Companion Animal Drug Market worth over $17.6bn by 2027

Companion Animal Drug Market size is set to surpass USD 17.6 billion by 2027, according to a new research report by Global Market Insights, Inc.
 

Growing obesity rates in companion animals, rising preference for ordering medicines from online pharmacies, and growing pet adoption in households are among the leading factors augmenting the market growth. Increasing consumer awareness regarding animal health and favorable government policies promoting the acceptance of veterinary care products are also supporting the market expansion. Rising prevalence of diseases in pets requires proper treatment of animals, thereby recording surge in companion animal drugs.

 

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Increasing demand for pet insurance policies worldwide will fuel the companion animal drug market value

Companion animal health supplies includes devices, vaccines, veterinary services and pharmaceuticals. From past few years, prominent animal pharma players are emphasizing on developing healthcare products for companion animals. In addition, surging demand for pet insurance in emerging economies with increase in number of pet owners will boost the market revenue. Several pet insurance policies that are specifically designed for companion animals cover a certain part of the body damage or entire body damage for expensive animal procedures. Different organizations and insurance companies invest in introducing secured animal insurance plans thereby, influencing the industry growth in the future. Thus, growing demand for such insurance schemes that effectively manage companion animal’s health will accelerate the overall product demand.
 

Rising demand for animal drugs will expand the market demand

Global Companion Animal Drug Market By Product

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Drugs segment dominated more than 60% of the companion animal drug market share in 2020 led by development of safe and effective animal therapeutics providing treatment against range of diseases. Also, broader drug applications in diagnosis, risk mitigation, treatment and prevention of disease in animals will foster the adoption of companion animal drugs. Furthermore, companion animal drugs will play a critical role in safeguarding companion animal health, maintaining animal welfare, and minimizing the risk of parasitic zoonoses.
 

Browse key industry insights spread across 255 pages with 457 market data tables & 18 figures & charts from the report, Companion Animal Drug Market Size By Product (Drugs {Antiparasitic, Anti-inflammatory, Anti-infectives, Corticosteroids, Tranquilizers, Cardiovascular Drugs, Gastrointestinal Drugs, Topical Glucocorticoids}, Vaccines {Modified Live Vaccines [MLV], Killed Inactivated Vaccines, Recombinant Vaccines}, Medicated Feed Additives {Antibiotics, Vitamins, Amino acids, Enzymes, Antioxidants, Prebiotics and Probiotics, Minerals, Carbohydrates, Propandiol}), By Animal Type (Dogs, Cats, Horses), By Route of Administration (Oral, Injectable, Topical), By Distribution Channel (Veterinary Hospitals, Veterinary Clinics, Pharmacy and Drug Stores, E-commerce), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/companion-animal-drugs-market
 

Substantial demand for pet cats segment will propel the industry expansion

Cats segment in the companion animal drug market is anticipated to expand at a 6.1% growth rate till 2027 impelled by improved health and life due to increased focus on healthcare with rise in pet cat ownership. Also, in some parts of the world, people prefer to have a cat in their house over dog. For example, Canada is one such country where people prefer to adopt a cat than a dog. Moreover, availability of companion animal drugs for effective animal health outcome in cats contributes in increased demand for pet cats.
 

High preference for injectable drugs will spur the market growth of animal drugs

The companion animal drug market for injectable segment accounted for USD 5.20 billion in 2020. Most of the time, injectables are administered at a veterinary clinic which ensures there is no delay in the dosage of pets. Also, they provide a convenient alternative to oral form, since some pets are non-willing and spit out the medicine if given in oral form. In addition, injectable animal companion drugs provide a long-lasting protection to pets in comparison to other form of drugs.
 

Veterinary hospitals – the primary choice of care for pets will further expand the market revenue

Veterinary hospitals segment exceeded USD 4.45 billion in 2020. Veterinary hospitals provide several insurance plans with attractive coverage schemes for better and affordable diagnosis of companion animals. Additionally, benefits offered such as early detection of disease, quality treatment, corrective health treatments, and preventive healthcare favors the segment growth.
 

Increasing pet acceptance coupled with supportive government norms will create significant growth opportunity for the market

UK companion animal drug market size was around USD 587 million in 2020. UK is among the leading pet lover’s nation in the Europe. According to the 'PDSA Animal Wellbeing (PAW) Report 2020, around 10.1 million pet dogs and around 10.9 million pet cats are currently there in the UK. The country passed a legislation, Animal Welfare Act in 2006. The act focuses on various aspects of pet animals regarding the protection and welfare of pet animals and legally mandates every pet owner to fulfill the five welfare needs. The five welfare needs are health, behavior, companionship, diet, and environment. The pet owner or keeper must follow these needs in order to protect the animal from pain, injury, behave naturally, provide a suitable diet and a suitable environment to the companion. Thus, all these factors highlight the preference of government regarding the wellbeing and health of pet animals in the country.
 

Key players are adopting several business strategies to gain the notable market share

Some of the major companies operating in the companion animal drug market include Merck & Co, Zoetis and Boehringer Ingelheim. Developing and launching new products in the market is among the primary strategies adopted by the industry leaders.
 

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