The Companion Animal Pharmaceuticals Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Companion Animal Pharmaceuticals Global Market Report 2024, The companion animal pharmaceuticals market size has grown strongly in recent years. It will grow from $15.23 billion in 2023 to $16.63 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth in the historic period can be attributed to humanization of pets, preventive healthcare measures, rise in pet insurance, changing lifestyle and urbanization, zoonotic disease concerns, zoonotic disease concerns, veterinary healthcare accessibility..
The companion animal pharmaceuticals market size is expected to see strong growth in the next few years. It will grow to $24.2 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%. The growth in the forecast period can be attributed to personalized medicine for pets, telehealth and remote veterinary services, focus on nutrition and nutraceuticals, one health initiatives, expansion of veterinary diagnostic services.. Major trends in the forecast period include advancements in veterinary medicine, specialized therapeutics for aging pets, regulatory compliance and safety standards, collaborations and partnerships..
The growing prevalence of zoonotic diseases is expected to propel the growth of the companion animal pharmaceuticals market going forward. A zoonotic illness is a disease that can be naturally transferred from vertebrate animals to humans or from people to vertebrate animals. The pharmaceutical industry is embracing modern tactics and strategies that are consistent with one set of health principles in order to combat zoonotic illnesses and lower the likelihood of transmission. For instance, in December 2022, according to a report published by the European Centre for Disease Prevention and Control, a Sweden-based government agency, Campylobacteriosis remains the most prevalent zoonosis, with a notable rise in reported cases to 127,840 in 2022. Chicken and turkey meat accounted for the majority of reported Campylobacteriosis cases. Salmonella, the second most common zoonosis, infected 60,050 individuals. Following Campylobacteriosis and Salmonellosis, Yersiniosis (6,789 cases), Shigatoxin-producing E. coli infections (6,084 cases), and Listeriosis (2,183 cases) were the most frequently reported zoonotic diseases. Therefore, the growing prevalence of zoonotic diseases is driving the growth of the companion animal pharmaceuticals market.
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The companion animal pharmaceuticals market covered in this report is segmented –
1) By Animal Type: Dogs, Cats, Horses, Other Companion Animals
2) By Indication: Infectious Diseases, Dermatologic Diseases, Pain, Orthopedic Diseases, Behavioral Diseases, Other Indications
3) By Distribution Channels: Veterinary Hospitals, Veterinary Clinics, Retail Pharmacies
Embracing big data technologies is a key trend gaining popularity in the companion animal pharmaceuticals. Major companies operating in the companion animal pharmaceuticals market are focused on developing new technological solutions to strengthen their position. For Instance, in April 2022, Elanco Animal Health Incorporated, a US-based company operating in companion animal pharmaceuticals, and Ginkgo Bioworks, a US-based company operating in companion animal pharmaceuticals launched BiomEdit, a microbiome innovation company for creating innovation in animal health. This will provide novel probiotics and other related animal pharmaceuticals for animal health innovation, such as medicated feed ingredients, nutritional health and therapies for livestock and pet animals, and biosecurity technologies for animal illness monitoring.
The companion animal pharmaceuticals market report table of contents includes:
1. Executive Summary
2. Companion Animal Pharmaceuticals Market Characteristics
3. Companion Animal Pharmaceuticals Market Trends And Strategies
4. Companion Animal Pharmaceuticals Market – Macro Economic Scenario
5. Global Companion Animal Pharmaceuticals Market Size and Growth
…..
31. Global Companion Animal Pharmaceuticals Market Competitive Benchmarking
32. Global Companion Animal Pharmaceuticals Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Companion Animal Pharmaceuticals Market
34. Companion Animal Pharmaceuticals Market Future Outlook and Potential Analysis
35. Appendix
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