openPR Logo
Press release

Companion Animal Pharmaceuticals Market worth $19.6 billion | Zoetis Inc. (US), Merck & Co., Inc. (US), Boehringer Ingelheim GmbH (Germany), Elanco Animal Health Incorporated (US)

08-16-2023 09:50 AM CET | Health & Medicine

Press release from: MarketsandMarkets

Companion Animal Pharmaceuticals Market

Companion Animal Pharmaceuticals Market

Companion Animal Pharmaceuticals Market in terms of revenue was estimated to be worth $14.4 billion in 2022 and is poised to reach $19.6 billion by 2027, growing at a CAGR of 6.3% from 2022 to 2027 according to a new report by MarketsandMarkets™. Factors such as rising prevalence of zoonotic diseases, initiatives by various government agencies and animal associations, rising demand for pet insurance due to growing animal health expenditure, increasing R&D investments for animal healthcare, and high pet ownership rates worldwide are fueling this market.

Download an Illustrative overview: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=252218886&utm_source=Openpr&utm_campaign=Paid&utm_content=Referral

The infectious diseases segment is expected to account for the largest share of the companion animal pharmaceuticals market in 2021

Based on indication, the global companion animal pharmaceuticals market is segmented into infectious diseases, orthopedic diseases, pain, dermatologic diseases, behavioral disorders, and other indications. The infectious diseases segment has the largest share of the market. The large share of this segment can be attributed to the growing regulatory guidelines to prevent the spread of infectious diseases is fueling the market growth, easy accessibility of these pharmaceuticals, rising initiatives by government and animal health associations for controlling disease outbreaks, and growing adoption rates of pet ownership.

On the basis of animal type, dogs segment is expected to grow at highest CAGR in the companion animal pharmaceuticals market during the forecast period

Based on animal type, the companion animal pharmaceuticals market is segmented into dogs, cats, horses/equine, and others. The dogs segment is projected to grow at the highest CAGR in the forecast period. This growth can be attributed to the rising dog population and increasing adoption rate of dogs, increasing skin allergies, rising canine healthcare expenditure, and the rising number of pet insurers worldwide.

The North America segment is expected to account for the largest share of the companion animal pharmaceuticals market in 2021

North America holds largest share in companion animal pharmaceuticals market 2021. The rising pet ownership and increasing animal health expenditure, rising per capita income in these countries, increasing awareness on animal healthcare, growing number of veterinary hospitals and clinics, and the implementation of regulations to prevent the spread of animal diseases are the key factors driving market growth in this region.

Request for FREE Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=252218886&utm_source=Openpr&utm_campaign=Paid&utm_content=Referral

Companion Animal Pharmaceuticals Market Dynamics:

Drivers:

Growing prevalence of zoonotic diseases
Rising demand for pet insurance with growing animal health expenditure
Growing investments by key players
Initiatives by various government agencies and animal associations
Growth in companion animal ownership rates

Restraints:

Rising pet care costs
Limited number of new product developments
High storage cost of vaccines
Growing resistance to antimicrobials and antibiotics

Opportunities:

Lucrative growth opportunities in emerging markets
Growing prevalence of animal diseases
Technological advancements in manufacturing vaccines
Growing in the companion animal population

Challenges:

Stringent regulatory approval process for drugs
Inadequate surveillance and reporting systems of vaccines
Diversity of parasite species
Lack of veterinary practitioners in developing markets

Key Market Players:

Major players operating in the companion animal pharmaceuticals market 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) are some of the market players.

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=252218886&utm_source=Openpr&utm_campaign=Paid&utm_content=Referral

Recent Developments:

In November 2022, the company launched MOVOFLEX, a new joint supplement for dogs, in Europe

In January 2022, Zoetis received the US FDA Approval of Simparica Trio (sarolaner, moxidectin, and pyrantel chewable tablets), a new label Indication for the prevention of Borrelia burgdorferi Infections in dogs.

In July 2020, Merck acquired the US rights from Virbac for the SENTINEL brand of combination parasiticides used to protect dogs against fleas and common intestinal parasites.

In December 2020, Elanco entered into an agreement with Kindred Biosciences to acquire the exclusive global rights to KIND-030, a first-of-its-kind monoclonal antibody developed to treat and prevent canine parvovirus (CPV).

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/companion-animal-pharmaceutical-market.asp
Visit Our Website: https://www.marketsandmarkets.com/
Content Source: https://www.marketsandmarkets.com/PressReleases/companion-animal-pharmaceutical.asp

About MarketsandMarkets™:

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Companion Animal Pharmaceuticals Market worth $19.6 billion | Zoetis Inc. (US), Merck & Co., Inc. (US), Boehringer Ingelheim GmbH (Germany), Elanco Animal Health Incorporated (US) here

News-ID: 3166276 • Views:

More Releases from MarketsandMarkets

Laser Interferometer Market Set to Grow at the Fastest Rate- Time to Grow your Revenue
Laser Interferometer Market Set to Grow at the Fastest Rate- Time to Grow your R …
The global laser interferometer market is expected to be valued at 315 million in 2024 and is projected to reach USD 447 million by 2029, at a CAGR of 7.2% from 2024 to 2029. Emerging applications in industries push the market's growth due to the growing demand for precision in the manufacturing sector. However, challenges such as higher initial investments and maintenance costs cause problems. Despite these, opportunities arise for
With 19.6% CAGR, Battery Testing, Inspection, and Certification Market Growth to Surpass USD 36.7 billion
With 19.6% CAGR, Battery Testing, Inspection, and Certification Market Growth to …
The battery testing, inspection, and certification market is projected to reach USD 36.7 billion by 2029 from USD 14.9 billion in 2024 at a CAGR of 19.6% during the forecast period. Increasing adoption of EVs and energy storage systems, rising enforcement of stringent standards to ensure battery safety, thriving portable electronics industry, and rapid advances in battery technology are the major factors contributing to the market growth. Download PDF Brochure @
Real-Time Location Systems Revolutionize Healthcare: Insights from MarketsandMarkets
Real-Time Location Systems Revolutionize Healthcare: Insights from MarketsandMar …
The global RTLS market for healthcare is projected to grow from USD 2.3 billion in 2024 to USD 5.7 billion by 2029, at a compound annual growth rate of 19.6% from 2024 to 2029. As it attracts more and more players who enter this market with innovative RTLS features for customers, the market for RTLS technology is rapidly increasing. Top companies in this market focus on healthcare, retail, and manufacturing
Offsite Data Center Power Infrastructure Market Size to Reach $35.4 billion by 2030 | Leading key players are ABB, Schneider Electric, Eaton, Vertiv
Offsite Data Center Power Infrastructure Market Size to Reach $35.4 billion by 2 …
According to a research report "Offsite Data Center Power Infrastructure Market by Component (Solutions and Services), Vertical (BFSI, Media & Entertainment, Government & Defence, Healthcare, Manufacturing, IT & Telecom, Retail) and Region - Global Forecast to 2030" published by MarketsandMarkets, the market size for global offsite data center power infrastructure market is projected to reach approximately USD 35.4 billion by the year 2030, as compared to the estimated value of

All 5 Releases


More Releases for Animal

Animal Health Market Sets the Table for Continued Growth : Zoetis Animal Healthc …
Advance Market Analytics published a new research publication on "Animal Health Market Insights, to 2028" with 232 pages and enriched with self-explained Tables and charts in presentable format. In the Study you will find new evolving Trends, Drivers, Restraints, Opportunities generated by targeting market associated stakeholders. The growth of the Animal Health market was mainly driven by the increasing R&D spending across the world. Some of the key players profiled
Animal Antimicrobials and Antibiotics Market 2023 Growth and Development By Bion …
Antibiotics, also called antibacterials, are a type of antimicrobial drug used in the treatment and prevention of bacterial infections. They may either kill or inhibit the growth of bacteria. Animal Antimicrobials and Antibiotics includes Premixes, Oral Powders, Oral Solutions and Injections on the base of classification, which represent 12.4%, 14.4%, 10.4% and 56.6% of global Animal Antimicrobials and Antibiotics market. Get Sample Copy: https://www.worldwidemarketreports.com/sample/273708 Farm Animals and Companion Animals are the
Animal Healthcare Market Analysis Focusing on Top Key Players - Merck, Bayer Ani …
Worldwide Market Reports recently released on the Animal Healthcare market for the forecast period, 2017 – 2022 is involved in screening the business environment and the companies operating in the Animal Healthcare industry. Importantly, the research sheds a lot of light on their winning strategies to help stakeholders, business owners, and field marketing executives stay ahead in the competition. Besides, the industry is thoroughly weighed upon on the basis of
Animal Model Market trends, Animal Model Market growth, Animal Model Market size …
Key Findings of Animal Model Market Developing Regions to Overpower Developed Ones With Regard to Demand The Asian territory is on the verge of evolving as the next big destination for animal models. This growth can be attributed to various factors such as American and European pharmaceutical companies diversifying their research activities to curtail extra expenses and save costs. Although U.S and Europe have retained their legacy in the global market, their
Animal Growth Promoter Market Outlook To 2023 – Bayer Animal Health, Biomin, B …
Nov 2018, New York USA (News)- Different categories of feed additives for farm animals are referred to as natural growth promoters (NGPs) or non-antibiotic growth promoters. They are commonly regarded as favorable alternatives to antibiotic growth promoters (AGPs) in livestock production. NGPs include predominantly organic acids, probiotics, prebiotics, synbiotics, phytogenics, tannins, feed enzymes and immune stimulants, an ongoing search for alternatives has created a large variety of NGPs for pigs,
Animal Antimicrobials and Antibiotics Market Key Players : Animal Health, Bayer …
The term antibiotic or antimicrobial is used for those agents who kill or inhibit the growth of microorganism. The antimicrobials products have significant benefits to the animal and to human food safety. There are researches, which have proven that an increase in the rate of animal illness results in higher rate of human illness. Therefore, livestock dealers depend on animal antibiotics to provide safe food. The scope of this report