Companion Animal Drugs Market is projected to expand from 2023 to 2033 at a CAGR of 4.4%
The global companion animal drugs market is expected to grow at a 4.4% CAGR to a market worth of US$ 59.2 billion by the end of 2033, up from US$ 36.7 billion in 2022.
Companion animal drugs are provided to pets to keep them healthy and protected from infections and other health problems. A companion animal veterinarian delivers medications to treat wounds, diagnose various illnesses, and so on when an animal undergoes surgery.
Companion animal drugs are so critical for keeping pets healthy while also safeguarding the entire family who cares for them from any health hazards that the pets may offer. Dogs, cats, horses, and other companion animals commonly take companion animal medications.
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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.
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.
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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.
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.
Key Players in the Companion Animal Drugs Market:
- Zoetis Inc.
- Merck & Co, Ltd.
- Bayer AG
- Boehringer Ingelheim GmbH (Merial)
- Virbac Animal Health
- Ceva Santè Animale
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More Insights Available:
North America and Europe are the largest veterinary pharmaceuticals market, with the United States and Europe accounting for the majority of global sales. However, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period, due to factors such as a growing pet population, increasing demand for animal-derived products, and rising disposable income in the region.
Key Segments Covered in Companion Animal Drugs Industry Research
- Behavioral Products
- Nutritional Products
- Skin Care Products
- Veterinary Hospitals
- Veterinary Clinics
- Pharmacies and Drug Stores
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