Animals are subjected to various disease-causing threats because of various internal and external factors such as the outbreak of zoonotic and livestock diseases.
Companion animal specialty drugs are making inroads into the animal healthcare industry as among the most effective approaches for preventing animal-related disorders. As per recent studies, about 30-50% of companion animals in the developed world are vaccinated, while the number is fewer in the developing and under-developed regions.
The World Health Organization (WHO) states that 13 zoonotic diseases are responsible for more than 2 million human fatalities every year. About 60,000 of the total cases of rabies end up in mortality, while cat bites are more infectious than dog bites. These unmet situations are offering lucrative avenues for the manufacturers of companion animal specialty drugs.
In addition, market players are interacting with animal healthcare professionals for in-depth knowledge about animal immunology, pathogenicity, and animal disease epidemiology in order to design new immunization techniques.
The coronavirus (Covid-19) pandemic has been raging across continents, putting lives and livelihoods as well as the global economic order in a grave danger. Many nations are still confronting medium to high impact of the pandemic, leading to drastic disruptions across industrial verticals. While it is a reality that almost every facet of the healthcare industry has shifted to the back seat while the Covid-19 crisis remains a priority, the companion animal specialty drugs market remains among the critical areas of concern during this global health crisis.
A closer look into the situation
The animal healthcare industry sustained the economic recession of 2008-2009, yet with a major dent to its revenue pool. While the recession resulted in a significant drop in discretionary spending, it ultimately translated into far lowered expenditure on pet care and companion animal specialty drugs. But Covid-19 is a totally distinct crisis and demands every eye from the world of healthcare.
Even though there is no concrete evidence of human-animal reverse transmission of coronavirus and potential contagion of the virus via animal products, various think-tanks suggest that veterinary vaccines, veterinary drugs, and companion animal specialty drugs should not bear the brunt of the pandemic, as pets, and other companion animals also demand critical medical attention during this time. Moreover, veterinary medicine authorities are seeking the essential goods status for companion animal specialty drugs from respective governments.
The impact of the public-health crisis propagates from supply chain disruptions and manufacturing delays to large-scale shutdowns of veterinary clinics. The companion animal specialty drugs market continues to suffer, as China is the leading supplier of raw material for prominent companies of veterinary medicines. The Italian market for animal healthcare has seen a steep fall as soon as the pandemic barged in.
Tracing the way through and after the Covid-19 crisis
Italian companies have stuck to leveraging in-stock inventories but now as international exporters are slowly coming into action, it is certain that the veterinary healthcare sphere will get back in the groove by the Q4 of 2020, and will make a rapid recovery after that period. Governments across the world have already begun considering the concerns associated with pet and companion animal healthcare and safety. Veterinary drugs, and companion animal specialty drugs are gaining momentum, though at a steady pace.
Animal healthcare professionals, including vets, and companion animal breeders, are making sure that businesses maintain their continuity by providing consultations on the prevention of the spread of the coronavirus. Scores of veterinary professionals, though still practising, are offering limited and critical products and services. The impact of Covid-19 on the supply chains is being comprehensively monitored to stay updated about any possible shortage of companion animal specialty drugs and pet specialty medicines in the immediate future.
Pandemics, just like other humanitarian crises, are times of great uncertainty and transformation. The community following the Covid-19 pandemic will not be the same as before. Consumers behavior and values will change in ways we cannot imagine. Animal healthcare infrastructure will be transformed fundamentally.
The companion animal specialty drugs market will come across different priorities and pressures on expenditure, depending on the intensity of the economic slump and the speed of recovery. The way manufacturers proceed individually and collectively in the coming few weeks and months will mould the outcome of the COVID-19 crisis and the capital performance of the companion animal specialty drugs market over the decades ahead.
Insights presented in the article are based on an ongoing study of Future Market Insights (FMI) on the covid-19 impact on companion animal specialty drugs landscape.
Sabyasachi Ghosh (Saby) has authored 150 and supervised over 400 syndicated market research reports healthcare and medical devices sector. He has partnered with over 20 multinational companies in their strategy planning, GTM strategy, product feasibility analysis, and pipeline analysis.
Jyotirmoy Das is a senior research consultant in the healthcare domain at Future Market Insights. Das has authored and co-authored almost 50 global market research studies and his expertise lies in healthcare, pharmaceutical and Medical devices landscape.