Companion Animal Medicine Market Top Players - Merck & Co., Inc.; Ceva; Vetoquinol S.A.; Zoetis; Boehringer Ingelheim International GmbH.

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 42.18 billion by the year 2031, exhibiting a CAGR of 9.50% during the forecast period.

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The COVID-19 pandemic significantly impacted the animal healthcare industry, leading to increased costs for veterinary services and animal testing. Many countries faced disruptions in supply chains and shortages of veterinary medications, primarily due to temporary export bans, factory lockdowns, and heightened demand for drugs to treat COVID-19. For example, in July 2020, the CDC issued guidelines for veterinarians on the care of companion animals during the pandemic. Despite these challenges, the market is experiencing growth driven by rising investments in research and development (R&D) aimed at introducing innovative products in the animal healthcare sector. In July 2021, for instance, Merck Animal Health invested USD 100 million to expand its Kansas manufacturing facility's capacity to produce animal vaccines.

Additionally, the increasing trend in pet ownership has spurred the development of pet monitoring and tracking systems that monitor pet activities and enhance their well-being, further contributing to market growth. For example, in January 2022, Tractive, a provider of GPS-based monitoring devices, launched an LTE GPS tracker for cats. Moreover, in June 2022, Petlibro introduced its Granary Series, featuring a new 5L Camera Monitoring Automated Pet Feeder. These innovations are expected to drive demand for pet monitoring devices, thereby supporting continued 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:
The COVID-19 pandemic and the subsequent rise in work-from-home arrangements have led to an increase in pet adoption, driven by the growing prevalence of mental health concerns such as anxiety and depression. According to the European Pet Food Industry: Facts and Figures 2022 report, 10.3 million dogs and 16.7 million cats were adopted in Germany in 2021. In the same year, 21% of German households owned at least one cat, and 19% had at least one dog, indicating a higher adoption rate of cats compared to dogs. This trend highlights a growing public interest in pet companionship as a means to mitigate stress and emotional distress.

Challenges:
Despite efforts to promote vaccination, total vaccine coverage remains suboptimal due to inadequate surveillance, reporting mechanisms, and a lack of awareness about the importance of immunization. The absence of comprehensive data complicates the decision-making process regarding vaccine distribution, even when vaccines are available. Furthermore, many countries still have underdeveloped surveillance and reporting systems, which leads to delayed diagnoses and disease outbreak reporting. Financial constraints are also a significant challenge, as pet owners often resist paying for diagnostic tests, surveillance, and reporting. Although improvements in surveillance and reporting systems are expected to reduce the prevalence of zoonotic diseases and ultimately benefit human health, these issues may continue to hinder the widespread adoption of vaccines for companion animals until adequate investments are made.

Regional Trends:
North America is expected to dominate the companion animal healthcare market during the forecast period, driven by factors such as increasing pet ownership, greater awareness of pet healthcare, and the presence of key industry players in the region. The market is experiencing growth due to rising pet populations and higher healthcare expenditures for pets. According to the American Pet Products Association's (APPA) National Pet Owners Survey 2021-2022, 70% of households in the United States, or 90.5 million homes, own pets. Additionally, approximately 69 million U.S. households owned a dog and 45.3 million households owned a cat during the 2019-2020 period, underscoring the significant demand for companion animal healthcare services in the region.

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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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