A companion animal primarily refers to cats and dogs, which are domesticated and normally maintained in or near the household of the owner or person caring for them. Pet or companion animals do not refer to a farm animal, or grazing animals such as cattle and sheep.
Statistics:
The global companion animal drugs market is estimated to account for US$ 49,244.3 Mn in terms of value by the end of 2027.
Global Companion Animal Drugs Market: Drivers
Increasing adoption of companion animals is expected to propel growth of the global companion animal drugs market over the forecast period. For instance, according to 2017-2018 U.S. Pet Ownership & Demographics Sourcebook of American Veterinary Medical Foundation (AVMF), 38.4% of household in the U.S. owned dogs compared to 36.5% in 2012.
Moreover, increasing geriatric population is also expected to boost is demand for companion animal drugs. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.
Statistics:
North America held dominant position in the global companion animal drugs market in 2019, accounting for 32.0% share in terms of value, followed by Europe and Asia Pacific, respectively.
Figure 1: Global Companion Animal Drugs Market, Regional Market Share Analysis, (%) 2019
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Global Companion Animal Drugs Market: Restraints
High cost of animal healthcare services and lack of pet insurance is expected to hinder growth of the global companion animal drugs market. For instance the companion animal healthcare expenses include annual surgical vet visits costs of US$ 474 for dogs, US$ 245 for cats, and US$ 45 for birds, sick vet visits costs (yearly average) of US$ 204 for dogs, US$ 244 for cats, and US$ 138 for birds, and emergency vet visits costs (yearly average) of US$ 349 for dogs, US$ 154 for cats, US$ 107 for birds, and US$ 471 for horses.
Moreover, lack of awareness of animal diseases is also expected to limit the demand for companion animal drugs. In many developing countries, people lack awareness regarding certain serious companion animal diseases as opposed to livestock diseases, which are more regularly monitored.
Companion Animal Drugs Market Report Coverage
Report Coverage | Details | ||
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Base Year: | 2019 | Market Size in 2020: | US$ 34,248.4 Mn |
Historical Data for: | 2016 to 2019 | Forecast Period: | 2020 to 2027 |
Forecast Period 2020 to 2027 CAGR: | 5.3% | 2027 Value Projection: | US$ 49,244.3 Mn |
Geographies covered: |
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Segments covered: |
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Companies covered: |
Zoetis Inc., Merck & Co., Inc., Bayer AG, Eli Lily & Co., Sanofi (Merial), Ceva Santé Animal, Virbac Animal Health, and Boehringer Ingelheim GmbH |
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Growth Drivers: |
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Restraints & Challenges: |
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Global Companion Animal Drugs Market: Opportunities
High prevalence of salmonella infection is expected to offer lucrative growth opportunities for players in the global companion animal drugs market. For instance, according to May 2019 report of the Centers of Disease Control and Prevention (CDC), salmonella infection (salmonellosis) causes approximately 1.2 million illnesses and 450 deaths annually, in the U.S. and in 2018, there were 18 reported outbreaks, 15 of which were linked to food.
Moreover, availability of online veterinary pharmacies is also expected to aid in growth of the market.
Statistics:
The global companion animal drugs market was valued at US$ 34,248.4 Mn in 2020 and is forecast to reach a value of US$ 49,244.3 Mn by 2027 at a CAGR of 5.3% between 2020 and 2027.
Figure 2: Global Companion Animal Drugs Market Value (US$ Mn) & Y-o-Y Growth (%), 2017-2027
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Market Trends/Key Takeaways
Approval for budget for equine health management is expected to propel growth of the global companion animal drugs market. For instance, in July 2020, the U.S. house passed Wild Horse Protection Amendment that directs the Bureau of Land Management to use at least US$ 11 million of its annual operating budget for its Wild Horse and Burro Program on the humane and proven safe fertility control vaccine, PZP.
Low equine vaccination is expected to hinder growth of the global companion animal drugs market. For instance, according to the U.S. Department of Agriculture’s August 2018 report, the percentage of operations that vaccinated any resident equids during the 12 months prior to the initial study survey was lower in 2015 than in 1998 and 2005.
Global Companion Animal Drugs Market: Competitive Landscape
Major players operating in the global companion animal drugs market include, Zoetis Inc., Merck & Co., Inc., Bayer AG, Eli Lily & Co., Sanofi (Merial), Ceva Santé Animal, Virbac Animal Health, and Boehringer Ingelheim GmbH.
Global Companion Animal Drugs Market: Key Developments
Major players in the global companion animal drugs market are focused on launching new products to expand their product portfolio. For instance, in 2018, Dechra Veterinary Products, LLC launched new TAF Spray, a next generation antibiotic wound spray used for the treatment of wounds in animals.
Similarly, in August 2018, Merial (Boehringer Ingelheim GmbH), received approval from the U.S Food and Drug Administration (FDA) to expand the label claims for NexGard (afoxolaner). NexGard can now be used to prevent Borrelia burgdorferi infections and Lyme disease in dogs.
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