Press release
Companion Animal Drugs Market is estimated to account for US$ 49,244.3 Mn in terms of value by the end of 2027
Companion Animal Drugs Market
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Overview
Companion animals are used for amusement, extrovert display, company, psychological support, and all of the other activities that humans require from other animals. Companion animals include horses, mice, dogs, guinea pigs, cats, birds, and other exotic species kept by humans.
Statistics:
By the end of 2020, the global companion animal drugs market is expected to be worth US$ 34,248.4 million.
Drivers
Over the forecast period, the global companion animal drugs market is expected to develop due to an increase in zoonotic disease outbreaks. According to the Centers for Disease Control and Prevention, outbreaks of Salmonella Typhimurium in pet turtles occurred in the U.S. in 2020. Furthermore, the nation had outbreaks of campylobacter infections in pet store puppies and Salmonella Oranienburg infections in pet turtles in 2019.
Opportunities
Players in the global companion animal drugs market can expect attractive growth opportunities as veterinary expenditure increases. According to the American Veterinary Medical Foundation's (AVMF) 2017-2018 U.S. Pet Ownership & Demographics Sourcebook, veterinary spending per animal in the U.S. was US$ 227 in 2012 and climbed to US$ 253 in 2017-2018.
Restraints
The global companion animal drugs market is projected to be restricted by the high annual cost of owning a companion animal. For instance, according to The American Society for the Prevention of Cruelty to Animals, the estimated yearly cost of maintaining a dog is US$ 1,843.
Companion Animal Drugs Market – Competitive Landscape
Key players functioning in the global prosthetic liners market consists of Zoetis Inc., Merck & Co., Inc., Bayer AG, Eli Lily & Co., Sanofi (Merial), Ceva Santé Animal, Virbac Animal Health, and Boehringer Ingelheim GmbH
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Key Takeaways:
The global companion animal drugs market was valued at US$ 34,248.4 million in 2020, and is expected to grow at a CAGR of 5.3 % to US$ 49,244.3 million by 2027. During the projected period, increasing product approvals for the treatment of different infectious disorders in animals is expected to aid market expansion.
The Ecto-Parasiticides sector accounted for largest share in the global companion animal drugs market in 2019, covering 66.9% of the market's value. The sector's growth is expected to be aided by the increasing prevalence of parasitic infection in companion animals as well as increased pet ownership.
Market Trends
Over the forecast period, the global companion animal drugs market is expected to develop due to an increase in the number of cases of equine diseases. For instance, in July 2020, the State Laboratory of Public Health in Brunswick County, North Carolina, found a horse diagnosed with Eastern Equine Encephalitis (EEE).
The global companion animal drugs market is predicted to rise as the number of exotic animals grows. According to the American Veterinary Medical Foundation's (AVMF) 2017-2018 U.S. Pet Ownership & Demographics Sourcebook, the number of rabbits per 1,000 households in the U.S. climbed from 1,408 in 2012 to 1,534 in 2017-2018.
Key Developments
To increase their product portfolio, major companies in the global companion animal drugs market are focusing on getting new products approved and launched. For instance, in September 2019, the European Commission awarded Zoetis Inc. marketing permission for Simparica Trio (sarolaner/moxidectin/pyrantel) chewable tablets for the treatment of combined exterior and internal parasite infestations in dogs.
M&A strategies are also being employed by major companies in the global companion animal drugs market to expand their product range.
For instance, Elanco Animal Health, signed a definitive agreement in August 2019 to buy Bayer Animal Health for US$ 7.6 billion, including US$ 2.3 billion in stock and US$ 5.3 billion in cash.
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 Comp
anion 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
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
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
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
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
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
Contact Us
Mr. Shah
Coherent Market Insights
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Email: sales@coherentmarketinsights.com
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About Coherent Market Insights
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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