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Companion Animal Speciality Drugs Market Expected to Grow at a CAGR of 4.9% During 2017 to 2027

Author: Ankush Nikam
by Ankush Nikam
Posted: Jun 13, 2017
veterinary clinics

The largest segment by distribution channel – the veterinary clinics segment – is the most attractive segment in the global market

The Veterinary Clinics segment is the largest segment by distribution channel, which is estimated to create more than US$ 12 Bn, or more than 40% share of the total market in 2017. The Veterinary Clinics segment is expected to create absolute $ opportunity of more than US$ 640 Mn in 2017 over 2016. By the end of 2027, the Veterinary Clinics segment is projected to reach more than US$ 21 Bn or more than 45% share of the total market, expanding at a CAGR of 5.8% over the forecast period. The Veterinary Clinics distribution channel segment dominated the global companion animal speciality drugs market in terms of revenue in 2016, and the trend is projected to continue throughout the forecast period. Veterinary Clinics is also the most attractive segment, with a market attractiveness index of 1.6 over the forecast period.

Rising obesity in pets is one of the major factors boosting the growth of the Veterinary Clinics segment in the global companion animal speciality drugs market

The growing popularity of veterinarians across the globe as a profession has been contributing to an increase in revenue for the Veterinary Clinics distribution channel segment. This is because most people with pets prefer going to a veterinary clinic to obtain prescription drugs rather than opting for self-selection of over-the-counter medications. Globally, hospitals and clinics represent 80% of the service distribution channel for veterinary drugs. Furthermore, increasing tendency to overfeed pets has been resulting in rising obesity in pets globally. This has been negatively impacting the health of pets, thus making them susceptible to more diseases, hence driving demand in the Veterinary Clinics segment.

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With growing urbanisation and increasing spread of isolated family units, humanisation of animals is a trend that is growing increasingly across the globe. Adoption of pets as companions has been increasing worldwide, which is specifically driving the need for medicines, preventive treatments and proper hygiene for companion animals. This particular factor is boosting the development of the Veterinary Clinics segment in the global companion animal speciality drugs market.

Increasing urbanisation and growing affluence levels have been driving the adoption of pets, thus driving the demand for pet healthcare services as well. However, it is interesting to note that with rising urbanisation, there has been increasing prevalence of various diseases such as allergies, lower appetite, reduced energy and behavioural anxieties among small companion animals. This has been driving demand for and growth of the Veterinary Clinics segment in the global companion animal speciality drugs market.

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Performance analysis of the Veterinary Clinics segment across key regional companion animal speciality drugs markets

The Veterinary Clinics segment dominated the Western Europe companion animal speciality drugs market by distribution channel in terms of revenue in 2016 and the trend is projected to grow throughout the forecast period. Veterinary Clinics is the most attractive segment in the Western Europe regional market, with a market attractiveness index of 1.9 over the forecast period. The Veterinary Clinics segment is anticipated to register a CAGR of 3.3% in terms of value in the North America companion animal speciality drugs market. In APEJ, revenue from the Veterinary Clinics segment is anticipated to increase at a CAGR of 6.5% over the forecast period to reach a market valuation in excess of US$ 2,300 Mn by 2027. Veterinary Clinics is the most attractive segment in the APEJ companion animal speciality drugs market, with an attractiveness index of 1.4 over the forecast period.

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Future Market Insights is the premier provider of market intelligence and consulting services, serving clients in over 150 countries. Fmi is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India

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Author: Ankush Nikam

Ankush Nikam

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United States

Member since: Mar 17, 2017
Total live articles: 1477

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