Companion Animal Drugs Market - By Product (Drugs, Vaccines, Medicated Feed Additives), By Animal Type (Dogs, Cats, Horses), By Route of Administration (Oral, Injectable, Topical), By Distribution Channel & Forecast, 2023-2032

Industry Statistics

Companion Animal Drugs Market size exceeded USD 13.1 billion in 2022 and is poised to depict over 6.8% CAGR through 2023-2032, owing to the escalating pet population and investment in veterinary clinics.
 

The adoption of furry animals, especially companion dogs, has been growing at an exponential pace across the globe. Smaller and senior dogs are typically the pet of choice for retirees as the majority are housebroken and can adjust to a quieter lifestyle while offering companionship. According to the CDC, pet ownership is also associated with decreased blood pressure, stress, cholesterol levels, and anxiety, further promoting the adoption of companion animals. This will, in turn, lead to a stronger focus on maintaining the health of pet animals, driving up demand for effective companion animal drugs.
 

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In developing nations, out-of-pocket expenditure on common veterinary medications is low, mainly due to poor per capita income. Additionally, there is a lack of awareness regarding insurance policies from private and public institutions for animal health promotion and disease prevention. These factors may create roadblocks to veterinary drug development to some extent. Despite these setbacks, the mounting investment in veterinary chains and the expansion of their regional business footprint may create lucrative opportunities for industry growth.
 

Zoonotic disease prevalence to boost industry size

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Companion animal drugs market from the vaccines segment is set to depict over 7% CAGR through 2032, as a result of the surging prevalence of zoonotic diseases. Moreover, the increasing spending capacity of consumers on pet care and R&D projects on pet medications have led to the discovery of novel vaccine candidates, thereby fueling companion animal vaccine development.
 

Growing equine infection outbreaks to fuel consumption of horse medication

Based on the animal, the market value from the horses is set to cross USD 4 billion by 2032, given the ever-changing nature of viruses and the increasing equine influenza (EI) outbreaks. Horses also require vaccination for diseases including viral respiratory diseases, tetanus, and strangles. The rising cases of infections will therefore proliferate the consumption of companion horse drugs.
 

Topical medication to become an ideal route for animal drug administration

In terms of the route of administration, the companion animal drugs market from the topical segment is slated to register over 7% CAGR through 2023-2032. The high prevalence of infectious diseases and skin conditions among pets are the key drivers for topical medication demand. Numerous parasitic and fungal conditions such as tinea corporis or capitis, toxoplasmosis, and salmonellosis are being increasingly reported among pets, further augmenting the use of topical medication.
 

Focus on advanced therapeutics delivery fuels pet medication adoption in vet clinics

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Veterinary clinics distribution channel segment will be worth over USD 7 billion by 2032. This is a result of the incorporation of emergency group practices and clinics to facilitate improved access to high-end veterinary services. To aid veterinarians in delivering advanced therapeutics for pets, funding programs for clinic chain expansion have also accelerated. Thus, with the number of pet owners expanding rapidly, veterinary clinics are expected to emerge as important access points for pet care products and services.
 

APAC to emerge as a prominent production hub for companion animal drug manufacturers

Asia Pacific companion animal drugs market was valued at over USD 2.5 billion in 2022 and is poised to exhibit over 7.5% CAGR through 2032, on account of the surging prevalence of zoonotic diseases. Additionally, the rising pet adoption and the introduction of awareness programs to provide training for shelter staff regarding stray animal care will fuel companion animal drug usage in the region.
 

Strategic mergers & acquisitions by industry players to define competitive landscape

The strategic landscape of the companion animal drugs market comprises companies such as Indian Immunologicals Ltd., Agrolabo S.p.A, Endovac Animal Health, HIPRA, Norbrook Holdings Limited, Zoetis, Chanelle Pharma, Virbac SA, Vetoquinol, Merck & Co, Elanco Animal Health, Dechra Pharmaceuticals, Ceva Sante, and Boehringer Ingelheim International GmbH, among others. These players are focusing on mergers and acquisitions, business expansions, and other major strategies to strengthen their presence in the market.
 

Impact of COVID-19 crisis on companion animal drugs market outlook

Due to the financial adversities and production capacity decline caused by the COVID-19 pandemic, the animal drug sector witnessed a decline, especially in the initial months of the outbreak. However, despite the closure of veterinary clinics in the early months of the crisis, the adoption of pet medications is increasing steadily, due to the growing adoption of companion animals during the lockdowns. Furthermore, global animal welfare organizations have undertaken various efforts to ensure seamless operations and supply of essential products for pets, thereby bolstering pet animal drug sales.
 

The companion animal drugs market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in usd million from 2018 to 2032 for the following segments:

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By Product

• Drugs
  • Antiparasitic
  • Anti-inflammatory
  • Anti-infectives
  • Others
• Vaccines
  • Modified live vaccines (MLV)
  • Killed inactivated vaccines
  • Others
• Medicated feed additives
  • Antibiotics
  • Vitamins
  • Amino acids
  • Enzymes
  • Antioxidants
  • Prebiotics and probiotics
  • Minerals
  • Others

By Animal Type

• Dogs
• Cats
• Horses
• Others

By Route of Administration

• Oral
• Injectable
• Topical
• Others  

By Distribution Channel

• Veterinary Hospitals
• Veterinary Clinics
• Pharmacy and Drug Stores
• e-commerce

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Poland
  • The Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
  • Taiwan 
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East & Africa
  • South Africa
  • GCC Countries
  • Israel