Companion Animal Pharmaceuticals Market to Reach US$ 26.8 Billion by 2031

According to a new research study by Global Insight Services (GIS), the companion animal pharmaceutical market is expected to grow rapidly over the next 10 years to reach a value of more than the US $26.8 billion by 2031.

The rising adoption of pet animals due to growing urbanization and an increase in the number of nuclear families is among the primary market growth factors. A growing focus on animal health along with surging demand for pet insurance, especially in developed countries will augment the market expansion. The consistent rise in the number of diseases affecting animals is, in turn, generating demand for companion animal drugs. Additionally, industrial growth is attributable to the increasing incidence of zoonotic and food-borne diseases across the globe.

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Global Companion Animal Pharmaceutical Market: Key Drivers

The key factors such as the growing prevalence of zoonotic diseases are boosting the market growth during the forecast period. Some pathogens, such as zoonotic, can be transmitted from animals to humans. Examples of zoonotic diseases include rabies, salmonellosis, plague, brucellosis, and Lyme disease. Animals also share our susceptibility to certain diseases and environmental hazards and can serve as an early warning for potential human infections. Over the past two decades, the incidence of zoonotic diseases has increased across the globe, primarily as a result of the increased pet population. According to the International Livestock Research Institute (ILRI), 13 zoonoses cause 2.4 billion cases of human diseases and 2.2 million deaths every year. Toxoplasmosis—which is transmitted via cat feces—is quite common, with 10–20% of the UK population and 22% of the US population expected to carry the parasite as cysts. Cats with chronic bacteremia are primarily infected through saliva, and there is a high risk of transmittance from young adult cats. Although cats are asymptomatic carriers, weaker individuals can develop generalized infections. Many of the emerging and re-emerging infectious disease threats are vector-borne diseases transferred to animals and humans from arthropods.

Report Findings

The dermatologic segment is likely to dominate the market during the forecast period

The increasing prevalence of arthritis coupled with the rising need for advanced orthopedic drugs, and the growing pet population are some key factors boosting the market growth.

The dog segment is anticipated to dominate the market during the forecast period

The key factors such as the increasing dog’s population coupled with a rising ownership rate, increasing prevalence of zoonotic diseases and other skin allergies in dogs, rising canine healthcare expenditure, and the increasing number of pet insurers across the globe are boosting the market growth.

The veterinary hospital segment is estimated to dominate the market during the forecast period

The key factors such as the animal parasiticides and antibiotics in hospital settings coupled with increasing incidence of infectious diseases, a growing number of veterinary hospitals, growing ownership of companion animals and increasing veterinary expenditure, and growing awareness about animal health in developing countries are some factors driving the growth of the segment.

Market Restraints and Challenges

The increasing pet care costs is likely to hinder the market growth during the forecast period. According to the APPA National Pet Owners Survey (2019), the average household in the US spent USD 731 on routine doctor and surgical visits for dogs in 2019, a rise of 47% as compared to a decade ago. Similarly, USD 427 was spent on the routine doctor and surgical visits for cats in 2019. In Germany, the annual veterinary cost is ~USD 162.9 (EUR 140) per dog and USD 75.61 (EUR 65) per cat. In Japan, pet owners spend around USD 2,000–3,000 (JPY 200,000–300,000) annually on pet health. While the pet insurance market is expanding, the number of animals covered for treatments is still very less. As a result, animal owners generally bear the majority of the cost of treatments. Also, according to the Society for Practicing Veterinary Surgeons, coupled with the increasing pet insurance, the cost of veterinary treatment is rising by about 12% a year.

Competitive Landscape

The key factors in the global companion pharmaceutical market are Zoetis Inc. (US), Merck & Co., Inc. (US), Boehringer Ingelheim GmbH (Germany), Elanco Animal Health Incorporated (US), Ceva Santé Animale (France), Virbac (France), Vetoquinol S.A. (France), Dechra Pharmaceuticals plc (UK), Chanelle Pharma (Ireland), Kyoritsu Seiyaku (Japan), Zydus Animal Health and Investments Limited (India), Tianjin Ringpu Bio-Technology Co., Ltd. (China), HIPRA (Spain), Norbrook Holdings Limited (UK), Inovet (Belgium), Endovac Animal Health (US), ECO Animal Health Group plc (UK), Indian Immunologicals Ltd. (India), ALS Pvt. Ltd. (India), and Lutim Pharma Pvt. Ltd. (India).