Companion Animal Pharmaceuticals Market - Global Industry Analysis

Global Companion Animal Pharmaceuticals Market: Overview

A companion animal is the animals that are used for psychological support, amusement, company, extrovert display, and several other functions that a human needs to share with animals. Dogs, cats, horses, birds, mice, and guinea pigs are some of the animals that can be considered companion animals. It is essential to take care of these animals and provide essential health services to them.

Report Scope:

Global Companion Animal Pharmaceuticals Market: Growth Factors

The global companion animal pharmaceuticals market is growing at a lucrative rate. The rise in adoption of pets, increase in healthcare expenditure on animal health, and growing initiatives of nonprofit organizations & government towards the health of companion animals are some of the factors that are boosting the growth of the global market. In addition to this, there is a rise in the prevalence of zoonotic diseases among companion animals. Zoonotic diseases are caused by harmful germs including fungi, parasites, bacteria & viruses and these gems can lead to several types of illness in animals as well as humans that can also result in death. Thus, it is necessary to protect the animals from these diseases which require appropriate vaccines and drugs. Owing to these, most pharmaceuticals are involved in the production of animal health drugs, vaccines, and medical devices for companion animals. These factors are contributing to the growth of the global companion animal pharmaceuticals market. In addition to this, growing demand for pet insurances, rapidly expanding pipeline products, and rise in the number of veterinary hospitals in developing countries are also some of the factors that are driving the growth of the market. Furthermore, huge investments in R&D activities in animal healthcare for the development of innovative drugs for the proper treatment of companion animals may open ample opportunities for the growth of the global companion animal pharmaceuticals market during the forecast period. However, the high cost associated with pet care and strict regulations for the approval of veterinary pharmaceutical products are some of the factors that may limit the growth of the global companion animal pharmaceuticals market.

The global companion animal pharmaceuticals market is affected by the occurrence of the Covid-19 pandemic. The manufacturers had to cease their operational and development units due to strict lockdown and restrictions on movement. The clinical trials for animal drugs were also temporarily halted which led to an extension in the launch of new drugs and medical devices. The disruption in the supply chain due to restrictions on transportation and sealing of country boundaries resulted in the scarcity of raw materials. All these factors led to the slow growth of the market during the pandemic.

Global Companion Animal Pharmaceuticals Market: Segmentation

The global companion animal pharmaceuticals market is classified based on indication, distribution channel, animal type, and region. Based on the indication, the global companion animal pharmaceuticals market is bifurcated into infectious diseases, behavioral diseases, orthopedic diseases, pain, dermatologic diseases, and others. The distribution channel segment consists of retail pharmacies, veterinary clinics, and veterinary hospitals. Based on the animal type, the global market is split into dogs, horses, cats, and other companion animals.

Global Companion Animal Pharmaceuticals Market: Regional Analysis

North America is estimated to account for the maximum share in the global companion animal pharmaceuticals market during the forecast period. The increase in adoption of pets, growing prevalence of infectious diseases, and growing awareness among the people for animal health are some of the prime factors that are surging the growth of the market in this region. Europe is also expected to contribute to a significant share in the market due to an increase in R&D in animal healthcare and growing initiatives for the welfare of pets. Asia Pacific is anticipated to grow rapidly and this is attributed to the rise in animal healthcare expenditure, rapidly growing veterinary clinics & hospitals, and growth rate of vaccinations in companion animals.

Global Companion Animal Pharmaceuticals Market: Competitive Players

Some of the dominant players that are operating in the global companion animal pharmaceuticals market are Zydus Animal Health and Investments Limited, Chanelle Pharma, Dechra Pharmaceuticals plc, Vetoquinol S.A., Virbac, Ceva Santé Animale, Elanco Animal Health Incorporated, Boehringer Ingelheim GmbH, Merck & Co., Inc., and Zoetis Inc among others.

Global Companion Animal Pharmaceuticals Market: Regional Segment Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

What Reports Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.