Companion Animal Drugs Market
Number of pages: 100 | Report Format: PDF | Published date: May 10, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 16.80 billion |
|
Revenue Forecast in 2031 |
US$ 27.90 billion |
|
CAGR |
5.8% |
|
Base Year for Estimation |
2022 |
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Forecast Period |
2023 to 2031 |
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Historical Year |
2021 |
|
Segments Covered |
Product, Distribution Channel, And Region |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global companion animal drugs market was valued at US$ 16.80 billion in 2022 and is expected to register a revenue CAGR of 5.8% to reach US$ 27.90 billion by 2031.
Companion Animal Drugs Market Fundamentals
The companion animal drugs market refers to the pharmaceuticals and medications used to treat various health conditions in pets. Veterinarians can prescribe these drugs for the treatment of acute or chronic diseases, as well as for preventive care, such as vaccines. Companion animal drugs are critical for keeping pets healthy while safeguarding the entire family who cares for them from any health hazards that the pets may offer. Anti-infectives, parasiticides, pain management drugs, and others are some of the most common types of companion animal drugs available in the market. To ensure the safety and efficacy of companion animal drugs, regulatory bodies such as the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA) have established guidelines and requirements that manufacturers must meet before their drugs can be approved for use.
The research study on the companion animal drugs market overview thoroughly analyzes the market and the aspects that either help or hinder the market's growth, such as its drivers, challenges, and opportunities. The research also discusses the list of businesses that operate in this market and their efforts to establish themselves as major players through expansion plans and innovative ideas. It also emphasizes current events that support the market's revenue expansion. The research also analyses how the COVID-19 pandemic has affected society.
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Companion Animal Drugs Market Dynamics
The primary reasons driving market expansion include the increasing frequency of illnesses in pets, rising pet spending, humanization of pets, and initiatives by key companies and the government. Furthermore, according to a 2021 article published in the BMC Veterinary Research Journal, the prevalence of dental diseases detected in dogs in the United Kingdom was 14.10%, while skin disorders were 12.6%. The increased frequency of veterinarian visits and pet insurance uptake drives market expansion. Trupanion, a pet insurance provider, claimed that pet insurance enrollments had climbed to 1.3 million in June 2022.
Innovations in veterinary medicine have led to the development of new and improved drugs for pets, including those that treat previously untreatable conditions. As more treatment options become available, the demand for companion animal drugs also increases. Companion animal expenditure and spending have steadily increased, which is projected to continue. The major drivers of pet spending are rising pet ownership and greater per-pet spending. According to data on pet ownership and expenditure in the United States, just 2.48% of all pets have insurance, which is likely to rise.
Companion Animal Drugs Market Ecosystem
Companion Animal Drugs Market, by Product
Companion Animal Drugs Market, by Distribution Channel
Companion Animal Drugs Market by Product
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Parasiticides are predicted to have a sizable global market share. Parasiticides are used to kill parasites that afflict dogs, cattle, and other animals. In small animal medicine, parasiticides are widely used to treat parasites such as fleas, worms, and insects. In addition to minimizing difficulties with animal health and welfare, zoonotic concerns that threaten human health must be considered. Parasiticides are an important part of companion animal preventative care. The increased demand for parasiticides is driving up pharmaceutical research and development expenses for companion animals.
Segmentation of the market refers to the division of the industry into subgroups based on factors such as product, distribution channel, and region. Market segmentation data helps businesses to understand the preferences and unique needs of different customer groups and develop targeted sales strategies. This information also helps in identifying potential companion animal drugs market growth opportunities.
Companion Animal Drugs Market by Region
North America dominated the companion animal drugs market with a large revenue share in 2022. The rising prevalence of pet owners in the region, increased corporate investment in R&D, a high concentration of veterinary clinics and hospitals, and rising pet owner expenditure on animal healthcare contribute to regional growth.
Furthermore, the Asia Pacific region is expected to be the fastest-growing companion animal drugs market segment during the forecast period. The rising frequency of parasitic diseases, a growing pool of veterinarians, rising knowledge about pet health and treatment, and a greater understanding of the needs of modern-day pet owners all contribute to the market's growth in this area.
Based on the regions, the global companion animal drugs market is segmented into:
Regional demarcation of the industry will provide information on geographic pockets regarding the companion animal drugs market outlook, size, share, and growth rate. This data helps businesses evaluate the expansion potential into new regional markets, understand the competitive threats across different regions, and develop localized sales and expansion strategies.
Key Components of the Report
This report is an important tool for the industry stakeholders to gather all the information about the market, customers, and competition. The report also provides the readers with valuable insights on the segmentation, regions, market size & forecast, revenue CAGRs, and other valuable data to help make informed strategic decisions. The study compiles information gathered from industry participants and specialists across the industry value chain. The report also taps into the qualitative and quantitative assessments by industry analysts. Our reports use different methods for estimating the market size and forecast, including secondary research, surveys and interviews, and statistical modeling. With these steps, our reports provide the most accurate market data. These datasets will cumulatively provide in-depth companion animal drugs market forecast to the industry stakeholders.
Companion Animal Drugs Market Competitive Landscape
Some of the prominent market players in the global companion animal drugs market include:
The companion animal drugs market is fairly fragmented, with a significant number of big and medium-sized competitors accounting for the majority of market revenue. Major corporations are using a variety of methods, including mergers and acquisitions, strategic partnerships and contracts, and the development, testing, and introduction of more effective companion animal pharmaceutical solutions.
The market competitive landscape is performed by collecting and analyzing information about the key competitors, the present industry trends, and market dynamics. It includes information collection and analysis on factors such as products, pricing, geographic outreach, customer demographics, marketing strategies, and recent developments. Competitive landscape assessment will help businesses identify the current prevalent or potential opportunities and threats keeping in mind the companion animal drugs industry trends.
Companion Animal Drugs Market Recent Developments
Key Strengths of Our Report
Target Audience to Benefit from this Report.
Reasons to Buy this Report
The total companion animal drugs market size worldwide in 2022 was US$ 16.8 billion.
North America region will have the largest companion animal drugs market size during the forecast period from 2023 to 2031.
The global companion animal drugs market is expected to grow at a revenue CAGR of 5.8% during the forecast period from 2023 to 2031.
The resultant market size of the companion animal drugs market in 2031 will be US$ 27.90 billion.
Major corporations are using various strategies, including mergers and acquisitions, strategic partnerships, and contracts to increase their footprint in the market.
Some key market players in the global companion animal drugs market include Eli Lilly and Company, Merck KGaA, and Pfizer, Inc.
The parasiticides segment has the highest global companion animal drug market revenue share.
*Insights on financial performance are subject to the availability of information in the public domain