Market analysis firm, Technavio, forecasts that the companion animal specialty drug market will increase by a CAGR of 5.20% from 2021 to 2025. The market is expected to reach a value of $2.8 billion by the end of the period. Unlike other sectors, this market saw a positive impact from the COVID-19 pandemic as spending on pets increased.
Continued momentum in the market is expected based partly on the strength of companion animal pharmaceuticals and a recent increase in vaccinations for pets. Additionally, within the companion animal marketplace, specialty medications are forecast to grow due to trends toward pets being seen as family members, increased knowledge of animal disease and prevention, increased use of companion animal insurance.
Regionally, the US market holds a significant share of the companion animal specialty drugs realm. North America is expected to account for 39% of growth.