Companion Animal Medicine Market Healthy Companions, Healthy Profits: Trends in the Companion Animal Medicine Market

Companion Animal Medicine Market to reach over USD 41.71 billion by the year 2031 - Exclusive Report by InsightAce Analytic

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Companion Animal Medicine Market Size, Share & Trends Analysis Report By Animal Type (Dogs, Cats, And Horses), Product (Pharmaceuticals And Medicated Feed Additives), Distribution Channel (Veterinary Hospitals And Clinics), And Indication (Antibiotics and Parasiticides)- Market Outlook And Industry Analysis 2031"

The global Companion Animal Medicine market is estimated to reach over USD 41.71 billion by 2031, exhibiting a CAGR of 9.22% during the forecast period.

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The COVID-19 pandemic impacted the animal healthcare sector by raising veterinary care and animal testing costs. Disruptions like short-term export restrictions, plant closures, and increased human pharmaceutical demand led to veterinary medicine supply chain issues and shortages in some countries.
However, the industry's resilience and adaptability, along with rising investment in research and development, offer promise for the future. This investment is evident in companies like Merck Animal Health, which in July 2021, invested $100 million to expand its animal vaccine production capacity. Additionally, the CDC recommended guidelines for veterinarians managing companion animals during the pandemic in July 2020.

Furthermore, the growing trend of pet ownership fuels the development of pet tracking and monitoring systems, accelerating the market's growth. For instance, Tractive, a GPS-based monitoring gadget manufacturer, unveiled an LTE GPS tracker specifically designed for cats in January 2022. Similarly, Petlibro introduced a new 5L Camera Monitoring Automated Pet Feeder in June 2022 as part of its Granary Series. These advancements are expected to stimulate market growth and increase demand for pet monitoring equipment.

List of Prominent Players in the Companion Animal Medicine Market:

• 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)
• 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)
• 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)

Market Dynamics:

Drivers-
Due to the social distance norms brought on by the COVID-19 epidemic and the rise in work-from-home situations, more individuals are adopting pets since sadness and anxiety are becoming more common diagnoses. For instance, 10,300,000 dogs and 16,700,000 cats were supposedly adopted in Germany in 2021, according to data from the European Pet Food Industry: Facts and Figures 2022 report. In 2021, 21% of German households had at least one cat, and 19% had at least one dog, according to the same source. This demonstrates that cats were adopted more frequently by the general public compared to dogs.

Challenges:
Despite efforts to encourage vaccination usage, it is frequently discovered that total vaccine coverage could be better. This is mainly caused by poor surveillance and reporting mechanisms and a need for immunization awareness. Inadequate data can make choices about the need for vaccines in different places more difficult, even when vaccines are accessible.

Moreover, many countries and illnesses' surveillance and reporting systems are still insufficient, which causes late diagnosis and reporting of disease outbreaks. Since pet owners frequently refuse to pay for diagnostic tests, surveillance, and reporting, the main concern is finance. By lowering the prevalence of zoonotic illnesses, improvements to surveillance and reporting systems are anticipated to eventually benefit human health. However, once such investments are made available, the inadequate surveillance and reporting systems for vaccines is expected to restrain the adoption of vaccines for companion animals.

Regional Trends:
Due to factors including increasing pet ownership, increased awareness of pet healthcare and services among pet owners, and the presence of major industry participants in the area, North America is anticipated to lead the companion animal healthcare market over the forecast period. The market is developing due to the rising pet population and care costs.

For instance, 70% of households-or 90.5 million homes-own a pet in the United States, according to the American Pet Products Association's (APPA) National Pet Owners Survey 2021-2022. Also, according to APPA, approximately 69 million US homes owned a dog during the 2019-20 timeframe, and 45.3 million families owned a cat.

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Recent Developments:
• 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, Zoetis has been granted marketing authorization by the European Commission (EC) for Apoquel chewable tablets (oclacitinib).

Segmentation of Companion Animal Medicine Market-
By Animal Type-
• Dogs
• Cats
• Horses
• Others
By Product-
• Biologics
o Vaccines
 Attenuated Live Vaccines
 Inactivated Vaccines
 Recombinant Vaccines
 Toxoid
 Others
• Pharmaceuticals
o Parasiticides
o Anti-infectives
o Anti-inflammatory
o Analgesics
o Others
• Medicated Feed Additives
By Indication-
• Infectious Diseases
• Dermatologic Diseases
• Pain
• Orthopedic Diseases
• Behavioral Diseases
• Other Indications
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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