Companion Animal Medicine Industry to Surpass $41.71 Billion by 2031: Emerging Trends, Drivers, and Market Dynamics

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 outbreak affected the animal healthcare industry by raising the price of veterinarian treatment and animal testing. Several nations experienced supply chain disruptions and shortages of veterinary medications, mainly as a result of temporary export bans, factory lockdowns, and increased demand for drugs to treat COVID-19. For example, in July 2020, the CDC advised veterinarians to follow a set of recommendations for the care of companion animals during the COVID-19 pandemic. Nonetheless, the market is being driven by the rising spending on R&D activities to introduce cutting-edge products in the animal healthcare sector. For instance, Merck Animal Health boosted its Kansas manufacturing facility's capacity to produce animal vaccines by USD 100 million in July 2021.

Furthermore, the rise in pet ownership prompted the creation of several pet monitoring and tracking systems that keep an eye on pets' activities and look after their health, propelling the study market's expansion. For instance, Tractive, a provider of GPS-based monitoring devices, introduced an LTE GPS tracker for cats in January 2022. Moreover, Petlibro raised a new 5L Camera Monitoring Automated Pet Feeder in June 2022 as part of its Granary Series. Such improvements are anticipated to increase the need for pet monitoring devices and fuel market expansion.

List of Prominent Players in the Companion Animal Medicine Market:
• 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)
• 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-
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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This release was published on openPR.