New York, United States, Nov. 08, 2023 (GLOBE NEWSWIRE) -- The Global Companion Animal Pharmaceuticals Market size is to grow from USD 15.60 Billion in 2022 to USD 27.16 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 5.7% during the forecast period.
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Companion Animal Pharmaceuticals is a leading company focused on developing and distributing high-quality pharmaceutical products for companion animals. With a dedication to animal well-being, they offer a comprehensive range of medications and treatments for various conditions. Their team of skilled veterinarians and researchers ensures the safety and efficacy of their products, enhancing the quality of life for pets. The company's commitment to innovation and adherence to stringent quality standards strengthens the bond between humans and their beloved animal companions.
Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on the “Global Companion Animal Pharmaceuticals Market Size, Share, and COVID-19 Impact Analysis, By Animal (Dogs, Cats, Horses, and Others), By Route of Administration (Oral, Injectable, and Topical), By Product (Antibiotics, Anti-Inflammatory, Parasiticides, and Vaccines), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2032.”
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The cats segment is expected to grow at a significant CAGR of around 5.9% during the forecast period
Based on the animal, the global companion animal pharmaceuticals market is segmented into dogs, cats, horses, and others. The cats segment is anticipated to experience substantial growth during the forecast period in the companion animal pharmaceuticals market. Increasing cat ownership worldwide, driven by their popularity as companion animals, is expanding the customer base for cat-specific pharmaceutical products. Additionally, there is a growing emphasis on cat health and wellness, leading to higher demand for medications and treatments tailored to feline needs. Moreover, advancements in veterinary medicine and research are contributing to the development of innovative solutions for various cat-related health conditions. These factors combined create favorable conditions for significant growth in the cats segment of the companion animal pharmaceuticals market.
The oral segment held the largest market share with more than 45.3% in 2022.
Based on the route of administration, the global companion animal pharmaceuticals market is segmented into oral, injectable, and topical. The oral segment holds the highest share in the global companion animal pharmaceuticals market due to its convenience and ease of administration. Oral medications are preferred by pet owners as they can be easily administered without the need for a trained professional. They come in various forms like tablets, capsules, and liquids, which can be mixed with food or treats for easier consumption. Additionally, oral medications have a longer shelf life and do not require refrigeration, making storage and distribution more efficient for manufacturers and suppliers. The versatility and user-friendly nature of oral medications contribute to their dominance in the global market.
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Asia-Pacific is predicted to grow at a fastest CAGR of around 6.2% over the projected period
Based on region, the Asia-Pacific region is projected to experience the fastest growth rate in the companion animal pharmaceuticals market during the forecast period due to the rising disposable income in many countries within the region allowing pet owners to afford advanced healthcare options for their companion animals. The growing urbanization and changing lifestyles have led to an increased inclination towards pet ownership, bolstering the demand for pharmaceutical products. Additionally, the rising awareness about pet health and wellness, coupled with the expanding veterinary healthcare infrastructure, fosters the adoption of companion animal medications. These factors combined create a conducive environment for rapid market expansion in the Asia-Pacific region.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. major players in the global companion animal pharmaceuticals market include Zoetis Inc., Merck Animal Health, Boehringer Ingelheim International GmbH, Elanco Animal Health Incorporated, Bayer AG, Virbac, Dechra Pharmaceuticals PLC, Vetoquinol SA, Ceva Sante Animale, Kindred Biosciences, Inc., Norbrook, IDEXX Laboratories, Inc., Animalcare Group PLC, Neogen Corporation, Heska Corporation and other key vendors.
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Recent Developments
- In January 2022, The US Food and Drug Administration approved Zoetis' Simparica Trio chewable tablets, which have a new label indication for preventing Borrelia burgdorferi infections in dogs. The inclusion of this indication improves the product's performance, giving it a helpful choice for protecting dogs against viruses that cause Lyme disease.
- In November 2022, Virbac, a leading manufacturer of companion animal products in the United States, has introduced MOVOFLEX, a revolutionary joint supplement for dogs, to the European market. This new product is intended to support and promote joint health, as well as address mobility concerns and improve the general well-being of dogs in the region.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global companion animal pharmaceuticals market based on the below-mentioned segments:
Companion Animal Pharmaceuticals Market, By Animal
- Dogs
- Cats
- Horses
- Others
Companion Animal Pharmaceuticals Market, By Route of Administration
- Oral
- Injectable
- Topical
Companion Animal Pharmaceuticals Market, By Product
- Antibiotics
- Anti-Inflammatory
- Parasiticides
- Vaccines
Companion Animal Pharmaceuticals Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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