Market Overview
Cats and dogs are the most common companion animals, and they are usually kept in or near the owner’s or person house caring for them. Farm animals or grazing animals such as cattle and sheep are not considered pets or companion animals.
Statistics:
The global companion animal drugs market is expected to be worth US$ 49,244.3 million by the end of 2027
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Drivers
Over the forecast period, rising adoption of companion animals is expected to drive growth in the global companion animal drugs market. For instance, according to the American Veterinary Medical Foundation’s (AVMF) 2017-2018 U.S. Pet Ownership & Demographics Sourcebook, 38.4% of U.S. households had dogs in 2017, up from 36.5 % in 2012.
Furthermore, growing geriatric population is expected to increase demand for companion animal drugs. According to the U.S. Census Bureau, the geriatric population in the U.S. is predicted to reach 77 million by 2034
Statistics:
North America held dominant position in the global companion animal drugs market in 2019, accounting for 32.0% of the total value, followed by Europe and Asia Pacific, in the order.
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Restraints
The high cost of animal healthcare services, along with a lack of pet insurance, is the reason that would restrain growth in the global companion animal drugs market.
For instance, the companion animal healthcare costs include annual surgical vet visits costs of US$ 245 for cats, US$ 45 for birds, and US$ 474 for dogs, sick vet visits costs (yearly average) of US$ 244 for cats, US$ 138 for birds, and US$ 204 for dogs, and emergency vet visits costs (yearly average) of US$ 471 for horses, US$ 107 for birds, US$ 154 for cats, and US$ 349 for dogs.
Furthermore, a lack of knowledge about animal diseases is predicted to restrict consumption for companion animal drugs. People in many emerging countries are unaware of many severe companion animal diseases, as compared to livestock diseases, which are examined more frequently.
Opportunities
Salmonella infection is expected to be widespread, offering attractive business opportunities for companies in the global companion animal drugs market. Salmonella infection (salmonellosis) causes around 1.2 million cases and 450 fatalities every year in the U.S., according to a May 2019 report from the U.S. Centers for Disease Control and Prevention (CDC), and there were 18 recorded outbreaks in 2018, 15 of which have been related to food.
Furthermore, the availability of online veterinary pharmacies is projected to boost market expansion.
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Statistics:
The global companion animal drugs market accounted for US$ 34,248.4 million in 2020, and is expected to grow at a CAGR of 5.3 % to US$ 49,244.3 million by 2027.
Key Takeaways
The global companion animal drugs market is predicted to rise as the budget for equine health management is approved. For instance, in July 2020, the U.S. House Of representatives passed the Wild Horse Protection Amendment, which instructs the Bureau of Land Management to spend at least US$ 11 million of its annual operating budget on the humane and proven safe fertility control vaccine PZP for its Wild Horse and Burro Program.
The global companion animal drugs market is expected to be affected by low equine vaccination. For instance, according to a report released in August 2018 by the U.S. Department of Agriculture, the percentage of operations that vaccinated any resident equids in the 12 months leading up to the initial research survey was less in 2015 than in 1998 and 2005.
Competitive Landscape
The global companion animal drugs market is dominated by the following major players: Boehringer Ingelheim GmbH, Merck & Co., Inc., Eli Lily & Co., Ceva Santé Animal, Bayer AG, Virbac Animal Health, Sanofi (Merial), and Zoetis Inc.
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Key Developments
The global companion animal drugs market’s major players are focusing on launching new medications in order to grow their product range. For instance, Dechra Veterinary Products, LLC introduced TAF Spray in 2018, a next-generation antibiotic wound spray for the treatment of animal wounds.
Furthermore, the U.S. Food and Drug Administration (FDA) approved Merial (Boehringer Ingelheim GmbH) to enhance the label claims for NexGard in August 2018. (Afoxolaner). NexGard can be used to avoid Lyme disease and Borrelia burgdorferi infections in dogs.
Table of Contents
- Research Objectives and Assumptions
- Research Objectives
- Assumptions
- Abbreviations
- Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snippet, By Product
- Market Snippet, By Distribution Channel
- Market Snippet, By Region
- Coherent Opportunity Map (COM)
- Report Description
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Market Opportunities
- Impact Analysis
- Key Highlights
- Product launch
- PEST Analysis
- Technological Advancements
- Regulatory Scenario
- Mergers and Acquisitions
- Impact of COVID19 on market
- Market Dynamics
- Global Companion Animal Drugs Market, By Product Type, 2016 – 2027, (US$ Mn)
- Introduction
- Market Share Analysis, 2020 and 2027 (%)
- Y-o-Y Growth Analysis, 2017 – 2027
- Segment Trends
- Antibiotics
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Anti-inflammatory
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Parasiticides
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Ecto-Parasiticides
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Endo-Parasiticides
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Heart worm Products
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Behavioral Products
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Nutritional Products
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Skin care Products
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Vaccines
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Introduction
- Global Companion Animal Drugs Market, By Distribution Channel, 2016 – 2027, (US$ Mn)
- Introduction
- Market Share Analysis, 2020 and 2027 (%)
- Y-o-Y Growth Analysis, 2017 – 2027
- Segment Trends
- Veterinary Hospitals
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Veterinary Clinics
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Pharmacies and Drug Stores
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Introduction
- Global Companion Animal Drugs Market, By Region, 2016 – 2027, (US$ Mn)
- Introduction
- Market Share Analysis, By Region, 2020 and 2027 (%)
- Y-o-Y Growth Analysis, For Regions, 2017–2026
- North America
- Market Size and Forecast, By Product Type, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By Distribution Channel, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
- U.S.
- Canada
- Latin America
- Market Size and Forecast, By Product Type, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By Distribution Channel, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Europe
- Market Size and Forecast, By Product Type, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By Distribution Channel, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
- Germany
- U.K.
- France
- Spain
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- Market Size and Forecast, By Product Type, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By Distribution Channel, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
- China
- Japan
- India
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East
- Market Size and Forecast, By Product Type, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By Distribution Channel, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
- GCC Countries
- Israel
- Rest of Middle East
- Africa
- Market Size and Forecast, By Product Type, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By Distribution Channel, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
- North Africa
- Central Africa
- South Africa
- Introduction
- Competitive Landscape
- Company Profiles
- Section
- References
- Research Methodology
- About us and Sales Contact
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