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

Companion Animal Drugs MarketSize and Trends

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.

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.

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

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.