Companion Animal Drugs Market Analysis

Companion Animal Drugs Market Analysis

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.
 

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.
 

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.
 

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.
 

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.