Companion Animal Pharmaceuticals Market
New York, June 2022: 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 is 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.
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.
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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).
Global Companion Animal Pharmaceuticals Market Segmentation
- Infectious Diseases
- Dermatologic Diseases
- Orthopedic Diseases
- Behavioral Diseases
By Animal Type
By Distribution Channel
- Veterinary Hospitals
- Veterinary Clinics
- Retail Pharmacies
- North America
- The U.S.
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Rest of World
- Latin America
- Middle East
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Global Companion Animal Pharmaceutical Market: Recent Developments
- February 2020, Vetoquinol acquired Canadian rights for the Profender product family from Elanco Animal Health. The acquisition is poised to impact the company’s revenue and offer business development opportunities in untapped economies.
- September 2020, Virbac acquired a range of Tilapia vaccines from Ictyogroup to distribute and market them across the globe.
- August 2020, Elanco Animal Health Incorporated announced that it has acquired Bayer Animal Health. The transaction was valued at USD 6.89 billion. This development helped the economy to expand itself in the durable animal health industry.
- June 2020, Merck invested USD 100 million in facility expansion and enhancement efforts in its US manufacturing site in De Soto, Kansas. This site also comprises an additional expansion of the vaccine production facility, so enhancing its manufacturing and capabilities.
- February 2020, Zoetis received FDA approval for Simparica Trio.
- February 2019, Zoetis launched Eradia, an antibiotic for dogs, in Europe.