Companion animals are used for company, amusement, psychological support, extrovert display and all of the other functions that humans need to share with animals of other species. Dogs, cats, pleasure horses, birds, mice, guinea pigs, and more exotic species kept by humans are considered companion animals.
Statistics:
The global companion animal drugs market is estimated to account for US$ 34,248.4 Mn in terms of value by the end of 2020.
Global Companion Animal Drugs Market: Drivers
Increasing outbreak of zoonotic diseases is expected to propel growth of the global companion animal drugs market over the forecast period. For instance, according to the Center for Disease Control and Prevention, the U.S. witnessed outbreaks of Salmonella Typhimurium in pet turtles in 2020. In 2019, the country also witnessed outbreak of Salmonella Oranienburg infections in pet turtles and campylobacter infections in pet store puppies.
Global Companion Animal Drugs Market: Opportunities
Increasing veterinary expenditure is expected to offer lucrative growth opportunities for players in the global companion animal drugs market. For instance, according to 2017-2018 U.S. Pet Ownership & Demographics Sourcebook of American Veterinary Medical Foundation (AVMF), the veterinary expenditure per animal in the U.S. was US$ 227 in 2012, which increased to US$ 253 in 2017-2018.
Global Companion Animal Drugs Market: Restraints
High annual cost of owning a companion animal is expected to hinder growth of the global companion animal drugs market. For instance, according to The American Society for the Prevention of Cruelty to Animals, the annual cost of owning a dog averages as much as US$ 1,843.
Key Takeaways:
The global companion animal drugs market was estiated 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. Increasing product approvals for treatment of various infectious diseases in animals is expected to assist the market growth during the forecasted period.
Ecto-Parasiticides segment held dominant position in the global companion animal drugs market in 2019, accounting for 66.9% share in terms of value, increasing prevalence of parasitic infection in companion animals along with increasing pet ownership is expected to assist the segment growth.
Market Trends
Increasing cases of equine infections is expected to propel growth of the global companion animal drugs market over the forecast period. For instance, in July 2020, The State Laboratory of Public Health identified a horse infected with Eastern Equine Encephalitis (EEE) in Brunswick County, U.S.
Increasing number of exotic animals is also expected to propel growth of the global companion animal drugs market. For instance, according to 2017-2018 U.S. Pet Ownership & Demographics Sourcebook of American Veterinary Medical Foundation (AVMF), the number of rabbits per 1,000 households in the U.S increased from 1,408 in 2012 to 1, 534 in 2017-2018.
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 approval and launch of new products to expand their product portfolio. For instance, in September 2019, Zoetis Inc. received marketing authorization for Simparica Trio (sarolaner/moxidectin/pyrantel) chewable tablets for the treatment of mixed external and internal parasitic infestations in dogs, from the European Commission.
Major players in the global companion animal drugs market are also focused on adopting M&A strategies to expand their product portfolio. For instance, in August 2019, Elanco Animal Health entered into a definitive agreement to acquire Bayer Animal Health for US$ 7.6 billion, including US$ 5.3 billion to be paid in cash and US$ 2.3 billion in equity.
To know the latest trends and insights prevalent in the Global Companion Animal Drugs Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/companion-animal-drugs-market-1203
Segmentation
Scope of the report
- Global 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
- Global Companion Animal Drugs Market, By Distribution Channel:
- Veterinary Hospitals
- Veterinary Clinics
- Pharmacies and Drug Stores
- Global Companion Animal Drugs Market, By Region:
- North America
- 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 Country
- U.S.
- Canada
- By Product Type:
- Latin America
- 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 Country
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Product Type:
- Europe
- 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 Country
- U.K.
- Germany
- France
- Spain
- Italy
- Russia
- Rest of Europe
- By Product Type:
- Asia Pacific
- 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 Country
- China
- Japan
- India
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Product Type:
- Middle East
- 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 Country
- GCC Countries
- Israel
- Rest of Middle East
- By Product Type:
- Africa
- 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 Country
- North Africa
- Central Africa
- South Africa
- By Product Type:
- North America
- Company Profiles
- Zoetis Inc. *
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Strategies
- Merck & Co., Inc.
- Bayer AG
- Eli Lily & Co.
- Sanofi (Merial)
- Ceva Santé Animal
- Virbac Animal Health
- Boehringer Ingelheim GmbH
- Zoetis Inc. *
- “*” marked represents similar segmentation in other categories in the respective section.
