance, by protecting human and animal health.
Companion animal drugs market taxonomy:
By Product Type:
By Animal Type:
By Distribution Channel:
Growing obesity in pets fuels the growth of the companion animal drugs market
According to the report by Association for Pet Obesity Prevention (APOP), in 2016, there is a continuous increase in pet obesity, affecting around 54% of dogs and 59% of cats in U.S. Pet obesity is a major problem in U.S., which increases the pain and suffering and also affects the life expectancy of companion animal or pet. According to APOP, factors causing pet obesity include negligence of pet owners and veterinary professionals in providing nutritional diet such as corn, grains, and raw and organic diet. In 2016, According to the stats by American Pet Products Association (APPA), around 41.9 million dogs and 50.5 million cats were classified into overweight or obese category by veterinary healthcare professionals.
According to the Mississippi State University, College of Veterinary Medicine, consumption of high calorific diet, genetic and age factors, are some of the factors accounted for obesity in the companion animal, which further lead to osteoarthritis, diabetes mellitus, hepatic lipidosis, cardiovascular disease, and early mortality. This is expected to augment the growth of companion animal drugs market in the near future.
Veterinary hospital/clinics segment are expected to become the more trusted distribution channel
According to the report by Federal Trade Commission (FTC) staff, in 2015, veterinarians and veterinary clinic or hospitals were accounted as the major distribution channel for pet medications. Nearly all major manufactures of pet medications distribute their medications through licensed veterinaries or through authorized veterinary distributors. Moreover, consumers purchase pet medications from veterinarians at the time of examination and diagnosis of their pet.
Key Players in the Global Companion Animal Drug Market
Some of the major players operating in the companion animal drugs market include Merck Animal Health, Elanco, Zoetis, Boehringer Ingelheim GmbH, Virbac, Ceva Sante Animale, Bayer AG, Dechra Pharmaceuticals PLC, and Vetoquinol SA.
Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:
In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.
Coherent Market Insights desk research is based on a principle set of research techniques:
Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:
Preliminary Data Mining
The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.
Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.
Coherent Statistical model
We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:
Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.
This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:
The primary research is conducted with the ecosystem players including, but not limited to:
Finding it difficult to find the research that would cater to your business demands? Give us a chance to help you. One of our Research Consultants will connect to provide a customized solution.[email protected]
Talk to our research consultant to design an exclusive report as per your research needs.
We aim to fulfil client's research demands with tailored research solutions.
We aim to provide research studies in quickest turnaround time and in a much cost effective manner.
We cover each industry from supply and demand side with an aim to provide a most holistic research study.
We strive to provide most accurate and reliable research findings in our research reports.