Companion Animal Pharmaceutical Market Analysis and Forecast to 2031: By Indication (Infectious Diseases, Dermatologic Diseases, Pain, Orthopedic Diseases, Behavioral Diseases, Others), Animal Type (Dogs, Cats, Horses, Others), Distribution Channels (Vete

Companion Animal Pharmaceutical Market Analysis and Forecast to 2031: By Indication (Infectious Diseases, Dermatologic Diseases, Pain, Orthopedic Diseases, Behavioral Diseases, Others), Animal Type (Dogs, Cats, Horses, Others), Distribution Channels (Veterinary Hospitals, Veterinary Clinics, Retail Pharmacies), and Region

The global companion animal pharmaceuticals market was valued at USD 12.9 billion in 2021 and it is anticipated to grow at a CAGR of 7.6% during the forecast period to reach up to USD 26.8 billion by 2031.

The rising adoption of pet animals due to growing urbanization and an increase in the number of nuclear families is among the primary market growth factors. A growing focus on animal health along with surging demand for pet insurance, especially in developed countries will augment the market expansion. The consistent rise in the number of diseases affecting animals is, in turn, generating demand for companion animal drugs. Additionally, industrial growth is attributable to the increasing incidence of zoonotic and food-borne diseases across the globe.

Global Companion Animal Pharmaceutical Market Scope and Report Structure

Market Trends and Drivers

The key factors such as the growing prevalence of zoonotic diseases is boosting the market growth during the forecast period. Some pathogens, such as zoonotic, can be transmitted from animals to humans. Examples of zoonotic diseases include rabies, salmonellosis, plague, brucellosis, and Lyme disease. Animals also share our susceptibility to certain diseases and environmental hazards and can serve as an early warning for potential human infections. Over the past two decades, the incidence of zoonotic diseases has increased across the globe, primarily as a result of the increased pet population. According to the International Livestock Research Institute (ILRI), 13 zoonoses cause 2.4 billion cases of human diseases and 2.2 million deaths every year. Toxoplasmosis—which is transmitted via cat feces—is quite common, with 10–20% of the UK population and 22% of the US population expected to carry the parasite as cysts. Cats with chronic bacteremia are primarily infected through saliva, and there is a high risk of transmittance from young adult cats. Although cats are asymptomatic carriers, weaker individuals can develop generalized infections. Many of the emerging and re-emerging infectious disease threats are vector-borne diseases transferred to animals and humans from arthropods.

Market Restraints and Challenges

The increasing pet care costs is likely to hinder the market growth during the forecast period. According to the APPA National Pet Owners Survey (2019), the average household in the US spent USD 731 on the routine doctor and surgical visits for dogs in 2019, a rise of 47% as compared to a decade ago. Similarly, USD 427 was spent on the routine doctor and surgical visits for cats in 2019. In Germany, the annual veterinary cost is ~USD 162.9 (EUR 140) per dog and USD 75.61 (EUR 65) per cat. In Japan, pet owners spend around USD 2,000–3,000 (JPY 200,000–300,000) annually on pet health. While the pet insurance market is expanding, the number of animals covered for treatments is still very less. As a result, animal owners generally bear the majority of the cost of treatments. Also, according to the Society for Practicing Veterinary Surgeons, coupled with the increasing pet insurance, the cost of veterinary treatment is rising by about 12% a year.

Global Companion Animal Pharmaceutical Market Segmentation

The report analyses the global companion animal pharmaceutical market based on indication, animal type, distribution channel, and region.

Global Companion Animal Pharmaceutical Market by Indication

Based on indication, it is segmented into infectious diseases, dermatological diseases, orthopedic diseases, pain, behavioral disorders, and other indications. The dermatologic segment is likely0 to dominate the market during the forecast period. The increasing prevalence of arthritis coupled with the rising need for advanced orthopedic drugs, and the growing pet population are some key factors boosting the market growth.

Global Companion Animal Pharmaceutical Market by Animal Type

Based on animal type, it is segmented into dogs, cats, horses, and others. The dog segment is anticipated to dominate the market during the forecast period. The key factors such as the increasing dog’s population coupled with a rising ownership rate, increasing prevalence of zoonotic diseases and other skin allergies in dogs, rising canine healthcare expenditure, and the increasing number of pet insurers across the globe are boosting the market growth.

Global Companion Animal Pharmaceutical Market by Distribution Channel

Based on the distribution channel, it is segmented into veterinary hospitals, veterinary clinics, and retail pharmacies. The veterinary hospital segment is estimated to dominate the market during the forecast period. The key factors such as the animal parasiticides and antibiotics in hospital settings coupled with increasing incidence of infectious diseases, a growing number of veterinary hospitals, growing ownership of companion animals and increasing veterinary expenditure, and growing awareness about animal health in developing countries are some factors driving the growth of the segment.

Geographical Analysis of Companion Animal Pharmaceutical Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The North American region is likely to hold the major share of the market during the forecast period. The factors attributing to the growth of the market are a well-established base of animal health industries coupled with increasing incidences of parasitic infections, a large number of hospitals and clinics, a growing pool of veterinarians, and growing expenditure on animal health in the region. The growing number of research activities and funding and awareness campaigns in the field of veterinary health management is refueling the market growth.

Major Players in Companion Animal Pharmaceutical Market

The key factors in the global companion pharmaceutical market are 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), Chanelle Pharma (Ireland), Kyoritsu Seiyaku (Japan), Zydus Animal Health and Investments Limited (India), Tianjin Ringpu Bio-Technology Co., Ltd. (China), HIPRA (Spain), Norbrook Holdings Limited (UK), Inovet (Belgium), Endovac Animal Health (US), ECO Animal Health Group plc (UK), Indian Immunologicals Ltd. (India), ALS Pvt. Ltd. (India), and Lutim Pharma Pvt. Ltd. (India).

COVID-19 Impact

Since the beginning of 2020, an increasing number of countries across the world have shut down their borders and limited transportation and travel to contain the coronavirus (COVID-19) outbreak, creating impediments for international trade and transportation. This disrupted the supply chain for the companion animal pharmaceuticals market, temporarily leading to a decline in the demand for these products. According to the American Veterinary Medical Association (AVMA), there is no evidence that animals are playing a significant epidemiological role in the spread of human COVID-19 infections; conversely, because animals and people can sometimes share diseases, it is still recommended that people with suspected/confirmed infections limit contact with animals and take precautions while handling pets or animals.

Recent Developments

February 2020, Vetoquinol acquired Canadian rights for the Profender product family from Elanco Animal Health. The acquisition is poised to impact the company’s revenue and offer business development opportunities in untapped economies.

September 2020, Virbac acquired a range of Tilapia vaccines from Ictyogroup to distribute and market them across the globe.

August 2020, Elanco Animal Health Incorporated announced that it has acquired Bayer Animal Health. The transaction was valued at USD 6.89 billion. This development helped the economy to expand itself in the durable animal health industry.

June 2020, Merck invested USD 100 million in facility expansion and enhancement efforts in its US manufacturing site in De Soto, Kansas. This site also comprises an additional expansion of the vaccine production facility, so enhancing its manufacturing and capabilities.

February 2020, Zoetis received FDA approval for Simparica Trio.

February 2019, Zoetis launched Eradia, an antibiotic for dogs, in Europe.

Frequently Asked Questions

Q. How big is the companion animal pharmaceutical market?

Ans. The global companion animal pharmaceutical market size was USD 12.9 Billion in 2021 and is anticipated to reach USD 26.8 Billion in 2031, growing at a rate of 7.6% from 2022 to 2031.

Q. What is the companion animal pharmaceutical market growth rate?

Ans. The growth rate of the companion animal pharmaceutical market is 7.6% from 2022 to 2031.

Q. Which region holds a major market share for the companion animal pharmaceutical market?

Ans. North America holds a major market share of the companion animal pharmaceutical market in 2021.

Q. Which segment accounted for the largest companion animal pharmaceutical market share?

Ans. By animal type, the dog segment accounted for the largest companion animal pharmaceutical market share.

Q. Who are the key players in the companion animal pharmaceutical market?

Ans. The global companion animal pharmaceutical market report includes players such asZoetis 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), Chanelle Pharma (Ireland), Kyoritsu Seiyaku (Japan), Zydus Animal Health and Investments Limited (India), Tianjin Ringpu Bio-Technology Co., Ltd. (China), HIPRA (Spain), Norbrook Holdings Limited (UK), Inovet (Belgium), Endovac Animal Health (US), ECO Animal Health Group plc (UK), Indian Immunologicals Ltd. (India), ALS Pvt. Ltd. (India), and Lutim Pharma Pvt. Ltd. (India).

Q. What are the factors driving the companion animal pharmaceutical market growth?

Ans. The major factors driving the growth of the market are the increasing prevalence of zoonotic diseases.

Q. What are the key growth strategies of companion animal pharmaceutical market players?

Ans. The key growth strategies of companion animal pharmaceutical market players are product launch and product approval.

Q. Which region will provide more business opportunities for the companion animal pharmaceutical market during the forecast period?

Ans. The Asia-Pacific region will provide more business opportunities for the companion animal pharmaceutical market during the forecast period.

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