Companion Animal Drugs Market anticipated to be worth US$ 52.12 Bn by 2029
During the projected period, the companion animal drugs market is expected to expand at a CAGR of 5%.
The global companion animal drugs market is anticipated to be worth US$ 52.12 Bn by 2029. In 2019, the companion animal drug market was worth US$ 32 Bn. Parasiticides are predicted to continue to be the most popular product, accounting for a third of the market for companion animal drugs. By the end of 2029, North America is predicted to account for 32% of the revenue share in the companion animal drugs industry.According to the report, increasing focus on pet healthcare is likely to contribute to the build-up of the companion animal drugs market by the end of 2029. Inclination towards compounded drugs to maintain animal health and welfare is expected to increase the sales of companion animal drugs market in 2019 and beyond.
Increasing Urbanization and Growing Affluence in Developing Countries to Benefit the Market
Increasing urbanization level and growing affluence, especially in developing countries, have been driving the adoption of pets, thus leading to increased demand for healthcare products for pets such as companion animal drugs. Continued urbanization has also resulted in increasing prevalence of various diseases such as allergies, lower appetite, reduced energy and behavioral anxieties among small companion animals. This has been driving the demand for innovative classes of medicines such as companion animal drugs.
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Upcoming Therapeutic Innovations in Pet Care to Aid Market Growth
Besides traditional drugs, animal health companies have also been investing in smart diagnostic care to help prevent diseases before the actual onset. Companies are also trying to develop generic capabilities to demonstrate bioequivalence to reference prescription drugs in the companion animal drugs market, as many key drugs no longer benefit from intellectual property protection. The development of new vaccines and medications for animals are expected to support the growth of the companion animal drugs market over the forecast period.
Increasing R&D activities and shorter drug-lifecycle are playing an important role in the growth of the companion animal drugs market. Innovations in companion animal drugs are easier and sustainable for a longer period of time, while R&D cycle time are shorter (~ three years) in the Companion Animal Healthcare (CAH) industry as compared to human health, ranging between seven and 15 years for other drugs. This increases return on investment in companion animal drugs and leads to faster profits for the market players.
Collaborative Ventures to Promote the Companion Animal Drugs Market Growth
Collaborative ventures such as One Health promotes unification of veterinary and medical sciences, leading to better disease surveillance, control and education, especially for companion animals such as dogs and cats. One Health venture enables identification of alteration in infection travelling patterns. The patterns are changing mostly in case of parasites due to change in climate and increasing host-vector interactions. Some organizations helping in monitoring of One Health in companion animals are Companion Animal Parasite Council and European Scientific Counsel Companion Animal Parasites.
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Such ventures are expected to complement the growth of the companion animal drugs market.
Low Awareness of Animal Diseases to Hamper the Companion Animal Drugs Market Growth
In many developing countries, people lack awareness regarding certain serious companion animal diseases as opposed to livestock diseases, which are more regularly monitored. This is primarily true with regards to pet vaccinations, which is a mandatory requirement for up to three years. Additionally, parasitic medications for companion animals and livestock are different. Lack of awareness with regards to differentiation of these medication varieties leads to adverse drug side effects and thus low administration of companion animal medications. Such factors are likely to create a hindrance in the growth of the companion animal drugs market.
Also, majority of animal healthcare drugs have limited scope for patent extension, primarily due to drug portfolios dominated by drugs that have crossed maturity, which in turn is expected to deter the growth of the companion animal drugs market over the forecast period.
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Companion Animal Drugs Market Structure Analysis
- The global companion animal drugs market is a moderately competitive market. Zoetis, Inc, Elanco (Eli Lily), Merck & Co., Inc., and Merial (Boehringer Ingelheim) are the key players contributing maximum revenue share to the market.
- Expansion of the business through mergers, acquisitions, collaborations, and alliances are the strategies followed by key players in the companion animal drugs market. Key market players focus on strategies such as development of new medications and introducing them into the market for evolving infectious diseases.
- Noteworthy investments in the research and development for novel drugs are projected to boost the growth prospects of the companion animal drugs market.
- Global and local market players are benefiting from a significant marketing network of distributors. Also, online veterinary pharmacy services are contributing to the growth of the companion animal drugs market.