PUBLISHER: The Business Research Company | PRODUCT CODE: 1425339
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425339
Companion Animal Pharmaceuticals Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on companion animal pharmaceuticals market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for companion animal pharmaceuticals? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The companion animal pharmaceuticals market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Companion animal pharmaceuticals involve the pharmaceutical medication process where animal pharmacists recommend medications, fill prescriptions, and manage drug therapies for animals. It is utilized in the diagnosis, mitigation, and treatment of various diseases in animals.
The main types of companion animal pharmaceuticals include medications for dogs, cats, horses, and other companion animals. Dogs are highly variable carnivorous domesticated mammals closely related to the common wolf. The indications for these pharmaceuticals cover infectious diseases, dermatologic diseases, pain management, orthopedic diseases, behavioral issues, and other conditions. These medications are typically sold through various distribution channels such as veterinary hospitals, veterinary clinics, and retail pharmacies.
The companion animal pharmaceuticals market research report is one of a series of new reports from The Business Research Company that provides companion animal pharmaceuticals market statistics, including companion animal pharmaceuticals industry global market size, regional shares, competitors with a companion animal pharmaceuticals market share, detailed companion animal pharmaceuticals market segments, market trends and opportunities, and any further data you may need to thrive in the companion animal pharmaceuticals industry. This companion animal pharmaceuticals market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The companion animal pharmaceuticals market size has grown strongly in recent years. It will grow from $15.23 billion in 2023 to $16.63 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth in the historic period of companion animal pharmaceuticals can be attributed to factors such as the humanization of pets, increased focus on preventive healthcare measures for animals, a rise in pet insurance adoption, changing lifestyles and urbanization leading to increased pet ownership, and growing concerns about zoonotic diseases. Additionally, improved accessibility to veterinary healthcare services has played a role in the historical growth of the companion animal pharmaceuticals market.
The companion animal pharmaceuticals market size is expected to see strong growth in the next few years. It will grow to $24.2 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%. The forecasted growth in the companion animal pharmaceuticals market can be attributed to trends such as the adoption of personalized medicine for pets, the integration of telehealth and remote veterinary services, a growing focus on nutrition and nutraceuticals for animals, the promotion of One Health initiatives, and the expansion of veterinary diagnostic services. Additionally, major trends in the forecast period include ongoing advancements in veterinary medicine, the development of specialized therapeutics for aging pets, a focus on regulatory compliance and safety standards, and increased collaborations and partnerships within the industry.
The rising incidence of zoonotic diseases is anticipated to drive growth in the companion animal pharmaceuticals market. Zoonotic illnesses, capable of transmission between vertebrate animals and humans, present a considerable public health challenge. In response, the pharmaceutical industry is deploying modern strategies aligned with health principles to combat these diseases and reduce transmission risks. A December 2022 report by the European Centre for Disease Prevention and Control underscores the increasing prevalence of Campylobacteriosis and other zoonotic diseases, highlighting the need for pharmaceutical interventions.
The companion animal pharmaceutical market is poised for growth, fueled by an upsurge in pet ownership. Pet ownership, signifying the human assumption of responsibility for animal care, is on the rise. The market benefits from an expanding pet owner base and a growing recognition of the importance of preventive measures, diagnostics, and treatments for companion animal health. A report from the American Veterinary Medical Association in October 2022 reveals a substantial increase in families owning at least one cat. The trend, supported by increased veterinary spending, underscores the market's growth potential.
The adoption of big data technologies is a noteworthy trend in the companion animal pharmaceuticals sector. Leading companies are actively developing technological solutions to fortify their market positions. Notably, Elanco Animal Health Incorporated and Ginkgo Bioworks launched BiomEdit in April 2022. This microbiome innovation company focuses on developing novel probiotics and related animal pharmaceuticals. The initiative extends to areas such as medicated feed ingredients, nutritional health, therapies for livestock and pets, and biosecurity technologies for monitoring animal illnesses.
Major players in the companion animal pharmaceutical market are introducing innovative products to cater to larger customer bases and boost revenue. Oral flea and tick products, administered by mouth to prevent or treat infestations in pets, have gained prominence. Elanco Animal Health Incorporated's May 2021 launch of Credelio Cat, the first oral flea and tick product for cats, exemplifies this trend. The product's rapid efficacy, starting within six hours, coupled with its sustained potency, addresses a critical need in the market for efficient and lasting protection against fleas and ticks.
In July 2022, Dechra Pharmaceuticals completed the acquisition of Piedmont Animal Health for $210 million. This strategic move enhances Dechra's product portfolio for European and North American markets and augments its scientific and regulatory capabilities. Piedmont Animal Health, a US-based company specializing in companion animal pharmaceuticals, brings complementary offerings to further strengthen Dechra's position in the industry.
Major companies operating in the companion animal pharmaceuticals market report are Elanco Animal Health Incorporated, Boehringer Ingelheim International GmbH, Ceva Sante Animale, Chanelle Pharma, Eco Animal Health Group PLC, Ashish Life Science Pvt. Ltd., Endovac Animal Health, Hipra Laboratories, Indian Immunologicals Ltd., Inovet Group, Kyoritsu Seiyaku Corporation, Lutim Pharma Pvt. Ltd., Merck & Co. Inc., Norbrook Laboratories Ltd., Tianjin Ringpu Bio-Technology Co. Ltd., Vetoquinol S.A., Virbac S.A., Zoetis Inc., Agrolabo S.p.A., ALS Pvt. Ltd., Zydus Animal Health and Investments Limited, Eli Lilly and Company, IDEXX Laboratories Inc., Merial Limited, Novartis Animal Health Inc., Dechra Pharmaceuticals PLC, Aratana Therapeutics Inc., Phibro Animal Health Corporation, Kindred Biosciences Inc., Jaguar Health Inc., Nexvet Biopharma PLC, Sentinel Biomedical Inc., PetMed Express Inc., Neogen Corporation, Heska Corporation, Synbiotics Corporation, Eurovet Animal Health B.V., Vironova AB, Abaxis Inc., Bioiberica S.A.U., Putney Inc., Lohmann Animal Health International
North America was the largest region in the companion animal pharmaceuticals market in 2023. Asia-Pacific is expected to be the fastest-growing region in the companion animal pharmaceuticals market report during the forecast period. The regions covered in the companion animal pharmaceuticals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the companion animal pharmaceuticals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The companion animal pharmaceuticals market includes revenues earned by entities by providing veterinary pharmaceuticals, vaccines, and health management tools. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.