Companion Animal Pharmaceutical Market to grow at a CAGR of 7.6% during the forecast period

New York, Global Companion Animal Pharmaceutical Market was valued at USD 12.9 billion in 2021 and it is anticipated to grow at a CAGR of 7.6% during the forecast period to reach up to USD 26.8 billion by 2031.

Global Companion Animal Pharmaceutical Market report from Global Insight Services is the single authoritative source of intelligence on Companion Animal Pharmaceutical Market. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters' and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.

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The rising adoption of pet animals due to growing urbanization and an increase in the number of nuclear families is among the primary market growth factors. A growing focus on animal health along with surging demand for pet insurance, especially in developed countries will augment the market expansion. The consistent rise in the number of diseases affecting animals is, in turn, generating demand for companion animal drugs. Additionally, industrial growth is attributable to the increasing incidence of zoonotic and food-borne diseases across the globe.

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Market Trends and Drivers

The key factors such as the growing prevalence of zoonotic diseases is boosting the market growth during the forecast period. Some pathogens, such as zoonotic, can be transmitted from animals to humans. Examples of zoonotic diseases include rabies, salmonellosis, plague, brucellosis, and Lyme disease. Animals also share our susceptibility to certain diseases and environmental hazards and can serve as an early warning for potential human infections. Over the past two decades, the incidence of zoonotic diseases has increased across the globe, primarily as a result of the increased pet population

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Global Companion Animal Pharmaceutical Market Segmentation

The report analyses the global companion animal pharmaceutical market based on indication, animal type, distribution channel, and region.

Based on indication, it is segmented into infectious diseases, dermatological diseases, orthopedic diseases, pain, behavioral disorders, and other indications. The dermatologic segment is likely0 to dominate the market during the forecast period. The increasing prevalence of arthritis coupled with the rising need for advanced orthopedic drugs, and the growing pet population are some key factors boosting the market growth.

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The North American region is likely to hold the major share of the market during the forecast period. The factors attributing to the growth of the market are a well-established base of animal health industries coupled with increasing incidences of parasitic infections, a large number of hospitals and clinics, a growing pool of veterinarians, and growing expenditure on animal health in the region. The growing number of research activities and funding and awareness campaigns in the field of veterinary health management is refueling the market growth.

Major Players in Companion Animal Pharmaceutical Market

The key factors in the global companion pharmaceutical market are Zoetis Inc. (US), Merck & Co., Inc. (US), Boehringer Ingelheim GmbH (Germany), Elanco Animal Health Incorporated (US), Ceva Santé Animale (France), Virbac (France), Vetoquinol S.A. (France), Dechra Pharmaceuticals plc (UK), Chanelle Pharma (Ireland), Kyoritsu Seiyaku (Japan), Zydus Animal Health and Investments Limited (India), Tianjin Ringpu Bio-Technology Co., Ltd. (China), HIPRA (Spain), Norbrook Holdings Limited (UK), Inovet (Belgium), Endovac Animal Health (US), ECO Animal Health Group plc (UK), Indian Immunologicals Ltd. (India), ALS Pvt. Ltd. (India), and Lutim Pharma Pvt. Ltd. (India).

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