The Global Companion Animal Drugs Industry is gearing up for unprecedented growth, anticipating a substantial Compound Annual Growth Rate (CAGR) of 4.4%, propelling the market valuation to an impressive US$ 59.2 billion by the year 2033. This projection represents a remarkable leap from the US$ 36.7 billion recorded in 2022.
Companion animals, our cherished pets including dogs, cats, and horses, are set to benefit from this surge in the industry. Essential medications, intricately designed to safeguard their health and shield them from infections and various health concerns, are at the forefront of this upward trajectory. The linchpin in this process is the dedicated community of companion animal veterinarians, who play a pivotal role in administering these crucial medications.
These medications go beyond mere treatment; they are instrumental in ensuring the swift recovery of pets post-surgery, diagnosing and treating ailments, and maintaining their overall well-being. The well-being of our beloved pets is intricately linked to the expertise and care provided by companion animal veterinarians.
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Increasing Urbanization and Growing Affluence in Developing Countries to Benefit the Market
Increasing urbanization levels and growing affluence, especially in developing countries, have been driving the adoption of pets, thus leading to increased demand for healthcare products for pets such as companion animal drugs. Continued urbanization has also resulted in the increasing prevalence of various diseases such as allergies, lower appetite, reduced energy and behavioral anxieties among small companion animals. This has driven the demand for innovative medicines such as companion animal drugs.
Upcoming Therapeutic Innovations in Pet Care to Aid Market Growth
Besides traditional drugs, animal health companies have also been investing in smart diagnostic care to help prevent diseases before the actual onset. Companies are also trying to develop generic capabilities to demonstrate bioequivalence to reference prescription drugs in the companion animal drugs market, as many key drugs no longer benefit from intellectual property protection. The development of new vaccines and medications for animals are expected to support the growth of the companion animal drugs industry over the forecast period.
Increasing R&D activities and shorter drug-lifecycle are playing an important role in the growth of the companion animal drugs industry. Innovations in companion animal drugs are easier and sustainable for a longer period, while R&D cycle time are shorter (~ three years) in the Companion Animal Healthcare (CAH) industry as compared to human health, ranging between seven and 15 years for other drugs. This increases return on investment in companion animal drugs and leads to faster profits for the market players.
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Collaborative Ventures to Promote the Companion Animal Drugs Industry Growth
Collaborative ventures such as One Health promotes unification of veterinary and medical sciences, leading to better disease surveillance, control and education, especially for companion animals such as dogs and cats. One Health venture enables identification of alteration in infection travelling patterns. The patterns are changing mostly in case of parasites due to change in climate and increasing host-vector interactions. Some organizations helping in monitoring of One Health in companion animals are Companion Animal Parasite Council and European Scientific Counsel Companion Animal Parasites.
Such ventures are expected to complement the growth of the companion animal drugs market.
Low Awareness of Animal Diseases to Hamper the Companion Animal Drugs Industry Growth
In many developing countries, people lack awareness regarding certain serious companion animal diseases as opposed to livestock diseases, which are more regularly monitored. This is primarily true with regards to pet vaccinations, which is a mandatory requirement for up to three years. Additionally, parasitic medications for companion animals and livestock are different. Lack of awareness with regards to differentiation of these medication varieties leads to adverse drug side effects and thus low administration of companion animal medications. Such factors are likely to create a hindrance in the growth of the companion animal drugs market.
Also, majority of animal healthcare drugs have limited scope for patent extension, primarily due to drug portfolios dominated by drugs that have crossed maturity, which in turn is expected to deter the growth of the companion animal drugs industry over the forecast period.
Key Players in the Companion Animal Drugs Industry:
- Zoetis Inc.
- Merck & Co, Ltd.
- Bayer AG
- Elanco
- Boehringer Ingelheim GmbH (Merial)
- Virbac Animal Health
- Ceva Santè Animale
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Key Segments Covered in Global Companion Animal Drugs Industry Research
Product:
- Antibiotics
- Anti-inflammatory
- Parasiticides
- Heartworm
- Behavioral Products
- Nutritional Products
- Skin Care Products
- Vaccines
Distributional Channel:
- Veterinary Hospitals
- Veterinary Clinics
- Pharmacies and Drug Stores
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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