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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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:
- 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
Restraints:
- Rising pet care costs
- Limited number of new product developments
- High storage cost of vaccines
- Growing resistance to antimicrobials and antibiotics
Opportunities:
- Lucrative growth opportunities in emerging markets
- Growing prevalence of animal diseases
- Technological advancements in manufacturing vaccines
- Growing in the companion animal population
Challenges:
- 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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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).
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