Home > Healthcare & Medical Devices > Companion Animal Drugs Market
Companion Animal Drugs Market size was valued at around USD 11.83 billion in 2020 and is projected to witness around 6% CAGR from 2021 to 2027. Rising adoption of pet animals due to growing urbanization and increase in number of nuclear families is among the primary market growth factors. Growing focus on animal health along with surging demand for pet insurance, especially in developed countries will augment the market expansion. The consistent rise in the number of diseases affecting animals is, in turn, generating demand for companion animal drugs. Additionally, the industrial growth is attributable to increasing incidence of zoonotic and food-borne diseases globally.
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Companion animal drugs include several drugs, vaccines and medicated feed additives that are used in diagnosis, mitigation and treatment of different animal diseases. Various diseases such as rabies, heartworm, cancer, kidney diseases, Lyme disease, among others in companion animals are treated using essential pharmaceutical products.
Report Coverage | Details |
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Base Year: | 2020 |
Market Size in 2020: | USD 11,832.5 Million |
Forecast Period: | 2021 to 2027 |
Forecast Period 2021 to 2027 CAGR: | 6.0% |
2027 Value Projection: | USD 17,603.5 Million |
Historical Data for: | 2016 to 2020 |
No. of Pages: | 255 |
Tables, Charts & Figures: | 475 |
Segments covered: | Product, Animals, Route of Administration, Distribution Channel and Region |
Growth Drivers: |
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Pitfalls & Challenges: |
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The emergence of COVID-19 has impacted several industrial sectors including companion animal healthcare. Animals including pet cats and dogs were reported with COVID-19 positive majorly in the initial period of crisis. According to the Centers for Disease Control and Prevention, some animals in zoological facilities tested positive for COVID-19 including large cats. Pets in close contact with people are supposed to be at higher risk of infection. Thus, prevalence of infection in these animals has escalated the R&D and demand for companion animal drugs. Government support to continue animal drug research during pandemic continued to sustain the industry growth.
Technological advances are reported in every sector including animal health, thereby driving the market progression. Increasing inclination towards mobile apps that help in tracking animal health habits, nutritional intake as well as alerts for pet care services will foster the market revenue. Most of the innovations in animal healthcare provide owners with pet cams and automated feeders that offer ease in pet care. The veterinary online pharmacies provide pet care products, supplements, vaccinations, injections, drugs and many more. High acceptance of e-commerce platforms in emerging economies assists in business revenue growth. Thus, integration of digital platforms in veterinary care and population preference shift towards online services will accelerate the overall market demand.
Vaccines segment accounted for more than USD 2.89 billion in 2020. Growing demand for new vaccines and medications for pets has resulted in increased spending on research and development activities for companion animal drugs. Owing to increased R&D, the market has witnessed emergence of new technologies including recombinant DNA vaccines for dogs in the companion animal drugs, thereby fuelling the industry expansion. This type of vaccine provides enhanced disease prevention to pet animals.
Dogs segment in the companion animal drugs market exceeded USD 4.76 billion in 2020. Increased pet adoption, especially in developed countries, has recorded surge in acceptance of dogs as companion animals. This can be primarily attributed to the fact that pets are known to reduce anxiety and stress levels in humans. Additionally, growing awareness among consumers regarding health and wellness of pets and maintaining proper hygiene at the pet’s place is supporting the demand for companion animal drugs.
Oral segment size was around USD 2.86 billion in 2020 led by increasing preference of oral route of administration in companion animals. Various benefits associated with oral animal drugs such as reduced risk for acquiring infections, less pain, and requires no skin penetration support demand for oral dosage. Suspensions, solutions, capsules, as well as tablets forms of drugs, are administrated orally in companion animals to improve their health conditions and production.
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The companion animal drugs market for e-commerce distribution channel is anticipated to showcase a 6.8% growth rate by 2027. Numerous benefits associated with e-commerce such as the availability of medicines at discounted prices through online pharmacies, convenience for consumers, and growing digitization throughout the world are augmenting the market expansion. Moreover, companion animal drugs ordered through e-commerce facilitate a consistent supply of medication as they can be pre-ordered.
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In 2020, the U.S. companion animal drugs market dominated more than 88% of revenue share in the North America region owing to the consistent rise in the acceptance of pets in the country. According to the 2019- 2020 National Pet Owners Survey conducted by the American Pet Products Association (APPA), around 67 percent (or about 85 million) households in the U.S. owns a pet. Such high adoption rates coupled with supporting factors such as growing urbanization, rising awareness among consumers regarding pet's wellbeing are also fuelling the market revenue. Furthermore, availability of better health infrastructure, stringent regulatory guidelines for animal healthcare and increased spending on R&D initiatives are predicted to propel the companion animal drugs demand in the country.
The Brazil companion animal drugs market size was over USD 426 million in 2020. Brazil is among the leading countries in adoption of pet animals. This can be well understood from the fact that after Argentina and Mexico, Brazil is at third spot globally in terms of highest pet ownership. Thus, the high acceptance rate of pet animals is driving the industry value and is estimated to create lucrative opportunities in the coming period.
Boehringer Ingelheim, Symrise, Merck & Co, and Zoetis are some of the major companies operating in the market. Leaders are focusing on new product launches and adopting inorganic growth strategies to remain competitive and sustain in the market. Partnerships with other players enhance product offerings, thus helping the companies to increase their customer base by providing superior quality products.
Market, By Product, 2016 - 2027 (USD Million)
Market, By Animals, 2016-2027 (USD Million)
Market, By Route of Administration, 2016-2027 (USD Million)
Market, By Distribution Channel, 2016-2027 (USD Million)
The above information is provided for the following regions and countries: