The global 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.
The growth in this market is majorly driven by the growth in adoption rate of companion animals, rising zoonotic diseases in companion animals, rising demand for pet insurance, and initiatives by various government agencies and animal associations. On the other hand, the limited launch of new antibiotics, rising pet care costs, and high cost of vaccines and complexities associated with storage are expected to restrain the growth of this market during the forecast period.
Key players in the Companion Animal Pharmaceuticals market include Zoetis, Inc. (US), Merck Co., Inc. (US), Boehringer Ingelheim International GmbH (Germany), Elanco Animal Health Incorporated (US), Eco Animal Health Group PlC (UK), Virbac (France), Dechra Pharmaceuticals PLC (UK), Vetoquinol (France), Neogen Corporation (US), Orion Group (Finland), Zenex Animal Health India Private Limited (India), Norbrook Holdings Limited (UK), Chanelle Pharma (Ireland), HIPRA (Spain), Ceva Sante Animale (France), Tianjin Ringpu Bio-Technology Co Ltd. (China), Kyoritsu Seiyaku (Japan), Endovac Animal Health (US), Indian Immunologicals Ltd (India), Ashish Life Sciences Pvt Ltd (India), Lutim Pharma Pvt Ltd (India), Biogénesis Bagó (US), Brilliant Bio Pharma (India), Intas Pharmaceuticals (India), and Vetindia Pharmaceuticals limited (India).
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The study categorizes the Companion Animal Pharmaceuticals market into following segments sub-segments:
By Indication
- Infectious Diseases
- Dermatologic Diseases (Skin Diseases)
- Pain
- Orthopedic Diseases
- Behavioral Disorders
- Others(Dental, Cardio, Pregnancy, Cancer)
By Route of Administration
- Oral
- Injectable
- Topical
By Animal Type
- Dogs
- Cats
- Horses
- Other Companion Animals
By Distribution Channel
- Veterinary Hospitals
- Veterinary Clinics
- Retail Pharmacies
By Region
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East Africa
The dermatologic diseases segment is expected to grow at the highest CAGR, in the companion animal pharmaceuticals market by indication, in the forecast period
The market is divided into infectious diseases, dermatologic diseases, orthopaedic diseases, pain, behavioural diseases, and other indications based on the prescription of medications for a wide range of illnesses commonly seen in animals. Throughout the projected period, the segment for dermatologic disorders is anticipated to increase at the greatest CAGR. Some of the main reasons influencing the growth of this market include the rising prevalence of arthritis, the rising need for cutting-edge orthopaedic medications, and the rising pet population.
The dogs segment holds the largest share in the animal type segment of Companion Animal Pharmaceuticals Market, in the forecast period.
The market is segmented into dogs, cats, horses, and other companion animals based on animal type. The market segment 2021 that accounts for the biggest share belongs to dogs. The large share of this market is driven to factors such the rising ownership rate and dog population, the prevalence of zoonotic infections and other skin allergies in dogs, the rising cost of veterinary care for dogs, and the expansion of pet insurers globally.
Veterinary hospitals is expected to grow at the highest CAGR in the companion animal pharmaceuticals market by distribution channel segment in the forecast period.
The global market, based on the distribution channel is divided segmented into veterinary hospitals, veterinary clinics, and retail pharmacies. Throughout the projected period, the segment for veterinary hospitals is projected to grow at the greatest CAGR. Some of the major factors propelling the growth of this market include the increased use of animal parasiticides and antibiotics in hospitals, rising incidence of infectious diseases, rising number of veterinary hospitals, rising ownership of companion animals, rising veterinary expenses, and rising awareness of animal health in developing nations.
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Asia Pacific will grow by highest CAGR in the companion animal pharmaceuticals market, by region.
In 2021, Asia Pacific will grow by highest CAGR in the market, by region, followed by Latin America, Europe, Middle East Africa and North America. The highest CAGR of Asia Pacific can be attributed to the well-established base of animal health industries, the high adoption of companion animals, rising incidence of parasitic infections, the large number of hospitals and clinics, 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 also expected to drive the growth of this market.
