Northbrook, IL -- (SBWIRE) -- 04/28/2021 -- According to the new market research report "Companion Animal Pharmaceuticals Market by Indication (Infectious Diseases, Antibiotics, Parasiticides, Vaccines, Pain), Animal Type (Dogs, Cats, Horses), Distribution Channel (Veterinary Hospitals & Clinics), COVID-19 Impact - Global Forecast to 2026", published by MarketsandMarkets™, the global market is projected to reach USD 18.5 billion by 2026 from USD 12.8 billion in 2021, at a CAGR of 7.6% during the forecast period.

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The growth in this market is majorly driven by the growth in companion animal ownership, rising prevalence of zoonotic diseases, rising demand for pet insurance with the growing animal health expenditure, and initiatives by various government agencies and animal associations. On the other hand, the limited number of new antibiotics, rising pet care costs, and rising cost of vaccine storage are expected to restrain the growth of this market during the forecast period.

By indication, the infectious diseases segment is expected to account for the largest share of the companion animal pharmaceuticals market

Based on indication, the global market is segmented into infectious diseases, dermatologic diseases, orthopedic diseases, pain, behavioral disorders, and other indications. The infectious diseases segment accounted for the largest share of the market. The large share of this segment can be attributed to the increasing prevalence of zoonotic diseases, growing rates of pet ownership, rising initiatives by government and animal health associations for controlling disease outbreaks, and easy accessibility of these drugs.

On the basis of animal type, dogs segment is expected to grow at highest CAGR in the market during the forecast period

Based on animal type, the companion animal pharmaceuticals market is segmented into dogs, cats, horses, and other companion animals. The dogs segment is projected to grow at the highest CAGR in the forecast period. This growth can be attributed to the increasing dog population and rising ownership rate, increasing prevalence of zoonotic diseases and other skin allergies in dogs, rising canine healthcare expenditure, and the increasing number of pet insurers across the globe.

On the basis of distribution channel, veterinary hospitals segment holds the largest market share in the companion animal pharmaceuticals market

Based on distribution channel, the market is segmented into veterinary hospitals, veterinary clinics, and retail pharmacies. The veterinary hospitals segment holds the largest share in the companion animal pharmaceuticals market due to the higher adoption of animal parasiticides and antibiotics in hospital settings, increasing incidence of infectious diseases, growing number of veterinary hospitals, growing ownership of companion animals, increasing veterinary expenditure, and growing awareness about animal health in developing countries.

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The companion animal pharmaceuticals market in the APAC region is expected to register the highest CAGR during the forecast period. The rising pet ownership and increasing animal health expenditure, rising per capita income in these countries, increasing incidence of zoonotic diseases, increasing awareness on animal healthcare, growing number of veterinary hospitals and clinics, and the implementation of regulations to prevent the spread of animal diseases are the key factors driving market growth in this region.

Prominent players in the companion animal pharmaceuticals market include Zoetis Inc. (US), Merck & Co., Inc. (US), Boehringer Ingelheim GmbH (Germany), Elanco Animal Health Incorporated (US), Ceva Santé Animale (France), Virbac (France), Vetoquinol S.A. (France), Dechra Pharmaceuticals plc (UK), Chanelle Pharma (Ireland), Kyoritsu Seiyaku (Japan), Zydus Animal Health and Investments Limited (India), Tianjin Ringpu Bio-Technology Co., Ltd. (China), HIPRA (Spain), Norbrook Holdings Limited (UK), Inovet (Belgium), Endovac Animal Health (US), ECO Animal Health Group plc (UK), Indian Immunologicals Ltd. (India), ALS Pvt. Ltd. (India), and Lutim Pharma Pvt. Ltd. (India).