The global Companion Animal Drugs Market demand is predicted to increase at a 4.4% CAGR to US$ 59.2 billion by the end of 2033. Companion Animal Drugs market is anticipated to reach US$ 38.5 Billion in 2023.
Pets are given Companion Animal Drugs to keep them healthy and protected from infections and other health problems. When an animal undergoes surgery, a Companion Animal Drugs administers medications to cure wounds, diagnose various ailments, and so on.
Companion Animal Drugs are essential for keeping pets healthy while also protecting the entire family who cares for them from any health risks that the pets may pose. Companion Animal Drugs are regularly used by dogs, cats, horses, and other companion animals.
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Increasing Urbanization and Growing Affluence in Developing Countries to Benefit the Market
Growing urbanisation and prosperity, particularly in developing nations, have fuelled pet adoption, resulting in increased demand for pet healthcare goods such as Companion Animal Drugs. Continued urbanisation has also increased the prevalence of ailments such as allergies, decreased appetite, decreased energy, and behavioural anxiety in small companion animals. This has increased demand for novel classes of pharmaceuticals, such as companion animal treatments.
Upcoming Therapeutic Innovations in Pet Care to Aid Market Growth
Besides traditional drugs, animal health companies have also been investing in smart diagnostic care to help prevent diseases before the actual onset. Companies are also trying to develop generic capabilities to demonstrate bioequivalence to reference prescription drugs in the Companion Animal Drugs market, as many key drugs no longer benefit from intellectual property protection. The development of new vaccines and medications for animals are expected to support the growth of the Companion Animal Drugs market over the forecast period.
Increasing R&D activities and shorter drug-lifecycle are playing an important role in the growth of the Companion Animal Drugs market. Innovations in Companion Animal Drugs are easier and sustainable for a longer period of time, while R&D cycle time are shorter (~ three years) in the Companion Animal Healthcare (CAH) industry as compared to human health, ranging between seven and 15 years for other drugs. This increases return on investment in Companion Animal Drugs and leads to faster profits for the market players.
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Collaborative Ventures to Promote the Companion Animal Drugs Market Growth
Collaborative ventures such as One Health promotes unification of veterinary and medical sciences, leading to better disease surveillance, control and education, especially for companion animals such as dogs and cats. One Health venture enables identification of alteration in infection travelling patterns. The patterns are changing mostly in case of parasites due to change in climate and increasing host-vector interactions. Some organizations helping in monitoring of One Health in companion animals are Companion Animal Parasite Council and European Scientific Counsel Companion Animal Parasites.
Such ventures are expected to complement the growth of the Companion Animal Drugs market.
Low Awareness of Animal Diseases to Hamper the Companion Animal Drugs Market Growth
In many developing countries, people lack awareness regarding certain serious companion animal diseases as opposed to livestock diseases, which are more regularly monitored. This is primarily true with regards to pet vaccinations, which is a mandatory requirement for up to three years. Additionally, parasitic medications for companion animals and livestock are different. Lack of awareness with regards to differentiation of these medication varieties leads to adverse drug side effects and thus low administration of companion animal medications. Such factors are likely to create a hindrance in the growth of the Companion Animal Drugs market.
Also, majority of animal healthcare drugs have limited scope for patent extension, primarily due to drug portfolios dominated by drugs that have crossed maturity, which in turn is expected to deter the growth of the Companion Animal Drugs market over the forecast period.
Key Players in the Companion Animal Drugs Market:
- Zoetis Inc.
- Merck & Co, Ltd.
- Bayer AG
- Elanco
- Boehringer Ingelheim GmbH (Merial)
- Virbac Animal Health
- Ceva Santè Animale
More Insights Available:
North America and Europe are the largest veterinary pharmaceuticals market, with the United States and Europe accounting for the majority of global sales. However, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period, due to factors such as a growing pet population, increasing demand for animal-derived products, and rising disposable income in the region.
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Key Segments Covered in Companion Animal Drugs Industry Research
Product:
- Antibiotics
- Anti-inflammatory
- Parasiticides
- Heartworm
- Behavioral Products
- Nutritional Products
- Skin Care Products
- Vaccines
Distributional Channel:
- Veterinary Hospitals
- Veterinary Clinics
- Pharmacies and Drug Stores
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