Companion Animal Pharmaceuticals Market worth $19.6 billion | MarketsandMarkets

CHICAGO, March 22, 2023 /PRNewswire/ -- The companion animal pharmaceuticals industry is expected to experience strong growth in the near future as pet owners continue to prioritize the health of their pets. Additionally, new technologies, such as personalized medicine, are expected to become more widespread and can help to improve the well-being of both companion animals and their owners. Furthermore, as the pet population continues to grow and the human-animal bond strengthens, the demand for veterinary services and products will increase accordingly. Finally, the rise of home delivery services for veterinary products and medications is expected to further boost the companion animal pharmaceuticals industry.

Companion Animal Pharmaceuticals Market in terms of revenue was estimated to be worth $14.4 billion in 2022 and is poised to reach $19.6 billion by 2027, growing at a CAGR of 6.3% from 2022 to 2027 according to a new report by MarketsandMarkets™. Factors such as rising prevalence of zoonotic diseases, initiatives by various government agencies and animal associations, rising demand for pet insurance due to growing animal health expenditure, increasing R&D investments for animal healthcare, and high pet ownership rates worldwide are fueling this market.

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Companion Animal Pharmaceuticals Market Scope:

The infectious diseases segment is expected to account for the largest share of the companion animal pharmaceuticals market in 2021

Based on indication, the global companion animal pharmaceuticals market is segmented into infectious diseases, orthopedic diseases, pain, dermatologic diseases, behavioral disorders, and other indications. The infectious diseases segment has the largest share of the market. The large share of this segment can be attributed to the growing regulatory guidelines to prevent the spread of infectious diseases is fueling the market growth, easy accessibility of these pharmaceuticals, rising initiatives by government and animal health associations for controlling disease outbreaks, and growing adoption rates of pet ownership.

On the basis of animal type, dogs segment is expected to grow at highest CAGR in the companion animal pharmaceuticals market during the forecast period

Based on animal type, the companion animal pharmaceuticals market is segmented into dogs, cats, horses/equine, and others. The dogs segment is projected to grow at the highest CAGR in the forecast period. This growth can be attributed to the rising dog population and increasing adoption rate of dogs, increasing skin allergies, rising canine healthcare expenditure, and the rising number of pet insurers worldwide.

The North America segment is expected to account for the largest share of the companion animal pharmaceuticals market in 2021

North America holds largest share in companion animal pharmaceuticals market 2021. The rising pet ownership and increasing animal health expenditure, rising per capita income in these countries, increasing awareness on animal healthcare, growing number of veterinary hospitals and clinics, and the implementation of regulations to prevent the spread of animal diseases are the key factors driving market growth in this region.

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Companion Animal Pharmaceuticals Market Dynamics:

Drivers:

1. Growing prevalence of zoonotic diseases
2. Rising demand for pet insurance with growing animal health expenditure
3. Growing investments by key players
4. Initiatives by various government agencies and animal associations
5. Growth in companion animal ownership rates

Restraints:

1. Rising pet care costs
2. Limited number of new product developments
3. High storage cost of vaccines
4. Growing resistance to antimicrobials and antibiotics

Opportunities:

1. Lucrative growth opportunities in emerging markets
2. Growing prevalence of animal diseases
3. Technological advancements in manufacturing vaccines
4. Growing in the companion animal population

Challenges:

1. Stringent regulatory approval process for drugs
2. Inadequate surveillance and reporting systems of vaccines
3. Diversity of parasite species
4. Lack of veterinary practitioners in developing markets

Key Market Players:

Major players operating in the companion animal pharmaceuticals market Zoetis Inc. (US), Merck & Co., Inc. (US), Boehringer Ingelheim GmbH (Germany), Elanco Animal Health Incorporated (US), Ceva Santé Animale (France), Virbac (France), Vetoquinol S.A. (France), Dechra Pharmaceuticals plc (UK) are some of the market players.

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Recent Developments:

• In November 2022, the company launched MOVOFLEX, a new joint supplement for dogs, in Europe
• In January 2022, Zoetis received the US FDA Approval of Simparica Trio (sarolaner, moxidectin, and pyrantel chewable tablets), a new label Indication for the prevention of Borrelia burgdorferi Infections in dogs.
• In July 2020, Merck acquired the US rights from Virbac for the SENTINEL brand of combination parasiticides used to protect dogs against fleas and common intestinal parasites.
• In December 2020, Elanco entered into an agreement with Kindred Biosciences to acquire the exclusive global rights to KIND-030, a first-of-its-kind monoclonal antibody developed to treat and prevent canine parvovirus (CPV).

Companion Animal Pharmaceuticals Market Advantages:

• Companion animal pharmaceuticals provide a wide range of treatments for a variety of illnesses and diseases, ranging from minor skin conditions to more serious illnesses such as cancer.
• Animal pharmaceuticals offer a more natural approach to treating animals than traditional methods, such as surgery and drug therapy.
• Companion animal pharmaceuticals can be used to improve the overall health and quality of life of animals, since they can help manage symptoms and prevent further complications.
• Veterinary clinics and hospitals can benefit from the sale of companion animal pharmaceuticals, as they can provide additional income.
• Companion animal pharmaceuticals can be used to treat a variety of conditions, including chronic diseases, cancer, and other illnesses.
• Many pet owners prefer to use companion animal pharmaceuticals since they are less expensive than traditional treatments.

Companion Animal Pharmaceuticals Market - Report Highlights:

Refinement in the segments of the global Companion Animal Pharmaceuticals market:

• The current edition of the report consists of an updated market overview, average selling price trends, value chain analysis, Porter's Five Forces analysis, ecosystem map, pricing analysis, patent analysis, and new industry insights.
• The report also consists of the impact of recession on the global Companion Animal Pharmaceuticals market.
• The competitive landscape chapter has been updated with the market evaluation framework and updated product portfolio matrix. The competitive landscape also includes the revenue share analysis of the top market players and an updated competitive situation and trends section.
• Competitive leadership mapping for SMEs/start-ups has also been updated for Companion Animal Pharmaceuticals market.

Updated financial information/product portfolio of players:

• The new edition of the report provides updated financial information in the Companion Animal Pharmaceuticals market till 2021 for each listed company in a single diagram. This will easily help analyze the present status of profiled companies in terms of their financial strength, profitability, key revenue-generating region/country, business segment focus in terms of the highest revenue-generating segment, and investments in R&D.

Updated market developments of profiled players:

• Recent developments are important to understand market trends and the growth strategies adopted by players. The current edition of this report provides updated developments of profiled players from January 2019 to December 2022, indicating a continuation from the previous version. Product launches, expansions, acquisitions, agreements, partnerships, and collaborations have been the principal growth strategies adopted by market players within this period.

Recession Impact:

The impact of recession has been considered in the research methodology and market forecast for the years 2020 and 2021. It has also been analyzed in the product, application, end user and geographic segmentation. The market dynamics have also been updated taking into consideration the current scenario.

Research for this report involved the use of a large number of secondary and primary sources. Secondary sources include directories; databases such as Bloomberg Business, and Factiva; white papers; annual reports; company house documents; investor presentations; and SEC filings of companies. During the primary research process, in-depth interviews were conducted with various primary respondents, which include key opinion leaders, subject matter experts, directors, and C-level executives of distributors and suppliers, to obtain and verify critical qualitative and quantitative information. This primary data was collected mainly through questionnaires, emails, and telephonic interviews.

Related Reports:

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Animal Antibiotics and Antimicrobials Market - Global Forecasts to 2026

Animal Growth Promoters Market - Global Forecasts to 2026

Animal Parasiticides Market - Global Forecasts to 2026

Animal Genetics Market - Global Forecasts to 2025

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