Companion Animal Drugs Market, By Product Type (Antibiotics, Anti-inflammatory, Parasiticides, Ecto-Parasiticides, Endo-Parasiticides, Heart worm Products, Behavioral Products, Nutritional Products, Skin care Products, Vaccines), By Distribution Channel (Veterinary Hospitals, Veterinary Clinics, Pharmacies and Drug Stores), By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027

Published In : Sep 2020

Code : CMI1203

Pages :150

Formats :

Excel and PDF

Industry : Pharmaceutical

Market Challenges And Opportunities

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.

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.

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.