MARKET INTRODUCTION
A pet animal primarily refers to cats and dogs, which are domesticated and usually maintained in or near the household of the owner or person caring for them. Pet or companion animals do not refer to a farm animal or grazing animals such as cattle and sheep. Pet owners consider their companion animals as a member of the family. They care a lot about their pets' wellbeing and hence look for good healthcare products to ensure proper health for their animal counterparts.
MARKET DYNAMICS
The pet specialty drugs market has shown a significant evolution over the forecast period. The rise of the pet specialty drugs market is majorly driven by the increasing pet ownership and awareness related to pet diseases or pet health. Pet ownership has been increasing globally, primarily driven by lifestyle changes, increased disposable income, and more people who want pets as companions. Dermatitis, flea allergy, and Lyme disease are common types of diseases transmitted by fleas & ticks. The other common health issue found among pets is arthritis. The pet specialty drugs market is primarily driven by flea & tick and pain relief & arthritis products. Moreover, new product developments and technological advancements are fuelling the market growth. For instance, in 2020, Zoetis Inc. expanded its animal vaccines research and manufacturing in Suzhou, China. The company focuses on the development and manufacturing of vaccines and supplements for pet. The company is also planning to expand its physical presence by establishing new manufacturing and distribution centers in east China. However, the high cost associated with animal drugs is impeding the market growth.
MARKET SCOPE
The "Pet Specialty Drugs Market Analysis to 2028" is a specialized and in-depth study of the healthcare industry's pharmaceuticals, focusing on the global market trend analysis. This report outlines the pet specialty drugs market with detailed market segmentation by type, application, and end-user. The pet specialty drugs market is estimated to witness a high rise during the forecast period. It focuses on the vital statistics on the leading players' market status in the pet specialty drugs market and provides key opportunities and trends in the market.
MARKET SEGMENTATION
The market is categorized based on the type, application, and end user. Based on the type, the market is segmented as antibiotics, anti-inflammatory drugs, vaccines, and others. Based on the application, the segmentation of the market is into dogs, cats, and others. Based on end user, the segmentation of the market is into veterinary hospitals, veterinary clinics, and others.
REGIONAL FRAMEWORK
The report states a detailed outline of the industry, consisting of both quantitative and qualitative information. It offers a sketch and forecast of the pet specialty drugs market based on various segments. The report also consists of market size and forecast estimates from the year 2020 to2028with respect to five main regions, namely; North America, Asia-Pacific (APAC), Europe, Middle East, and Africa (MEA), and South & Central America (SCAM). The pet specialty drugs market by each region is then sub-segmented into respective countries and segments. It comprises the analysis and forecast of 18 countries globally and the recent trend and opportunities prevailing in the region.
The report analyzes factors affecting the pet specialty drugs market from both the demand and supply sides. Furthermore, it evaluates market dynamics regarding the market during the forecast period, i.e., drivers, restraints, opportunities, and future trends. It also consists of precise PEST analysis for all five regions, namely, North America, Asia Pacific, Europe, Middle East, and Africa, and South & Central America, after assessing political, social, economic, and technological factors affecting the Pet specialty drugs market in these regions.
MARKET PLAYERS
The report contains critical developments in the pet specialty drugs market as inorganic and organic growth strategies. Several companies are pivoting on organic growth strategies like product launches, product approvals, and others, such as patents and events. Inorganic growth strategies observed were collaborations and acquisitions &partnerships. Various such activities have paved the path for elaborating the business and customer base of market players. The market players from the pet specialty drugs market are estimated to have profitable growth opportunities in the coming years with the higher demand for pet specialty drugs in the global market. Given below is the list of a few companies engaged in the pet specialty drugs market.
The report also offers key players' profiles in the pet specialty drugs market, along with their SWOT analysis and market strategies. Also, the report focuses on the key market players with information on company profiles, financial information of the last three years, components, and services provided, critical development in the past five years.
- Zoetis
- Merck Sharp & Dohme Corp. (Merck & Co., Inc.)
- Piedmont Animal Health, Inc.
- Eli Lilly and Company.
- Boehringer Ingelheim International GmbH.
- Bayer AG
- Virbac.
- Ceva
- Vetoquinol India Animal Health Pvt Ltd
- Golden Gate Veterinary Compounding Pharmacy.
The Insight Partner's dedicated research and the analytical team comprises of experienced professionals with advanced statistical expertise and offers several customization options in the current report.