Companion Animal Drugs Market Size By Product (Drugs {Antiparasitic, Anti-inflammatory, Anti-infectives, Corticosteroids, Tranquilizers, Cardiovascular Drugs, Gastrointestinal Drugs, Topical Glucocorticoids}, Vaccines {Modified Live Vaccines [MLV], Killed

Companion Animal Drugs Market Size By Product (Drugs {Antiparasitic, Anti-inflammatory, Anti-infectives, Corticosteroids, Tranquilizers, Cardiovascular Drugs, Gastrointestinal Drugs, Topical Glucocorticoids}, Vaccines {Modified Live Vaccines [MLV], Killed Inactivated Vaccines, Recombinant Vaccines}, Medicated Feed Additives {Antibiotics, Vitamins, Amino acids, Enzymes, Antioxidants, Prebiotics and Probiotics, Minerals, Carbohydrates, Propandiol}), By Animal Type (Dogs, Cats, Horses), By Route of Administration (Oral, Injectable, Topical), By Distribution Channel (Veterinary Hospitals, Veterinary Clinics, Pharmacy and Drug Stores, E-commerce), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2023 - 2032

Global companion animal drugs market is slated to grow steadily through 2032 owing to the rapid surge in the demand for companion animal products.

Several central governments are taking proactive measures and extra care to encourage pet adoption and decrease the occurrence of food-borne zoonotic diseases. The market is also expected to benefit from the adoption of numerous initiatives and policies, including the Animal Services Program, One Health, the Animal Health Research and Disease Program, and many others.

Globally, various government agencies and organizations have demonstrated significant impact on the creation of pet care goods and services, which in turn helps the industry expand. For instance, in June 2022, Zoetis announced the acquisition of Basepaws, a company that provides analytics, pet care genetics, and early health risk assessments. The firm's genetic insights help pet owners and veterinarians determine each pet's risk for disease, which leads to more effective disease treatment.

The companion animal drugs market has been divided in terms of product, animal, route of administration, distribution channel, and regions.

Based on product, the medicated feed additives segment was valued at more than $1.6 billion in 2022. The segment is expected to expand significantly through the forecast timeline in relation to the government's devised standards for regulating medicated feeding. In order to control companion animal health and to promote growth and feed efficiency, medicated feed additives act as an anchor, which is expected to increase adoption and spur segmental expansion.

The growing demand for companion animal drugs is foreseen to come from cats. High percentage of cat owing population is likely to drive the market revenue, becoming a center for new entrants and encouraging them to launch premium products.

With respect to route of administration, the oral segment is set to propel substantially by the end of 2032. The segment’s rapid growth can be primarily attributed to oral medicines' superior efficacy. The oral approach is incredibly practical, affordable, and non-intrusive.

In terms of distribution channel, the veterinary hospitals segment recorded 37% revenue share in 2022. The increasing adoption of pets and increased awareness of pet health, particularly during the COVID-19 pandemic, have led to a demand for specialized veterinary clinics.

From the regional perspective, the North America companion animal drugs market is poised to witness positive expansion from 2023 to 2032. The large income share is credited to a number of factors including rising pet care costs, increased awareness of companion animal health, and an increase in pet adoption in the area.

Additionally, the projections show that pet health spending would increase consistently over the upcoming years due to strong demand for and uptake of pet health insurance. The combination of these elements is expected to accelerate the use of companion animal medications in the region.