Companion Animal Pharmaceuticals Market worth $19.6 billion by 2027
The report “Companion Animal Pharmaceuticals Market by Animal Type (Dogs, Cats, Horses), Route of Administration (Oral, Injectable, Topical), Indication (Antibiotics, Parasiticides), Distribution Channel (Veterinary Hospitals & Clinics) – Global Forecast to 2027″, is estimated at USD 14.4 billion in 2022 and is projected to reach USD 19.6 billion by 2027, at a CAGR of 6.3% from 2022 to 2027. 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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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:
- Growing prevalence of zoonotic diseases
- Rising demand for pet insurance with growing animal health expenditure
- Growing investments by key players
- Initiatives by various government agencies and animal associations
- Growth in companion animal ownership rates
- Rising pet care costs
- Limited number of new product developments
- High storage cost of vaccines
- Growing resistance to antimicrobials and antibiotics
- Lucrative growth opportunities in emerging markets
- Growing prevalence of animal diseases
- Technological advancements in manufacturing vaccines
- Growing in the companion animal population
- Stringent regulatory approval process for drugs
- Inadequate surveillance and reporting systems of vaccines
- Diversity of parasite species
- 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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