The global companion animal drugs market, valued at USD 36.7 billion in 2022, is forecasted to grow at a compound annual growth rate (CAGR) of 4.4%, reaching a market valuation of USD 59.2 billion by the end of 2033.
This growth is fueled by the rising adoption of companion animals, increasing awareness of pet health, and the expanding availability of advanced veterinary drugs. As pet owners seek to ensure the health and well-being of their animals, the demand for effective medications, including those for chronic conditions, preventive care, and treatments for common ailments, is on the rise.
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.
Competitive Landscape
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
- In 2020, Virbac introduced STELEFONTA, a ground-breaking injectable therapy for canine mast cell tumors, the most prevalent form of skin cancer in dogs, which has a tailgate and an extremely high tumor eradication rate.
- In June 2020, Merck committed USD 100 million to improvements and facility expansion at its De Soto, Kansas, USA manufacturing facility. The vaccine manufacturing plant was also expanded at this location, increasing its capacity for production.
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
Key Companies Profiled
- Zoetis Inc.
- Merck & Co, Ltd.
- Bayer AG
- Elanco
- Boehringer Ingelheim GmbH (Merial)
- Virbac Animal Health
- Ceva Santè Animale
A Full Report Overview
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
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa (MEA)
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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