The companion animal drugs market has witnessed significant growth in the recent years. Companion animals such as dogs and cats require medication for the treatment of various diseases and conditions. The increasing pet population globally coupled with growing expenditure on pet care has driven the demand for drugs and vaccines. Various pharmaceutical companies offer an extensive range of drugs for conditions like parasiticides, dermatitis, pain management, dental care, and behavioral therapies. The rising disposable incomes have encouraged pet owners to invest more in animal healthcare and wellness, boosting the sales of antibiotics, dewormers, and other medicines. The growing humanization of pets has also shifted the focus towards pet wellness and preventive care.
According to Coherent Market Insights, The Global Companion Animal Drugs Market is estimated to be valued at US$ 34,248.4 Mn in 2020 and is expected to exhibit a CAGR of 5.3% over the forecast period 2020-2027.
Key Takeaways
Key players operating in the companion animal drugs market are Zoetis Inc., Elanco, Boehringer Ingelheim, Merck & Co., Virbac.
Companion Animal Drugs Market Insights is an increasing pet adoption and ownership especially in developing regions like Asia Pacific and Latin America is opening new growth avenues for drug manufacturers. Various initiatives are being taken by companies to expand their presence in emerging markets through partnerships and acquisitions.
Major players are investing heavily in R&D to develop novel drugs and vaccines for previously untreatable conditions and new molecular entities. Strategic collaborations with research institutes are helping companies innovate and launch new products at a faster pace.
Market Drivers
Increasing pet healthcare expenditure: Pet owners worldwide are increasingly willing to spend more on animal health as pets are considered important family members. The rising disposable incomes allow owners to invest significantly in quality treatment and medicines for their pets.
Growing pet humanization: Pet humanization trends have gained immense popularity with the concept of treating pets as companions gaining traction. This has propelled focus towards pet wellness and preventive healthcare drugs and vaccinations.
Market Restrain
High costs of veterinary healthcare: The costs of diagnosis, surgery, drugs, and specialized treatments for pets have escalated significantly. This remains a key obstacle especially in price-sensitive developing markets with lack of adequate pet insurance plans.
Segment Analysis
The companion animal drugs market can segmented into parasiticide and vaccines sub-segment, based on product type. Among the product segments, the parasiticide sub-segment dominates the market and holds the largest share. The growth of this sub-segment can be attributed to the high adoption of parasiticide products among companion animal owners for treating infestations and infections. Their use in preventing parasites like fleas and ticks is driving their demand.
Additionally, vaccines hold a significant share in the market. Rising awareness about animal health and increase in vaccination of companion animals is supporting the growth of this sub-segment.
Global Analysis
North America is currently dominating the companion animal drugs market and is expected to continue its dominance over the forecast period. This can be attributed to rising pet adoption and increased healthcare spending on pets in countries like the US and Canada. Additionally, presence of major market players and advanced animal healthcare infrastructure is boosting the regional market.
Asia Pacific is anticipated to witness fastest growth over the coming years. Increasing purchasing power, growing adoption of pets, and rising pet healthcare expenditure in emerging economies like China and India are some factors contributing to the regional market growth. Rising awareness about animal health and availability of affordable treatment options are further expected to support market expansion in Asia Pacific region.
Get This Report in Japanese Language: コンパニオンアニマル医薬品市場
Get This Report in Korean Language: 반려동물 의약품 시장
About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
Comments
0 comment