The global companion animal drugs market is forecasted to expand at 4.4% CAGR to reach a market valuation of USD 59.2 Billion by the end of 2033, up from USD 36.7 Billion that was recorded for 2022.
The need for companion animal drugs to keep them healthy and safe is rising due to the rising number of companion pet adoption facilities across the world where companion animals need to be kept safe. On the other hand, as pet grooming facilities grow in popularity and offer a variety of medications to keep the animals healthy, the need for companion animal medications rises.
| Attributes | Details |
|---|---|
| Companion Animal Drugs Market Size (2023) | USD 38.5 Billion |
| Forecasted Market Value (2033) | USD 59.2 Billion |
| CAGR (2023 – 2033) | 4.4% |
| Collective Value Share: Top 5 Countries (2022) | 50.3% |
| Key Market Players | Zoetis Inc., Merck & Co, Ltd., Bayer AG, Elanco, Boehringer Ingelheim GmbH (Merial), Virbac Animal Health, and Ceva Santè Animale |
Pet or companion animals are given companion animal medications to keep them healthy and protected from infections and other health problems. When an animal undergoes surgery, a companion animal veterinarian administers medications to treat wounds, diagnose various conditions, etc.
Companion animal medications are therefore crucial for keeping pets healthy and protecting the entire family who is caring for them from any health risks those pets may pose. Various companion animals, such as dogs, cats, horses, etc., frequently use companion animal drugs.
During the projected period, market expansion is anticipated to be fueled by an increase in measures taken by the public and private sectors to support the promotion of animal health. One such multi-organizational cooperation initiative is the One Health Initiative. These organizations include the American Veterinary Medical Association (AVMA), Food and Agriculture Organization (FAO), World Organization for Animal Health (OIE), and others.
By preserving animal health, it aims to preserve public health by preventing and controlling zoonotic infections. It is carried out through putting into effect the proper policies at the national, regional, and international levels.
According to Future Market Insights, the global market has huge growth potential due to the growing trend of adopting pet animals.
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The market for companion animal drugs expanded at a CAGR of 4.9% during the historic period (2014 to 2022) and reached a market value of USD 36.7 Billion in 2022.
A veterinarian administers medication to animals during operations, to cure injuries, and to diagnose specific diseases, among other things. Companion animal drugs are therefore crucial for keeping animals healthy and safeguarding the entire household that provides care from any potential health hazards caused by animals. Dogs, cats, and other companion animals are frequently referred to as companion animals.
When receiving long-term treatment for a chronic condition, companion animals experience stress and are challenging their owners to handle. Through medicated food supplements, these companion animal medications assist the growth and development of pets and enhance the nutritional content of the diet.
The market is expanding as a result of factors such as developing zoonotic infections, increased availability and adoption of pet health insurance, and growing public awareness of the therapeutic use of various medications.
The global market is predicted to expand 1.5X its current size by the end of 2033.
| Market Statistics | Details |
|---|---|
| Jan-Jun (H1), 2021 (A) | 4.12% |
| Jul-Dec (H2), 2021 (A) | 5.02% |
| Jan-Jun (H1),2022 Projected (P) | 3.88% |
| Jan-Jun (H1),2022 Outlook (O) | 4.14% |
| Jul-Dec (H2), 2022 Outlook (O) | 5.32% |
| Jul-Dec (H2), 2022 Projected (P) | 4.82% |
| Jan-Jun (H1), 2023 Projected (P) | 3.93% |
| BPS Change : H1,2022 (O) - H1,2022 (P) | 25↑ |
| BPS Change : H1,2022 (O) - H1,2021 (A) | 01↑ |
| BPS Change: H2, 2022 (O) - H2, 2022 (P) | 49↑ |
| BPS Change: H2, 2022 (O) - H2, 2021 (A) | 30↑ |
Principal Consultant
The challenges impeding market expansion include the high cost of companion animal medications and strict regulatory restrictions for prescription approval. There are risks or chances of side effects, such as moderate vomiting, if a medicine is not suited or is given in excessive amounts.
This is a significant barrier to the market for pharmaceuticals for companion animals. The lack of pet insurance and an absence of knowledge about animal diseases are expected to reduce the need for companion animal medications.
Increasing rate of pet obesity is the prominent factor driving the market growth. Globally, there is a growing trend to overfeed pets, which contributes to their rising obesity. This has had a negative effect on pets' health, making them more prone to disease, which is anticipated to increase demand for medications for companion animals.
The market for drugs for companion animals is also expected to be driven by the development of new technologies, particularly in biologics. It is projected that the development of new technology, especially in biologics like canine recombinant vaccines, will eventually increase need for veterinary medical specialty. Recombinant vaccines provide improved protection for companion animals.
The demand for easily accessible services and reasonably priced veterinary treatments has contributed to the explosive growth in popularity of compounded medications. During the course of the forecast period, the market for companion animal medications is expected to rise due to rising interest in innovative technologies.
Lastly, growing prominence of online veterinary pharmacies are influencing the market growth. The increased global adoption of the internet has changed the way veterinary medications are distributed. Due to the growing trend of pet owners ordering OTC medications and researching disease signs online, there are more online veterinary pharmacies.
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| Country | The USA |
|---|---|
| Market Share (2023) | 25.5% |
| Market Share (2033) | 23.7% |
| BPS Analysis | -180 |
| Country | China |
|---|---|
| Market Share (2023) | 3.5% |
| Market Share (2033) | 4.1% |
| BPS Analysis | 60 |
| Country | Germany |
|---|---|
| Market Share (2023) | 3.4% |
| Market Share (2033) | 3.5% |
| BPS Analysis | 10 |
| Country | France |
|---|---|
| Market Share (2023) | 3.6% |
| Market Share (2033) | 3.6% |
| BPS Analysis | 0 |
| Country | India |
|---|---|
| Market Share (2023) | 0.3% |
| Market Share (2033) | 0.3% |
| BPS Analysis | 0 |
The United States is set to hold a share of around 25.3% of the global market in 2023.
The market is expanding in the United States as a result of government initiatives that support pet insurance and pet safety, the rising incidence of parasitic diseases, numerous hospitals and clinics, the expanding number of veterinarians, and the rising costs associated with animal health.
Pharmaceuticals for companion animals are in high demand in the United States due to expanding veterinarian health management research, funding, and public awareness campaigns.
Germany is set to hold a share of 3.33% of the global market in 2023.
The growing adoption of pet in the region is the prominent factor for the regional dominance. Due to the social distance norms brought on by the COVID-19 pandemic and the rise in work-from-home situations, more individuals are adopting pets since depression and anxiety are becoming conditions that are more common.
For instance, in 2021, according to data from the European Pet Food Industry, 10,300,000 dogs and 16,700,000 cats were supposedly adopted in Germany. In 2021, 21% of German households had at least one cat, and 19% had at least one dog, according to the same source.
China is set to hold 3.5% of the global market share in terms of revenue in 2023.
The pet trade in China is expanding. A boost in the number of pets and awareness of pet health, in addition to advances in health infrastructure in terms of improved services and an increased demand for cutting-edge products, are all factors that are propelling the market's growth in China.
The market will expand as a result of rising demand for a range of companion animal healthcare products as well as increased government and animal welfare campaigns raising public awareness of various diseases affecting companion animals.
Growing awareness of the therapeutic uses for various medicines, along with increased investment by key players in the development of better companion animal treatments, are driving the market expansion in China.
Parasiticides are expected to hold a market share of 34.8% in 2023 globally. To help stop diseases before they start, animal health companies have started investing in cutting-edge diagnostic treatment in addition to conventional drugs. Parasiticides eliminate parasites that harm dogs, cattle, and other types of animals. Parasites including fleas, worms, and insects are frequently treated with parasiticides in small animal medicine. Along with avoiding problems with animal health and welfare, related zoonotic risks that could endanger human health must be taken into account.
Parasiticides are a vital component of companion animals' preventive healthcare. The rising cost of pharmaceutical research and development for companion animals is a result of the rise in parasiticides demand.
As per distribution channel, the market has been segmented into veterinary hospitals, veterinary clinics, pharmacies and drug stores. The veterinary clinics segment is set to hold 43.0% revenue share in 2023.
The main factors influencing the growth of the segment include the increased use of animal parasiticides and antibiotics in clinic settings, rising incidence of infectious diseases, rising number of veterinary clinics, rising ownership of companion animals, rising veterinary expenses, and rising awareness of animal health in developing countries.
The companion animal drugs market is competitive and has several established companies. Key companion animal medicine suppliers employ techniques like mergers, acquisitions, collaborations, and alliances to expand their businesses. Players in both the global and local markets profit from a sizable distributor-marketing network.
Recent Market Developments
Similarly, recent developments have been tracked by the team at Future Market Insights related to companies in companion animal drugs space, which are available in the full report
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2014 to 2022 |
| Market Analysis | USD Million for Value |
| Key Regions Covered | North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa |
| Key Countries Covered | The USA, Canada, Brazil, Mexico, Argentina, United Kingdom, Germany, Italy, Russia, Spain, France, BENELUX, India, Thailand, Indonesia, Malaysia, Japan, China, South Korea, Australia, New Zealand, Türkiye, GCC Countries, North Africa, and South Africa |
| Key Market Segments Covered | Product, Distribution Channel, and Region |
| Key Companies Profiled | Zoetis Inc.; Merck & Co, Ltd.; Bayer AG; Elanco; Boehringer Ingelheim GmbH (Merial); Virbac Animal Health; Ceva Santè Animale |
| Report Coverage | Market Forecast, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, Strategic Growth Initiatives. |
| Pricing | Available upon Request |
The market is estimated to secure a valuation of USD 38.5 billion in 2023.
The global market size to reach USD 59.2 billion by 2033.
The growth potential of the market is 4.4% through 2033.
The United States market share is expected to reach 23.7% by 2033.
The Germany market accounts for a 3.4% share in 2023.
1. Executive Summary | Companion Animal Drugs Market 2. Market Overview 3. Key Market Trends 4. Key Success Factors 5. Market Background 6. COVID-19 Crisis – Crisis Analysis 7. Global Market Demand (in Value US$ Million) Analysis 2014 to 2022 and Forecast 2023 to 2033 8. Global Market Analysis 2014 to 2022 and Forecast 2023 to 2033, by Product 8.1. Antibiotics 8.2. Anti-inflammatory 8.3. Parasiticides 8.4. Heart Worm Products 8.5. Behavioral Products 8.6. Nutritional Products 8.7. Skin Care Products 8.8. Vaccines 9. Global Market Analysis 2014 to 2022 and Forecast 2023 to 2033, by Distribution Channel 9.1. Veterinary Hospitals 9.2. Veterinary Clinics 9.3. Pharmacies and Drug Stores 10. Global Market Analysis 2014 to 2022 and Forecast 2023 to 2033, by Region 10.1. North America 10.2. Latin America 10.3. Europe 10.4. East Asia 10.5. South Asia 10.6. Oceania 10.7. Middle East and Africa (MEA) 11. North America Market Analysis 2014 to 2022 and Forecast 2023 to 2033 12. Latin America Market Analysis 2014 to 2022 and Forecast 2023 to 2033 13. Europe Market Analysis 2014 to 2022 and Forecast 2023 to 2033 14. South Asia Market Analysis 2014 to 2022 and Forecast 2023 to 2033 15. East Asia Market Analysis 2014 to 2022 and Forecast 2023 to 2033 16. Oceania Market Analysis 2014 to 2022 and Forecast 2023 to 2033 17. Middle East and Africa (MEA) Market Analysis 2014 to 2022 and Forecast 2023 to 2033 18. Market Structure Analysis 19. Competition Analysis 19.1. Zoetis, Inc. 19.2. Merck and Co, Ltd. 19.3. Bayer AG 19.4. Elanco 19.5. Boehringer Ingelheim GmbH (Merial) 19.6. Virbac Animal Health 19.7. Ceva Santè Animale 20. Assumptions and Acronyms Used 21. Research Methodology
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Companion Animal Drugs Market
