Companion animal drugs are pharmaceutical drugs that are used for the treatment and prevention of diseases in companion animals such as dogs, cats and horses. These drugs include vaccines, antibiotics, parasiticides and other pharmaceuticals. The global companion animal population has witnessed significant growth in recent years owing to rising pet ownership among urban households. This has increased the demand for veterinary healthcare and pharmaceuticals to ensure the well-being of companion animals. Moreover, advancements in veterinary pharmaceuticals have enabled treatment of complex diseases affecting companion animals.
According to Coherent Market Insights, The Global Companion Animal Drugs Market is estimated to be valued at US$ 34,248.4 Mn in 2020 and is expected to exhibit a CAGR of 5.3% over the forecast period 2020-2027.
Key Takeaways
Key players operating in the Companion Animal Drugs market are Zoetis, Merck, Elanco, Boehringer Ingelheim, Ceva, and Virbac.
Companion Animal Drugs Market Insights is rising pet ownership and increasing per capita expenditure on pet care offer significant growth opportunities for players in the market. Technological advancements have allowed development of therapeutics for conditions previously untreatable in veterinary medicine such as cancer and autoimmune diseases.
Market drivers
The growing humanization of pets is a key driver boosting the companion animal drugs market. People nowadays consider pets as members of the family and are willing to spend more on ensuring their health and well-being. This has significantly increased demand for pharmaceutical products and veterinary healthcare services. Moreover, rising awareness about pet insurance and growing pet insurance penetration especially in developed markets supports the market growth.
Current Challenges in Companion Animal Drugs Market
The rapid growth of companion animals population has led to increasing demand for advanced drugs and therapeutics for them. However, there are certain challenges faced by this market. High cost of R&D for developing new drugs is a major challenge. Since the market for companion animal drugs is relatively small compared to human drugs, developing new drugs require huge investments which pushes up the cost. Drug manufacturers face regulatory hurdles in getting approvals for new drugs. Regulations are becoming stricter regarding safety and efficacy of drugs meant for companion animals. Adherence to regulations increases cost and approval time.
SWOT Analysis
Strength: Growing humanization of pets increases willingness to spend on pet healthcare. Rapid growth in veterinary healthcare services is driving demand for drugs.
Weakness: Small market size relative to human drugs reduces revenue potential and incentives for R&D. High manufacturing costs make drugs expensive.
Opportunity: Emerging markets like India and China offer growth opportunities due to increasing pet ownership. Advancements in drug delivery methods can improve treatment outcomes.
Threats: Stringent regulations increase compliance burden and risks of rejection. Alternatives like herbal products pose competition.
Geographical Regions
North America represents the largest regional market for companion animal drugs, accounting for over 35% share in terms of value. Higher rate of pet ownership and greater willingness to spend on pet healthcare drive the market in the region. The United States is the largest country market within North America. Europe is the second largest regional market for companion animal drugs, led by countries like the UK, Germany, France, and Italy. However, Asia Pacific region is expected to witness the fastest CAGR during the forecast period due to rising pet adoption, increasing disposable incomes, and growing pet healthcare investment in countries like India and China.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
