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:
Report Attribute | Details |
---|---|
Base Year | 2020 |
Historic Years | 2016 - 2020 |
Forecast Years | 2021 - 2028 |
Segments Covered | By Product Type, By Application, and By End Use |
Forecast Units | Value (USD Billion), and Volume (Units) |
Quantitative Units | Revenue in USD million/billion and CAGR from 2021 to 2028 |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
Number of Companies Covered | 10 companies with scope for including additional 15 companies upon request |
Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
Customization Scope | Avail customized purchase options to meet your exact research needs. |
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
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FrequentlyAsked Questions
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. 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.
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.
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