Northbrook, IL 60062 -- (SBWIRE) -- 04/06/2023 -- The companion animal pharmaceuticals industry is expected to experience strong growth in the near future as pet owners continue to prioritize the health of their pets. Additionally, new technologies, such as personalized medicine, are expected to become more widespread and can help to improve the well-being of both companion animals and their owners. Furthermore, as the pet population continues to grow and the human-animal bond strengthens, the demand for veterinary services and products will increase accordingly. Finally, the rise of home delivery services for veterinary products and medications is expected to further boost the companion animal pharmaceuticals industry.

Companion Animal Pharmaceuticals Market in terms of revenue was estimated to be worth $14.4 billion in 2022 and is poised to reach $19.6 billion by 2027, growing at a CAGR of 6.3% from 2022 to 2027 according to a new report by MarketsandMarkets™. Factors such as rising prevalence of zoonotic diseases, initiatives by various government agencies and animal associations, rising demand for pet insurance due to growing animal health expenditure, increasing R&D investments for animal healthcare, and high pet ownership rates worldwide are fueling this market.

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The infectious diseases segment is expected to account for the largest share of the companion animal pharmaceuticals market in 2021

Based on indication, the global companion animal pharmaceuticals market is segmented into infectious diseases, orthopedic diseases, pain, dermatologic diseases, behavioral disorders, and other indications. The infectious diseases segment has the largest share of the market. The large share of this segment can be attributed to the growing regulatory guidelines to prevent the spread of infectious diseases is fueling the market growth, easy accessibility of these pharmaceuticals, rising initiatives by government and animal health associations for controlling disease outbreaks, and growing adoption rates of pet ownership.

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

Based on animal type, the companion animal pharmaceuticals market is segmented into dogs, cats, horses/equine, and others. The dogs segment is projected to grow at the highest CAGR in the forecast period. This growth can be attributed to the rising dog population and increasing adoption rate of dogs, increasing skin allergies, rising canine healthcare expenditure, and the rising number of pet insurers worldwide.

The North America segment is expected to account for the largest share of the companion animal pharmaceuticals market in 2021

North America holds largest share in companion animal pharmaceuticals market 2021. The rising pet ownership and increasing animal health expenditure, rising per capita income in these countries, 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.

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Companion Animal Pharmaceuticals Market Dynamics:

Drivers:

Growing prevalence of zoonotic diseases
Rising demand for pet insurance with growing animal health expenditure
Growing investments by key players
Initiatives by various government agencies and animal associations
Growth in companion animal ownership rates

Restraints:

Rising pet care costs
Limited number of new product developments
High storage cost of vaccines
Growing resistance to antimicrobials and antibiotics

Opportunities:

Lucrative growth opportunities in emerging markets
Growing prevalence of animal diseases
Technological advancements in manufacturing vaccines
Growing in the companion animal population

Challenges:

Stringent regulatory approval process for drugs
Inadequate surveillance and reporting systems of vaccines
Diversity of parasite species
Lack of veterinary practitioners in developing markets

Key Market Players:

Major players operating in the companion animal pharmaceuticals market 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) are some of the market players.

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Recent Developments:

In November 2022, the company launched MOVOFLEX, a new joint supplement for dogs, in Europe

In January 2022, Zoetis received the US FDA Approval of Simparica Trio (sarolaner, moxidectin, and pyrantel chewable tablets), a new label Indication for the prevention of Borrelia burgdorferi Infections in dogs.

In July 2020, Merck acquired the US rights from Virbac for the SENTINEL brand of combination parasiticides used to protect dogs against fleas and common intestinal parasites.

In December 2020, Elanco entered into an agreement with Kindred Biosciences to acquire the exclusive global rights to KIND-030, a first-of-its-kind monoclonal antibody developed to treat and prevent canine parvovirus (CPV).