Companion Animal Drugs Market Future Prospects and Forecast To 2028
Global Companion Animal Drugs Market is estimated to be
valued US$ 12 Bn in 2021 and poised to grow at CAGR of 6.3% over 2022-2028 to
reach USD 19.81 Bn by 2028. Companion animals undergoing long-term therapy for chronic
illnesses become anxious and difficult to manage for their owners. These
companion animal medicines increase the nutritional content of the diet and aid
in the development and growth of pets by medicated feed additives. Owing to the
growth in viral illnesses, dermatologic diseases, and orthopedic ailments,
companion animal medicines are becoming more widely used across the global. Several
medicines, vaccinations, and medicated dietary supplements for companion
animals are utilized in the diagnosis, prevention, and treatment of various
animal illnesses. Essential pharmaceutical items are used to treat ailments in
companion animals also including heartworm, rabies, renal disease, cancer, and
Lyme disease, among others.
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On the basis of Distribution Channel, the market is divided
into Veterinary Hospitals, Pharmacy and Drug Stores, E-commerce, and Veterinary
Clinics. On the basis of Route of Administration, the market is divided into Oral,
Topical, Injectable, and Others. On the basis of animals, the market is
segregated into Dogs, horses, cats, and others. On the basis of Product, the
market is segmented into drugs, which is further divided into Antiparasitic,
Anti-infectives, Anti-inflammatory, Tranquilizers, Corticosteroids,
Gastrointestinal Drugs, Cardiovascular Drugs, and Topical Glucocorticoids. On
the basis of vaccines, the market is divided into Modified Live Vaccines (MLV),
Recombinant Vaccines, and Killed Inactivated Vaccines. On the basis of Medicated
Feed Additives, the market is classified into Antibiotics, Amino acids,
Vitamins, Prebiotics and probiotics, Antioxidants, Enzymes, Carbohydrates,
Propandiol, and Minerals.
Due to the extreme steady growth in pet acceptance in the
United States, the companion animal drugs market in the United States commanded
more than 87 percent of revenue share in the North America area in 2020. Increasing
adoption rates in the United States, combined with supportive factors such as
growing urbanization and rising public awareness of pet well-being, are fueling
market revenue. Moreover, improved health infrastructure, stricter regulatory
standards for animal healthcare, and higher investment on R&D activities
are expected to drive demand for companion animal medicines in the future.
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There are several
industry players working in the companion
animal drugs market, which include Bayer AG (Germany), Boehringer Ingelheim
GmbH (Germany), Ceva Santé Animale (France), Eli Lilly and Company (U.S),
Hester biosciences (India), Merck & Co., Inc. (U.S), Vétoquinol S.A.
(France), Virbac S.A. (France), Zoetis Inc. (U.S)
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