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Companion Animal Drugs Market size to surpass $24.5Bn by 2032

  • Published Date: November 29, 2022

The  companion animal drugs market size is expected to reach USD 24.5 billion by 2032, as per a new research report announced by Global Market Insights Inc.

The growing incidence of zoonotic diseases is a primary factor driving demand for common veterinary medications. With an increase in the population of imported rescue dogs in countries including the UK, general measures to minimize the risk of pathogen transmission from companion animals to humans will rise. These factors will proliferate the requirement for veterinary care services and, in turn, augment the consumption of pet medications.

The development of companion animal drugs is, however, associated with high initial costs. In addition, the FDA proposed a policy, if approved, is likely to drive drug costs by over 300%. Such initiatives from government agencies may limit product adoption over the estimated timeline. Despite these cost-related challenges, the adoption of companion animals increased during the COVID-19 pandemic, as more people started working from home. These factors will trigger the growth of the pet care sector and consequently bolster the production of veterinary drugs.

Increasing burden of bacterial & parasitic infections to stimulate veterinary drug development

Companion animal drugs market share from the drugs product segment is set to exhibit over 6% CAGR through 2032, as a result of the growing burden of foodborne diseases, brucellosis, bacterial parasites, and zoonotic diseases globally. Additionally, parasitic infections are among the major variables that affect the quality of life in companion animals and pose a considerable disease burden. For example, ciliated protists are one of the most common external parasites of fish. The surging prevalence of these diseases and infections will thus boost the reliance on companion animal drugs.

Browse key industry insights spread across 260 pages with 447 market data tables & 20 figures & charts from the report, Companion Animal Drugs 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, 2023 – 2032” in detail along with the table of contents:

Awareness about health benefits associated with pet dog ownership fuels veterinary drug use

The dogs segment accounted for over 40% share of the companion animal drugs market in 2022, owing to the rising awareness of the health and mood-boosting benefits of pet dogs. Pet residences have also been emphasizing the promotion and maintenance of the health and hygiene of companion animals, creating significant growth opportunities for veterinary medication providers. The report claims that the increasing acceptance of dogs as companion animals will thus accelerate companion animal drug production, especially in developed nations.

Injection becomes preferred administration route due to increased veterinary drug efficacy

Companion animal drugs market value from the injectable route of administration reached more than USD 5.5 billion in 2022. Veterinarians are increasingly relying on injections as the preferred medication administration route in the treatment of medical conditions that require systemic immunity. Injectable companion animal medications also offer benefits such as high drug efficacy and potential adverse reaction reduction at the injection site. This has made injections a preferred drug administration option for pets, creating a favorable environment for the companion animal drugs industry landscape.

Convenience of access will contribute to companion animal drug sales through e-commerce channels

The companion animal drugs market share from the e-commerce segment is slated to register over 7% CAGR from 2023-2032, due to the increasing preference for OTC drugs among pet owners. Consumers are also gaining awareness about the convenience of making drug purchases through online portals. In addition, the focus of businesses on marketing techniques such as the implementation of web portals will further accelerate drug sales through e-commerce platforms.

Europe to emerge as a key hub for companion animal drug production

Europe companion animal drugs market is projected to generate over USD 7.5 billion by 2032, on account of the rising pet adoption and the mounting investment in veterinary care. Consumers are also showing an increasing inclination toward branded products for companion animal disease treatments. These factors, along with the introduction of favorable policies associated with pet medications, are likely to proliferate companion animal drug development in the region.

Product acquisition initiatives to reinforce the competitive industry landscape

Boehringer Ingelheim International GmbH, Ceva Sante, Dechra Pharmaceuticals, Elanco Animal Health, Merck & Co, Symrise, Vetoquinol, Virbac SA, Zoetis, Chanelle Pharma, Norbrook Holdings Limited, HIPRA, Endovac Animal Health, Agrolabo S.p.A, and Indian Immunologicals Ltd. are some of the key industry players profiled in the report. These companies are focusing on expanding product and business reach and other strategies to strengthen their presence in the global market.

Authors: Sumant Ugalmugle, Rupali Swain