Dublin, March 31, 2023 (GLOBE NEWSWIRE) -- The "Global Companion Animal Pharmaceuticals Market by Animal Type (Dogs, Cats, Horses), Route of Administration (Oral, Injectable, Topical), Indication (Antibiotics, Parasiticides), Distribution Channel (Veterinary Hospitals & Clinics) & Region - Forecasts to 2027" report has been added to ResearchAndMarkets.com's offering.
from USD 14.4 billion in 2022, at a CAGR of 6.3% during the forecast period. The rising prevalence of zoonotic diseases, Rising demand for pet insurance due to growing animal health expenditure, Increasing R&D investments for animal healthcare, Initiatives by various government agencies and animal associations and high pet ownership rates worldwide are some of the factors driving the growth of these markets.
However, rising pet care costs, limited number of new product developments, high cost of vaccines and complexities associated with storage, Growing resistance to antimicrobials and antibiotics are restraining the growth of this market to a certain extent.
The dermatologic diseases segment is projected to grow at the highest CAGR in the companion animal pharmaceuticals market
The dermatologic diseases segment is projected to grow at the highest CAGR during the forecast period. The rising need for advanced orthopedic drugs, increasing prevalence of arthritis, and growing pet population in developed and developing countries are some of the key factors driving the growth of this segment.
In the forecast period, the dogs segment holds the largest share in the animal type segment
The dogs segment accounted for the largest market share in 2021. The large share of this segment is attributed to the increasing dog population and rising ownership rate in both developed and developing countries , rising canine healthcare expenditure, increasing prevalence of zoonotic diseases and other skin allergies in dogs, and the rising number of pet insurers across the globe.
In the forecast period, by distribution channel segment, veterinary hospitals is expected to grow at the highest CAGR in the companion animal pharmaceuticals market
During the forecast period, the veterinary hospitals segment is expected to grow at the highest CAGR. The higher adoption of animal parasiticides, analgesic, antimicrobials and antibiotics in hospital settings, rising cases of infectious diseases, increasing number of veterinary hospitals, growing ownership rate of companion animals, and rising veterinary expenditure are some of the key factors driving the growth of this segment.
By Region, North America holds the largest share in the companion animal pharmaceuticals market, in the forecast period
By Region, In 2021, North America accounted for the largest share of the companion animal pharmaceuticals market in the forecast period, followed by Europe, the Asia Pacific, Latin America, and the Middle East & Africa. The large share of North America can be attributed to the high adoption rate of companion animals such as dogs and cats, well-established base of animal health industries, rising animal adoption centers, rising cases of parasitic infections, the large number of hospitals and clinics, growing expenditure on animal health in the region and , growing pool of veterinarians.
Market Dynamics
Market Drivers
- Rising Prevalence of Zoonotic Diseases
- Rising Demand for Pet Insurance due to Growing Animal Health Expenditure
- Increasing R&D Investments for Animal Healthcare
- Rising Awareness Initiatives by Government Agencies and Animal Welfare Organizations
- High Pet Ownership Rates Worldwide
Market Restraints
- Rising Pet Care Costs
- Limited Number of Novel Pharmaceuticals for Veterinary Care
- High Cost of Vaccines and Complexities Associated with Storage
- Growing Resistance to Antimicrobials and Antibiotics
Market Opportunities
- Lucrative Growth Opportunities in Emerging Markets
- Growing Prevalence of Chronic Animal Diseases
- Rising Technological Advancements in Vaccine Manufacturing
Market Challenges
- Stringent Regulatory Approval Process for Pharmaceuticals
- Limited Awareness of Vaccine Coverage
- Misdiagnosis due to Diversity of Parasites
- Low Animal Healthcare Expenditure in Emerging Countries
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 268 |
| Forecast Period | 2022 - 2027 |
| Estimated Market Value (USD) in 2022 | $14.4 Billion |
| Forecasted Market Value (USD) by 2027 | $19.6 Billion |
| Compound Annual Growth Rate | 6.3% |
| Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Insights
7 Companion Animal Pharmaceuticals Market, by Indication
7.1 Introduction
7.2 Infectious Diseases
7.2.1 Parasiticides
7.2.2 Vaccines
7.2.3 Antibiotics and Antimicrobials
7.2.4 Others
7.3 Dermatologic Diseases
7.4 Pain
7.5 Orthopedic Diseases
7.6 Behavioral Disorders
7.7 Other Indications
8 Companion Animal Pharmaceuticals Market, by Route of Administration
8.1 Introduction
8.2 Oral Administration
8.3 Injectable Administration
8.4 Topical Administration
9 Companion Animal Pharmaceuticals Market, by Animal Type
9.1 Introduction
9.2 Dogs
9.3 Cats
9.4 Horses
9.5 Other Companion Animals
10 Companion Animal Pharmaceuticals Market, by Distribution Channel
10.1 Introduction
10.2 Veterinary Hospitals
10.3 Veterinary Clinics
10.4 Retail Pharmacies
11 Companion Animal Pharmaceuticals Market, by Region
12 Competitive Landscape
13 Company Profiles
14 Appendix
Companies Mentioned
- Analyst's View
- Ashish Life Science Pvt. Ltd.
- Biogenesis Bago S.A.
- Boehringer Ingelheim International GmbH
- Brilliant Biopharma
- Ceva Sante Animale
- Chanelle Pharma
- Dechra Pharmaceuticals plc
- Eco Animal Health Group plc
- Elanco Animal Health Incorporated
- Endovac Animal Health
- Hipra
- Indian Immunologicals Ltd.
- Intas Pharmaceuticals
- Kyoritsu Seiyaku
- Merck & Co., Inc.
- Neogen Corporation
- Norbrook
- Orion Group
- Pharma Pvt. Ltd.
- Tianjin Rinpu Bio-Technology Co., Ltd.
- Vetindia Pharmaceuticals Limited
- Vetoquinol
- Virbac
- Zenex Animal Health India Private Limited
- Zoetis Inc.
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