SAN FRANCISCO, Jan. 19, 2022 /PRNewswire/ -- The global companion animal medicine market size is anticipated to reach USD 32.8 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 9.6% from 2021 to 2028. The key factors driving the market for companion animal medicine include the rising pet population, the prevalence of diseases, and the availability of pet insurance. In Canada for example, 58% of households owned at least one dog or cat in 2020, according to the Canadian Animal Health Institute (CAHI). CAHI also reported a surge in feline vet visits following the start of the COVID-19 outbreak in 2020.
Key Insights & Findings from the report:
- The market was valued at USD 15.8 billion in 2020 and is expected to expand at a CAGR of 9.6% during the forecast period
- Growing R&D initiatives by major companies is estimated to be a key driver for the market
- For instance, Dechra pharmaceuticals commercialized 15 products from its Le Vet R&D pipeline in 2019
- Pet humanization is further contributing to increased expenditure on pets including pet medicines
- According to APPA U.S. citizens spent about USD 31.4 billion on vet care and products in 2020. The category included expenditure on routine veterinary care, surgical procedures, and pharmaceuticals
- The hospital pharmacy segment dominated the market by distribution channel in 2020. The factors contributing to the large share include higher patient footfalls at hospitals and the convenience of buying the necessary medications as soon as the pet is diagnosed
- North America held the largest share of about 36% in 2020 owing to well-established veterinary healthcare facilities, rising pet expenditure, and humanization of pets
- In Asia Pacific, the market is expected to grow at the fastest rate of over 10% due to the rising pet population and pet health awareness
Read 150 page market research report, "Companion Animal Medicine Market Size, Share & Trends Analysis Report By Animal Type (Dogs, Cats, Horses), By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa), And Segment Forecasts, 2021 - 2028", by Grand View Research
The COVID-19 pandemic notably affected the market for companion animal medicine. The impact included dampened sales, supply chain challenges, operational hurdles, fall inpatient visits, and reduced demand. Elanco for instance reported a 20% decline in revenue during Q2 2020. The company's companion animal segment, in particular, was adversely impacted by the fall in brands in international markets and those administered in the clinic e.g. vaccines. The company reported a recovery in sales during H2 2020. Vetoquinol on the other hand reported an increase in sales, driven by its essential portfolio including veterinary drugs in 2020 despite limited access to vet clinics and hospitals due to lockdown protocols. Boehringer Ingelheim too registered increased sales in the companion animal segment.
With the rising number of pets across the globe, the trend of pet humanization has gained traction in several key markets. Pet parents are becoming increasingly aware of their pet's health, treatment, and wellbeing. This has increased the adoption of pet insurance to reduce the financial risks for pet parents. Petplan- the largest pet insurance provider in the U.K. offers insurance policies for various species including dogs, cats, horses, small mammals, birds, reptiles, rabbits, and multi-pet owners. These policies provide coverage for physical and online consultations, prescription medicine, diagnostic tests, surgery, dental injury, cancer treatment, and more.
The rising prevalence of diseases in pets is another key driver expected to contribute to market growth. Parasitic infections from internal and external parasites for example, commonly affect pets. Antibiotics and topical therapies are often prescribed in the case of pyoderma. However, further testing and routine bathing with medicated shampoos may be prescribed in case of chronic or recurring pyoderma. Viv Silky Shampoo by Vivaldis for example is indicated for a range of fungal and bacterial infections including superficial and deep pyoderma.
Market Segmentation:
Grand View Research has segmented the global companion animal medicine market on the basis of animal type and region:
Companion Animal Medicine Animal Type Outlook (Revenue, USD Million, 2016 - 2028)
- Dogs
- By Product
- Biologics
- Vaccines
- By Type
- Attenuated Live Vaccines
- Inactivated Vaccines
- Recombinant Vaccines
- Toxoid
- Others
- By Indication
- Distemper
- Kennel cough (Parainfluenza)
- Parvovirus
- Canine herpes
- Lyme Disease
- Rabies
- Others
- Pharmaceuticals
- Parasiticides
- Anti-infectives
- Anti-inflammatory
- Analgesics
- Others
- Medicated Feed Additives
- By Indication
- Infectious Diseases
- Dermatologic Diseases
- Pain
- Orthopedic Diseases
- Behavioral Diseases
- Other Indications
- By Distribution Channel
- Retail
- E-Commerce
- Hospital Pharmacy
- Cats
- By Product
- Biologics
- Vaccines
- By Type
- Attenuated Live Vaccines
- Inactivated Vaccines
- Recombinant Vaccines
- Toxoid
- Others
- By Indication
- Distemper
- Kennel cough (Parainfluenza)
- Parvovirus
- Canine herpes
- Lyme Disease
- Rabies
- Others
- Pharmaceuticals
- Parasiticides
- Anti-infectives
- Anti-inflammatory
- Analgesics
- Others
- Medicated Feed Additives
- By Indication
- Infectious Diseases
- Dermatologic Diseases
- Pain
- Orthopedic Diseases
- Behavioral Diseases
- Other Indications
- By Distribution Channel
- Retail
- E-Commerce
- Hospital Pharmacy
- Horses
- By Product
- Biologics
- Vaccines
- Attenuated Live Vaccines
- Inactivated Vaccines
- Recombinant Vaccines
- Toxoid
- Others
- Others
- Pharmaceuticals
- Parasiticides
- Anti-infectives
- Anti-inflammatory
- Analgesics
- Others
- Medicated Feed Additives
- By Indication
- Infectious Diseases
- Dermatologic Diseases
- Pain
- Orthopedic Diseases
- Behavioral Diseases
- Other Indications
- By Distribution Channel
- Retail
- E-Commerce
- Hospital Pharmacy
Companion Animal Medicine Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Mexico
- Argentina
- MEA
- South Africa
- Saudi Arabia
List of Key Players of the Companion Animal Medicine Market
- Merck & Co., Inc.
- Ceva
- Vetoquinol S.A.
- Zoetis
- Boehringer Ingelheim International GmbH
- Elanco
- Virbac
- Bimeda, Inc.
- Norbrook
- Calier
Check out more studies related to companion animal health & treatment, published by Grand View Research:
- Companion Animal Health Market Report | 2021-28 - The global companion animal health market size was valued at USD 18.67 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 9.2% from 2021 to 2028. A rise in the initiatives by the government and private sectors to help promote animal health is anticipated to drive market growth during the forecast period.
- Companion Animal Postoperative Pain Management Therapeutics Market Report | 2021-26 - The global companion animal postoperative pain management therapeutics market size was estimated at USD 228.90 million in 2018 and is expected to witness a CAGR of 6.7% during the forecast period. The rise in pet surgical procedures, especially orthopedic and dental surgeries is propelling the demand for postoperative pain relievers.
- U.S. Companion Animal Health Market Report | 2021-26 - The U.S. companion animal health market size was valued at USD 5.5 billion in 2018 and is expected to register a CAGR of 5.2% during the forecast period. The market is primarily driven by growing adoption of companion animals in the country, coupled with increasing awareness among pet owners regarding animal diagnostics.
Browse Through Grand View Research's coverage of the Global Animal Health Industry.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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