Global Companion Animal Pharmaceuticals Market Research Report 2021: Infectious Diseases, Antibiotics, Parasiticides, Vaccines, Pain – Forecast to 2026 – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Global Companion Animal Pharmaceuticals Market by Indication (Infectious Diseases, Antibiotics, Parasiticides, Vaccines, Pain), Animal Type (Dogs, Cats, Horses), Distribution Channel (Veterinary Hospitals & Clinics), Region, and COVID-19 Impact – Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.

The global companion animal pharmaceuticals market is projected to reach USD 18.5 billion by 2026 from USD 12.8 billion in 2021, at a CAGR of 7.6%

Companion animals play an important role in the lives of many, providing a sense of belonging and responsibility. Animal health products, especially pharmaceuticals, are the most widely used products for animal healthcare. They contribute significantly to the health and wellbeing of animals.

Companion animal ownership and expenditure have witnessed a significant increase over the years. Pet owners are spending more per pet than ever before. The increasing number of people having pets, emphasis on animal healthcare and vaccination, increasing demand for animal healthcare products, increasing number of veterinary practitioners and their rising income levels in developed economies, increasing prevalence of zoonotic diseases, growth in companion animal adoption, increasing prevalence of animal diseases, and rising demand for pet insurance are some of the factors driving the growth of these markets.

However, the limited number of new antibiotics, rising pet care costs, growing resistance to antimicrobials and antibiotics, and rising cost of vaccine storage are restraining the growth of this market to a certain extent.

The dermatologic diseases segment to grow at the highest CAGR in the companion animal pharmaceuticals market, in the forecast period

Based on the prescription of pharmaceuticals for a number of disorders prevailing in animals, the companion animal pharmaceuticals market is segmented into infectious diseases, dermatologic diseases, orthopedic diseases, pain, behavioral disorders, and other indications.

The dermatologic diseases segment is expected to grow at the highest CAGR during the forecast period. The increasing prevalence of arthritis, rising need for advanced orthopedic drugs, and growing pet population are some of the key factors driving the growth of this segment.

The dogs segment holds the largest share in the animal type segment, in the forecast period

Based on animal type, the companion animal pharmaceuticals market is segmented into dogs, cats, horses, and other companion animals. The dogs segment accounted for the largest market share in 2020.

The large share of this segment is attributed to the increasing dog population and 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.

Veterinary hospitals is expected to grow at the highest CAGR in the companion animal pharmaceuticals market by distribution channel segment in the forecast period

Based on the distribution channel, the global companion animal pharmaceuticals market is segmented into veterinary hospitals, veterinary clinics, and retail pharmacies. The veterinary hospitals segment is expected to grow at the highest CAGR during the forecast period.

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

North America holds the largest share in the companion animal pharmaceuticals market, by region, in the forecast period

In 2020, North America accounted for the largest share of the companion animal pharmaceuticals market, followed by Europe, the Asia-Pacific, Latin America, and the Middle East & Africa.

The large share of North America can be attributed to the well-established base of animal health industries, the high adoption of companion animals, rising incidence of parasitic infections, the large number of hospitals and clinics, growing pool of veterinarians, and growing expenditure on animal health in the region.

The growing number of research activities and funding and awareness campaigns in the field of veterinary health management is also expected to drive the growth of this market.

Premium Insights

• Rising Pet Population to Drive Market Growth
• Infectious Diseases Segment Accounted for the Largest Share of the European Market in 2020
• China to Register the Highest Growth During the Forecast Period
• North America Will Continue to Dominate the Companion Animal Pharmaceuticals Market During the Forecast Period
• Developing Markets to Register a Higher Growth Rate During the Forecast Period

Market Dynamics

Market Drivers

• Growing Prevalence of Zoonotic Diseases
• Rising Demand for Pet Insurance with Growing Animal Health Expenditure
• Growing Investments by Key Players
• Initiatives by Various Government Agencies and Animal Associations
• Growth in Companion Animal Ownership Rates

Market Restraints

• Rising Pet Care Costs
• Limited Number of New Product Developments
• High Storage Cost of Vaccines

Market Opportunities

• Lucrative Growth Opportunities in Emerging Markets
• Growing Prevalence of Animal Diseases
• Technological Advancements in Manufacturing Vaccines

Market Challenges

• Stringent Regulatory Approval Process for Drugs
• Inadequate Surveillance and Reporting Systems of Vaccines
• Diversity of Parasite Species

Companies Mentioned

• Ashish Life Science Pvt. Ltd.
• Boehringer Ingelheim GmbH
• Ceva Sante Animale
• Chanelle Pharma
• Dechra Pharmaceuticals plc
• Eco Animal Health Group plc
• Elanco Animal Health Incorporated
• Endovac Animal Health
• Hipra
• Indian Immunologicals Ltd.
• Inovet
• Kyoritsu Seiyaku
• Lutim Pharma Pvt. Ltd.
• Merck & Co. Inc.
• Norbrook Holdings Limited
• Tianjin Ringpu Bio-Technology Co. Ltd.
• Vetoquinol S.A.
• Virbac
• Zoetis Inc.
• Zydus Animal Health and Investments Limited

For more information about this report visit https://www.researchandmarkets.com/r/t4c9lk

 

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