Press release
Companion Animal Medicine Market expected to Witness Huge Revenue Growth to 2031
The Global Companion Animal Medicine Market Size is valued at USD 20.59 billion in 2023 and is predicted to reach USD 42.18 billion by the year 2031 at a 9.50% CAGR during the forecast period for 2024-2031.
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The animal healthcare industry was impacted by the COVID-19 pandemic outbreak, which increased the cost of veterinarian treatment and animal testing. Supply chain disruptions and shortages of veterinary medications were observed in numerous countries, primarily due to temporary export restrictions, factory lockdowns, and an increased demand for drugs to combat COVID-19. For instance, in July 2020, the Centers for Disease Control and Prevention (CDC) advised veterinarians to adhere to a series of guidelines regarding the care of companion animals during the COVID-19 pandemic. Despite this increasing expenditure on research and development (R&D) to introduce revolutionary products to the animal healthcare sector, the market is being propelled by the increasing spending on research and development (R&D).
For example, in July 2021, Merck Animal Health increased the production capacity of its Kansas manufacturing facility to produce animal vaccines by USD 100 million. In addition, the expansion of the study market was facilitated by the proliferation of numerous pet monitoring and tracking systems that monitor the health and activities of pets. For example, Tractive, a company specialising in GPS-based monitoring devices, introduced an LTE GPS tracker for cats in January 2022. Additionally, in June 2022, Petlibro introduced a new 5L Camera Monitoring Automated Pet Feeder as part of its Granary Series. It is anticipated that these enhancements will result in a greater demand for pet monitoring devices and fuel market expansion.
List of Prominent Players in the Companion Animal Medicine Market:
• Indian Immunologicals Ltd (India)
• Intas Pharmaceuticals (India)
• Kyoritsu Seiyaku (Japan)
• Lutim Pharma Pvt Ltd (India)
• Merck & Co., Inc.
• Neogen Corporation (US)
• Norbrook Holdings Limited (UK)
• Orion Group (Finland)
• Ashish Life Sciences Pvt Ltd (India)
• Bimeda, Inc.
• Biogénesis Bagó (US)
• Boehringer Ingelheim International GmbH.
• Brilliant Bio Pharma (India)
• Calier
• Ceva Sante Animale (France)
• Chanelle Pharma (Ireland)
• Dechra Pharmaceuticals PLC (UK)
• Eco Animal Health Group Plc. (UK)
• Elanco Animal Health Incorporated (US)
• Endovac Animal Health (US)
• HIPRA (Spain)
• Tianjin Ringpu Bio-Technology Co Ltd. (China)
• Vetindia Pharmaceuticals limited (India)
• Vetoquinol S.A.;
• Virbac
• Zenex Animal Health India Private Limited (India)
• Zoetis, Inc. (US)
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Market Dynamics:
Drivers-
The COVID-19 epidemic has resulted in a shift in social distance norms, which has led to an increase in work-from-home situations. As a result, there has been a rise in the adoption of pets, as depression and anxiety diagnoses have become more prevalent. For example, the European Pet Food Industry: Facts and Figures 2022 report reported that in 2021, 10,300,000 canines and 16,700,000 cats were purportedly adopted in Germany. According to the same source, 21% of German households had at least one cat, while 19% had at least one dog in 2021. This illustrates that the general public adopts cats more frequently than canines.
Challenges:
It is frequently discovered that total vaccine coverage could be improved despite efforts to encourage vaccination utilization. This is primarily due to inadequate surveillance and reporting mechanisms and immunisation awareness requirements. Even when vaccines are readily available, decisions regarding their necessity in various regions can be complicated by inadequate data. Additionally, the surveillance and reporting systems of numerous countries and disorders still need to be improved, resulting in delayed diagnosis and reporting of disease outbreaks. The primary concern is finance, as pet owners frequently decline to pay for diagnostic testing, surveillance, and reporting. Improvements to surveillance and reporting systems are anticipated to ultimately benefit human health by reducing the prevalence of zoonotic illnesses. However, the adoption of vaccines for companion animals is anticipated to be restricted by the insufficient surveillance and reporting systems for vaccines once such investments are made available.
Regional Trends:
The companion animal healthcare market is expected to be led by North America over the forecast period, as a result of factors such as the presence of major industry participants in the region, increased awareness of pet healthcare and services among pet owners, and the increasing pet ownership. The market is expanding as a result of the increasing pet population and the associated expenses. For example, the American companion Products Association's (APPA) National Pet Owners Survey 2021-2022 indicates that in the United States, 70% of households-or 90.5 million homes-have a companion. Additionally, the American Pet Products Association (APPA) reported that approximately 69 million households in the United States owned a dog during the 2019-20 period, while 45.3 million families owned a cat.
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Recent Developments:
•The European Commission (EC) granted Zoetis marketing authorization for Apoquel chewable tablets (oclacitinib) in January 2022 for the treatment of clinical manifestations of pruritus associated with allergic dermatitis in dogs and the treatment of clinical manifestations of atopic dermatitis in dogs that are at least 12 months old.
Segmentation of Companion Animal Medicine Market-
By Animal Type-
• Dogs
• Cats
• Horses
• Others
By Indication-
• Infectious Diseases
• Dermatologic Diseases
• Pain
• Orthopedic Diseases
• Behavioral Diseases
• Other Indications
By Product-
• Biologics
• Vaccines
• Attenuated Live Vaccines
• Inactivated Vaccines
• Recombinant Vaccines
• Toxoid
• Others
• Pharmaceuticals
• Parasiticides
• Anti-infectives
• Anti-inflammatory
• Analgesics
• Others
• Medicated Feed Additives
By Distribution Channel-
• Retail
• E-commerce
• Hospital Pharmacy
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa
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