Closeup low angle shot of male and female vets examining Golden retreiever puppy with a stethoscope. The dog is completely healthy and happy.
Overview and Scope
Companion animal pharmaceuticals refer to the pharmaceutical medication process in which animal pharmacists insist on medications, fill prescriptions, and manage drug therapies for animals. It is used in the diagnosis, mitigation, and treatment of different animal diseases.
Sizing and Forecast
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.
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Segmentation & Regional Insights
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
North America was the largest region in the companion animal pharmaceuticals market in 2023. Asia-Pacific is expected to be the fastest-growing region in the companion animal pharmaceuticals market report during the forecast period. The regions covered in the companion animal pharmaceuticals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the companion animal pharmaceuticals market report are Elanco Animal Health Incorporated, Boehringer Ingelheim International GmbH, Ceva Santé Animale, Chanelle Pharma, Eco Animal Health Group plc, Ashish Life Science Pvt. Ltd., Endovac Animal Health, Hipra Laboratories, Indian Immunologicals Ltd., Inovet Group, Kyoritsu Seiyaku Corporation, Lutim Pharma Pvt. Ltd., Merck & Co. Inc., Norbrook Laboratories Ltd., Tianjin Ringpu Bio-Technology Co. Ltd., Vetoquinol S.A., Virbac S.A., Zoetis Inc., Agrolabo S.p.A., ALS Pvt. Ltd., Zydus Animal Health and Investments Limited, Eli Lilly and Company, IDEXX Laboratories Inc., Merial Limited, Novartis Animal Health Inc., Dechra Pharmaceuticals PLC, Aratana Therapeutics Inc., Phibro Animal Health Corporation, Kindred Biosciences Inc., Jaguar Health Inc., Nexvet Biopharma plc, Sentinel Biomedical Inc., PetMed Express Inc., Neogen Corporation, Heska Corporation, Synbiotics Corporation, Eurovet Animal Health B.V., Vironova AB, Abaxis Inc., Bioiberica S.A.U., Putney Inc., Lohmann Animal Health International
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 Growt
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26. South America Companion Animal Pharmaceuticals Market
27. Brazil Companion Animal Pharmaceuticals Market
28. Middle East Companion Animal Pharmaceuticals Market
29. Africa Companion Animal Pharmaceuticals Market
30. Companion Animal Pharmaceuticals Market Competitive Landscape And Company Profiles
Top Major Players:
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