The market is expected to reach $32.8 billion by 2028, growing at a CAGR of 9.6% from 2021 to 2028
Global companion animal medicine market
Global companion animal medicine market
Dublin, 02 Feb. 2022 (GLOBE NEWSWIRE) — The “Companion Animal Medicine Market Size, Share and Trend Analysis Report by Animal Type (Dogs, Cats, Horses), by Region (South America, North, Europe, Asia-Pacific, Latin America, Middle East and Africa), and Segment Forecasts report, 2021-2028″ has been added to from ResearchAndMarkets.com offer.
The global companion animal medicine market size is expected to reach USD 32.8 billion by 2028 and is expected to grow at a CAGR of 9.6% from 2021 to 2028
Key factors driving the pet medicine market include growing pet population, prevalence of diseases, and availability of pet insurance. In Canada, for example, 58% of households owned at least one dog or cat in 2020, according to the Canadian Institute of Animal Health (CAHI). CAHI also reported an increase in feline veterinarian visits following the start of the COVID-19 outbreak in 2020.
The COVID-19 pandemic has particularly affected the companion animal medicine market. The impact included lower sales, supply chain challenges, operational hurdles, fall hospital visits and reduced demand. Elanco, for example, reported a 20% decline in revenue during the second quarter of 2020.
The company’s companion animal segment, in particular, was hurt by falling brands in international markets and clinically administered ones such as vaccines. The company recorded a recovery in sales in the second half of 2020. Vetoquinol meanwhile recorded an increase in sales, driven by its essential portfolio including veterinary drugs in 2020 despite limited access to veterinary clinics and hospitals in due to containment protocols. Boehringer Ingelheim also recorded an increase in sales in the companion animal segment.
With the growing number of pets around the world, the trend towards humanizing pets has gained traction in several key markets. Pet parents are increasingly aware of their pet’s health, care and welfare. This has increased the adoption of pet insurance to reduce financial risks for pet owners.
Petplan – the UK’s largest pet insurance provider offers insurance policies for a variety of species including dogs, cats, horses, small mammals, birds, reptiles, rabbits and owners of multiple pets. These policies provide coverage for in-person and online consultations, prescription drugs, diagnostic tests, surgery, dental injuries, cancer treatment, and more.
Rising prevalence of diseases in companion animals is another key factor that is expected to contribute to the growth of the market. Parasitic infections from internal and external parasites, for example, commonly affect pets. Antibiotics and topical treatments are often prescribed for pyoderma.
However, additional tests and routine baths with medicated shampoos may be prescribed for chronic or recurring pyoderma. Vivaldis’ Viv Silky Shampoo, for example, is indicated for a range of fungal and bacterial infections, including superficial and deep pyoderma.
Companion Animal Medicine Market Report Highlights
The market was valued at USD 15.8 billion in 2020 and is expected to grow at a CAGR of 9.6% during the forecast period
Growing R&D initiatives by large companies are estimated to be a key driver for the market
For example, Dechra Pharmaceuticals commercialized 15 products from its Le Vet R&D pipeline in 2019
The humanization of pets further contributes to increased spending on pets, including pet medications
According to APPA, US citizens spent approximately $31.4 billion on veterinary care and products in 2020. The category included spending on routine veterinary care, surgeries, and pharmaceuticals.
Hospital pharmacy segment led the market by distribution channel in 2020. Factors contributing to this large share include higher patient footfall in hospitals and the convenience of purchasing needed medications as soon as the animal is diagnosed .
North America held the largest share of around 36% in 2020 due to well-established veterinary care establishments, increased spending on pets, and humanization of pets
In Asia-Pacific, the market is expected to grow at the fastest rate of more than 10% owing to increasing pet population and pet health awareness
For more information about this report visit https://www.researchandmarkets.com/r/lrrri3
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