USD 13.99 Billion
Companion Animal Drugs Market Size, Share, Growth Analysis, By Medicine(Antibiotics, Anti-inflammatory Drugs, Parasiticides, and others), By Animal(Dogs, Cats, and others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35I2251 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
64
|Figures:
75
Companion Animal Drugs Market Insights
Global Companion Animal Drugs Market size was valued at USD 13.99 Billion in 2022 and is poised to grow from USD 14.94 Billion in 2023 to USD 25.29 Billion by 2031, at a CAGR of 6.8% during the forecast period (2024-2031).
The global companion animal drugs market has experienced significant growth due to increasing pet ownership, rising awareness of pet healthcare, and advancements in veterinary pharmaceuticals. With a growing number of households worldwide adopting pets, the demand for medications and treatments for companion animals, including dogs, cats, and others, has surged.
Key drivers include a higher focus on preventive care, such as vaccinations and parasite control, and an expanding array of therapeutic options for chronic illnesses. Additionally, the market has seen innovation in drug delivery methods and formulations, like flavored tablets and topical treatments, enhancing ease of administration.
As pet owners continue to prioritize the well-being of their furry companions, the companion animal drugs market is expected to maintain its upward trajectory, offering opportunities for pharmaceutical companies and veterinarians to cater to this flourishing segment.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Dogs
Fastest Growth
Cats
Growth Rate
6.8% CAGR
Global Companion Animal Drugs Market ($ Bn)
Country Share for North America Region (%)
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Companion Animal Drugs Market Segmental Analysis
The global companion animal drugs market can be segmented into several categories based on factors such as drug, animal, and region. Drug types include antibiotics, anti-inflammatory drugs, parasiticides, and others, while animal types encompass dogs, cats, and others. Geographically, the market can be divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Analysis By Drug
Antibiotics for pets are among the largest segments due to the prevalence of bacterial infections. They address a wide range of issues, from skin infections to respiratory diseases.
Anti-inflammatory Drugs are crucial for managing conditions like arthritis and allergies. With an aging pet population, this segment is experiencing steady growth. Products for flea and tick control, heartworm prevention, and deworming are essential for pet health. This segment is one of the fastest-growing due to increasing awareness of pet owners about parasite-related diseases. Preventive care is on the rise, and pet vaccinations are a significant contributor to this trend. The vaccine segment is experiencing consistent growth.
Analysis By Animal
The global companion animal drugs market can be segmented by animal type into dogs, cats, horses, and others. Among these segments, dogs constitute the largest market share. The dominance of the canine segment can be attributed to the sheer number of dogs worldwide and the increasing trend of pet humanization, where dogs are considered part of the family. This drives the demand for a wide range of drugs, including vaccines, flea and tick control, and treatments for various ailments in dogs.
In terms of the fastest-growing segment, cats stand out. The feline segment is experiencing rapid growth due to the rising cat ownership rates, particularly in urban areas. Cats are becoming increasingly popular as pets, leading to higher demand for medications like antibiotics, antifungals, and preventive treatments. Additionally, advancements in veterinary pharmaceuticals tailored for cats are contributing to this segment's swift expansion.
Global Companion Animal Drugs Market By Animal
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Companion Animal Drugs Market Regional Insights
North America is at the top of the market for companion animal drugs. The US has made large contributions to this region’s large market share. The region’s wide pet adoption rate and expensive healthcare spending have cemented its position in the market. Additionally, major pharmaceutical companies that produce and distribute pet medications reside in North America.
Though North America retains the market’s top position, another region is growing quickly. The Asia-Pacific region, thanks to China and India, has experienced a quick rise. The region’s fast expansion is a result of several factors. The regional populace are moving to urban areas and there’s a growth in the base of middle-class individuals. The market has also flourished in this region due to its rising rates of pet ownership. As the number and types of veterinary services grows in this region due to rising awareness of pet wellness, this region will stay on its trajectory.
Global Companion Animal Drugs Market By Region
- Largest
- Fastest
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Companion Animal Drugs Market Dynamics
Drivers
Advancements in Veterinary Medicine:
- The market for companion animal drugs is on the rise due to improvements in veterinary medicine. These advancements include the development of better working diagnostics, treatments, and pharmaceuticals. The market is seeing an expansion in the diversity of treatment options due to these improvements. Other changes include better disease management and enhanced efficacy. This has boosted the desire for advanced companion animal medication.
Increasing Pet Ownership:
- The market for companion animal drugs has been rapidly expanding. This is due to the global preferences changing towards pet ownership. More people want to adopt and add dogs and cats to their family. This attitude has helped raise the significance of pet healthcare and pharmaceuticals. This rise has led to more financial resources being allocated to improve pet health. Owners are emotionally connected to their pets, wanting nothing more than their overall well-being, and want to invest in companion animal drugs.
Restraints
Cost Constraints:
- The market companion animal drugs is facing a major threat. The financial burden that these medicines and treatments pose are deterring consumers from investing in pet health. Expensive treatments and costly medicines may delay or inhibit market adoption. Pet owners residing in low income areas and those with restricted budgets may find the expense of these pricey healthcare techniques for their animals to be too much.
Regulatory Challenges:
- The companion animal drugs market is controlled by regulatory bodies. Approvals and necessary compliance with strict rules in the production and distribution of these products can be challenging for market players. These strict requirements can take up a lot of time, leading to a more lengthy and expensive overall process. The tedious task of getting approvals and then adhering to these regulations during development can be difficult. This can limit new product entries and cost delays in innovation, negatively impacting the market.
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Companion Animal Drugs Market Competitive Landscape
The global market for companion animal drugs is defined by a very competitive environment. Key market players are constantly engaged in fierce rivalry. This intense competition among the participants is driven by the rising demand in the market. Some of the renowned names in the industry include Elanco, Boehringer Ingelheim, Zoetis, and Bayer Animal Health. These firms lead the market. Their acquisition of the large market shares is owed to the several advantages they possess. One of them is their wide range of pet healthcare product and service offerings. These include parasiticides, vaccines, and anti-infectives, among other therapeutic medicines.
The market leaders put tremendous efforts in R&D. This is done for the innovation and development of new preventive solutions and therapies in the market. These advanced services can effectively deal with carrying health issues in pets, driving market growth. Apart from these leaders, smaller companies from the biotech and pharmaceutical sectors have also joined the market. This intensifies competition, driving the growth of niche areas that cater to specialized needs of companion animals. The players in this market employ extensive distribution channels and strategic collaborations to increase market share.
The competitive landscape is also influenced by a variety of factors, These include standards for product safety and animal welfare, along with compliance with industry regulations. As the pet population continues to grow and pet owners seek advanced healthcare options, competition within the companion animal drugs market is expected to remain fierce, promoting innovation and driving market growth.
Top Player’s Company Profiles
- Zoetis Inc. (USA)
- Merck & Co., Inc. (USA)
- Boehringer Ingelheim (Germany)
- Bayer AG (Germany)
- Virbac (France)
- Ceva Santé Animale (France)
- Vetoquinol S.A. (France)
- Nexvet (USA)
- IDEXX Laboratories, Inc. (USA)
- Biogenesis Bago (Argentina)
- Nutramax Laboratories, Inc. (USA)
- Heska Corporation (USA)
- Merial (Sanofi) (France)
- Animalcare Group PLC (United Kingdom)
- Kindred Biosciences (USA)
- Norbrook Laboratories (Ireland)
- Kyoritsu Seiyaku Corporation (Japan)
- TVM Laboratories (France)
- Dechra Pharmaceuticals PLC (United Kingdom)
Recent Developments
- Dechra Pharmaceuticals is a global specialist in veterinary pharmaceuticals and related products which develops, produces, and sells high quality products for veterinarians across the world. The international business bought the animal health business of Idexx Laboratories in March 2023. This purchase can potentially put Dechra Pharmaceuticals at second place in the global animal health market.
- Boehringer Ingelheim is one of the world's largest pharmaceutical companies, according to a report in 2018. This company offers solutions to human pharmaceuticals, animal health, and biopharmaceuticals companies. They bought Aureus Pharma in February 2023. Aureus Pharma is a private company that identifies, develops, and delivers nutraceutical products. This purchase will expand Boehringer Ingelheim’s product offerings that serve the companion animal drug market.
- Zoetis is the largest global animal health company. It is also the world's largest producer of medicine and vaccinations for pets and livestock. This global brand purchased Abaxis in January 2023. Abaxis is a globally leading supplier of vitro diagnostic products and services that cater to the companion animals drugs market. As a result of this, Zoetis can retain its place in the market.
Companion Animal Drugs Key Market Trends
- Digital Health Solutions: Veterinary medicine is seeing some changes. The adoption of data analytic and other digital technology has transformed the field. Wearable devices, telehealth services, and mobile apps have been integrated into the scene. This has helped pet owners in remotely monitoring their pet’s health indicators. These devices also help communication with consulting vets. The new technology can also help manage medicinal prescriptions and follow them to a tee.
- Rise in Specialty and Personalized Medications: The companion animal drug market has seen a major shift. Pet owners are now seeking personalized and advanced medicines for their cats and dogs. Pharmaceutical companies and vets are striving to respond to this trend. They are altering treatment to suit the varying health conditions of different animal breeds and sizes. Customized medication may be the answer for more effective and precise therapies. Its accessibility has also grown in reflection of its popularity.
- Increased Focus on Preventive Care: There is another market trend that is influencing the industry of pet drugs. The market is focused on developing preventive care for pets. In response to this trend, market players are stressing the promotion and development of several products. These include wellness and parasite control products, along with advanced vaccines. The prioritization of the improvement of the health and overall wellbeing of their pets has been seen among owners, Thus the demand for preventive medicines is also on the rise.
Companion Animal Drugs Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, the global companion animal drugs market is poised for significant growth in the coming years. Factors such as rising pet ownership, increasing awareness of pet health, and advancements in veterinary medicine are expected to drive market expansion. Additionally, the growing demand for innovative and specialized pharmaceuticals, including vaccines, parasiticides, and pain management drugs for companion animals, is anticipated to fuel market growth. As the pet care industry continues to evolve, with a focus on preventive healthcare and improved treatment options, the companion animal drugs market is likely to see robust opportunities, offering promising prospects for pharmaceutical companies and investors.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 13.99 Billion |
| Market size value in 2031 | USD 25.29 Billion |
| Growth Rate | 6.8% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Companion Animal Drugs Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Companion Animal Drugs Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Companion Animal Drugs Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Companion Animal Drugs Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Companion Animal Drugs Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Companion Animal Drugs Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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