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Pet Pharmaceuticals Market to Reach $90 Billion by 2033, Driven by Rising Pet Population and Healthcare Spending

01-10-2024 11:58 AM CET | Health & Medicine

Press release from: The Research deck

/ PR Agency: The Research Deck
Pet pharmaceuticals

Pet pharmaceuticals

** Market Overview **

The Pet Pharmaceuticals Market size is expected to reach 90.23 Bn by 2033, up from its current value of 46.3 Bn in 2023, growing at an annual compound growth rate (CAGR) of 6.9% from 2023-2033. The market is primarily driven by factors such as the rising companion animal population, growing expenditure on pet healthcare and supplies, higher adoption rates of pet insurance, an increase in the incidence of chronic zoonotic diseases, and significant veterinary R&D investments leading to new therapeutic drug launches.

North America represented the largest market share in 2022, driven by rising pet ownership, animal health awareness, and expenditure across the US and Canada. Europe is the second largest market, aided by higher uptake of pet insurance plans across countries like the UK, France, and Sweden, easier availability of licensed drugs, and access to advanced veterinary facilities. Asia Pacific offers lucrative growth opportunities with China, India, Japan, and Australia reflecting surging adoption of pets and livestock animal populations.

**Key Takeaways **

• Pet pharmaceuticals market to reach $90.23 Bn by 2033, expanding at 6.9% CAGR
• North America dominated the 2022 market share trailed by Europe
• Rising companion animal population key growth driver
• Pet healthcare expenditure and pet insurance adoption also rising
• New drug development for chronic diseases in pets boosting market
• US, China, UK, France represent high-potential countries
• Merck, Zoetis, Boehringer Ingelheim, Elanco lead market
• Lack of standardized regulations and inadequate veterinary infrastructure in emerging markets challenge market growth

Click Here To Access Sample Pages Of This Report: https://theresearchdeck.com/report/pet-pharmaceuticals-market/#requestForSample

** Regional Snapshot **

North America led the global pet pharmaceuticals market with over 35% share in 2022, aided by very high rates of pet ownership across American households coupled with rising expenditure on pet healthcare and supplies. High pet insurance penetration also ensures expenditure coverage on expensive drugs. Growth in the adoption of medicines for chronic pet conditions also rising. US accounts for the majority share supported by advanced healthcare infrastructure and drug access.

Europe represents the second largest market, driven by easier availability and regulations around licensed pet pharmaceuticals across the UK, Spain, France, and Scandinavian countries. Pet insurance adoption is higher here as compared to the global average - ensuring high expenditure rates for prescription drugs, vaccines, etc. Germany spearheads growth in the region.

Asia Pacific market expansion is expected to grow at 6% CAGR fueled by rising disposable incomes and pet humanization trends in densely populated countries like China, India, Japan, and Thailand. Efforts by vendors towards increasing drug portfolio for livestock animals also drive demand as meat consumption rises. Lack of standardized regulations and underpenetrated healthcare infrastructure pose challenges.

** Drivers **

Growth in Global Companion Animal Population

As per industry estimates, nearly 63% of American households and around 50% of UK, French, and Canadian households own a pet - primarily dogs and cats. High ownership rates are reflective of emotional bonding and pet humanization. And consequent need to provide them with medications and preventive healthcare is driving pharmaceutical demand directly.

Increased Spending on Pet Insurance and Healthcare

Globally the adoption rates of pet insurance have risen from 1% in 2009 to ~6% in 2022 per industry reports. This ensures the ability of pet owners to access expensive drugs and therapies. Overall consumer expenditure on pet pharmaceuticals is rising rapidly driven by higher healthcare awareness, access via online channels, and OTC drug demand. Preventives including dewormers, and vitamin supplements dominate revenue share currently.

** Restraints **

Variable Pricing and Reimbursement Policies

Pricing and claims reimbursement on pet pharmaceuticals vary widely across regions hampering market access and standardization. For instance - India and China have complex marketing authorization processes for animal drugs compared to the US, and Europe with price controls also limiting manufacturer margins. Reimbursements also depend on the level of pet insurance penetration differing across emerging and developed countries.

Shortage of Trained Veterinarians Globally

The number of licensed veterinarians especially small animal specialists globally is significantly below the demand levels required to diagnose and create awareness of treatment options available for chronic illnesses in the pet population. This restricts prescription rates of pet pharmaceuticals. The situation is worse in developing regions thereby hampering health outcome metrics. Concerted efforts towards veterinarian training programs are imperative.

Enquire Here and query for the report: https://theresearchdeck.com/report/pet-pharmaceuticals-market/#inquiry

** Opportunities **

Advances in Biologics and Biosimilars Development

Companies are increasing investments in developing innovative biologics and biosimilars for treating chronic inflammatory, autoimmune, and cancer conditions in the companion animal population. Per industry reports, over 52% of the pipeline comprises biologics including monoclonal antibodies, hormones, immunomodulatory, etc. The canine monoclonal antibodies market itself is expected to reach USD 300 million by 2028. Faster regulatory approvals for these advanced biotherapeutics provide significant growth opportunities.

Untapped Emerging Markets with Large Livestock Populations

Developing nations with tropical climates such as India, China, and Brazil have very large cattle, poultry, and swine populations reared for food consumption. Focus on the increasing product portfolio of antibiotics, dewormers, and Antiprotozoal for these livestock animals to boost immunity, in turn, food output offers increased business prospects. Efforts to expand distribution infrastructure for such preventive and curative pharmaceuticals in these markets bear opportunities.

** Challenges **

Counterfeiting of Pharmaceuticals

Counterfeit pharmaceuticals posing a risk to pet health safety remains a universal challenge. Developing nations with fragmented supply chains have higher penetration rates hovering between 10-30%. The lack of unified serialization and traceability systems enabling tracking from production to retail purchase allows an influx of fake, substandard drugs. Authorities are implementing product verification solutions using IoT tags, and blockchain protocols to enable authentication by consumers helping to combat counterfeiting.

Inadequate Veterinary Healthcare Infrastructure

Underdeveloped veterinary healthcare infrastructure poses a bottleneck for pet pharmaceutical adoption and availability, particularly in rural areas of emerging economies. Insufficient veterinary clinics and hospitals restrict consultation rates on chronic disease diagnosis. Lack of cold storage logistics infrastructure also impacts vaccine distribution posing a risk to drug integrity. Concerted government and private sector efforts towards healthcare access expansions remain crucial to address unmet demand.

** Market Segmentation **

By Type
• Antiparasitic
• Biological Products
• Antibacterial
• Others

By Application
• Prevention
• Treatment

Key Players

• Zoetis
• Boehringer Ingelheim
• Merck
• Elanco
• Virbac
• Dechra Veterinary Products
• Ceva
• Vetoquinol
• Ouro Fino Saude
• Norbrook
• Jindun
• Chopperlvya Animal Health
• CAHIC

Click Here To Access Sample Pages Of This Report: https://theresearchdeck.com/report/pet-pharmaceuticals-market/#requestForSample

** Key Questions **

Q1. What growth rate is projected for the pet pharmaceuticals market through 2030?
A. The market is expected to grow at a CAGR of 5.2% between 2023 to 2030.

Q2. Which region holds the largest share currently?
A. North America holds the largest share of over 35% in the pet pharmaceutical market.

Q3. What key drivers underpin the growth forecast?
A. Rising companion pet population, higher healthcare expenditure, and increased pet insurance adoption driving growth.

Q4. What restraints pose challenges?
A. Pricing variability, shortage of veterinarians, and counterfeiting risks are key restraints.

Q5. What opportunities are highlighted in emerging markets?
A. Large livestock population, advances in biologics and biosimilars offer key prospects.

Q6. Which companies lead the pet pharmaceuticals market?
A. Merck, Zoetis, Boehringer Ingelheim, Elanco dominate currently.

Q7. How big is the canine monoclonal antibodies market potential?
A. Canine monoclonal antibodies market is projected to reach $300 million by 2028.

** Related Report **

Petrographic Microscope Market: https://theresearchdeck.com/report/petrographic-microscope-market/

Smart Pet Training And Monitoring Device Market: https://theresearchdeck.com/report/smart-pet-training-and-monitoring-device-market/

Pet Pheromone Diffuser Market: https://theresearchdeck.com/report/pet-pheromone-diffuser-market/

Contact-us
Website: https://theresearchdeck.com/
Phone: +1 (415) 315-9432
Phone: +91 86698 89536
Email: inquiry@wiredrelease.com

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