How Has the Companion Animal Pharmaceuticals Market Size Evolved in Recent Years?
The companion animal pharmaceuticals market has seen considerable growth due to a variety of factors.
• In recent years, the market size for companion animal pharmaceuticals has seen significant growth. With a compound annual growth rate (CAGR) of 8.5%, it is projected to escalate from $16.49 billion in 2024 to $17.9 billion in 2025. Factors contributing to the growth during the historic period include the humanization of pets, increased preventative healthcare, a rise in pet insurance, shifts in lifestyle and urbanization, concerns over zoonotic diseases, and accessibility to veterinary healthcare.
What Are The Predictions for The Companion Animal Pharmaceuticals Market?
The Companion Animal Pharmaceuticals market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of companion animal pharmaceuticals is predicted to experience accelerated expansion in the forthcoming years, reaching $26.52 billion in 2029 with a compound annual growth rate (CAGR) of 10.3%.
The amplification seen in the forecasted period can be credited to factors such as individualized treatments for pets, digitally operated veterinary services, emphasis on special nutritional products, health initiatives for both pets and owners, and growth in diagnostic services for animals. The forecast period is also expected to see significant trends like progress in veterinary science, custom-made therapeutics for elderly pets, adhering to regulatory standards and safe practices, as well as alliances and partnerships.
Which Drivers Are Accelerating Growth In The Companion Animal Pharmaceuticals Market?
The escalating incidence of zoonotic diseases is anticipated to fuel the expansion of the companion animal pharmaceuticals market in the future. Zoonotic diseases are those which can naturally transition between vertebrate animals and humans. To fight these diseases and reduce the potential of transmission, the pharmaceutical sector is adopting innovative methods and approaches that align with a unified health principles set. For example, in December 2022, a publication by the European Centre for Disease Prevention and Control, a Swedish governmental institution, stated that Campylobacteriosis remains the most common zoonosis, with a significant increase in reported cases to 127,840 in 2022. The majority of these Campylobacteriosis cases were linked to chicken and turkey meat. Salmonella was the next most prevalent zoonosis, affecting 60,050 people. Subsequent to Campylobacteriosis and Salmonellosis, the most reported zoonotic diseases were Yersiniosis (6,789 cases), Shigatoxin-producing E. coli infections (6,084 cases), and Listeriosis (2,183 cases). Consequently, the rising incidence of zoonotic diseases is bolstering the advancement of the companion animal pharmaceuticals market.
What Are The Core Segments Of The Global Companion Animal Pharmaceuticals Market?
The companion animal pharmaceuticals market covered in this report is segmented –
1) By Animal Type: Dogs, Cats, Horses, Other Companion Animals
2) By Indication: Infectious Diseases, Dermatologic Diseases, Pain, Orthopedic Diseases, Behavioral Diseases, Other Indications
3) By Distribution Channels: Veterinary Hospitals, Veterinary Clinics, Retail Pharmacies
Subsegments:
1)By Dogs: Vaccines, Antiparasitic, Anti-Inflammatory Drugs
2) By Cats: Vaccines, Antiparasitic, Anti-Inflammatory Drugs
3) By Horses: Vaccines, Antiparasitic, Anti-Inflammatory Drugs
4) By Other Companion Animals: Vaccines, Antiparasitic, Other Therapeutics
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Which Emerging Trends Are Reshaping The Companion Animal Pharmaceuticals Market Size?
Adopting advanced data technologies is an emerging trend that is gaining traction in the companion animal pharmaceuticals sector. To solidify their stand in the market, leading firms are concentrating on creating innovative technological solutions. For instance, Elanco Animal Health Incorporated, an American company in the companion animal pharmaceuticals sector, partnered with Ginkgo Bioworks, another US-based company in the same industry in April 2022. The purpose was to launch BiomEdit, a company dedicated to microbiome innovation for pioneering advancements in animal health. This initiative will yield new probiotics and additional related animal pharmaceuticals, innovating animal health through things like medicated feed ingredients, nutritional health, therapies for livestock and pet animals, and utilizing biosecurity technologies for the detection of animal diseases.
Who Are the Key Players In The Companion Animal Pharmaceuticals Market?
Major companies operating in the companion animal pharmaceuticals market include:
• Elanco Animal Health Incorporated
• Boehringer Ingelheim International GmbH
• Ceva Santé Animale
• Chanelle Pharma
• Eco Animal Health Group PLC
• Ashish Life Science Pvt. Ltd.
• Endovac Animal Health
• Hipra Laboratories
• Indian Immunologicals Ltd.
• Inovet Group
• Kyoritsu Seiyaku Corporation
• Lutim Pharma Pvt. Ltd.
• Merck & Co. Inc.
• Norbrook Laboratories Ltd.
• Tianjin Ringpu Bio-Technology Co. Ltd.
• Vetoquinol S.A.
• Virbac S.A.
• Zoetis Inc.
• Agrolabo S.p.A.
• ALS Pvt. Ltd.
• Zydus Animal Health and Investments Limited
• Eli Lilly and Company
• IDEXX Laboratories Inc.
• Merial Limited
• Novartis Animal Health Inc.
• Dechra Pharmaceuticals PLC
• Aratana Therapeutics Inc.
• Phibro Animal Health Corporation
• Kindred Biosciences Inc.
• Jaguar Health Inc.
• Nexvet Biopharma PLC
• Sentinel Biomedical Inc.
• PetMed Express Inc.
• Neogen Corporation
• Heska Corporation
• Synbiotics Corporation
• Eurovet Animal Health B.V.
• Vironova AB
• Abaxis Inc.
• Bioiberica S.A.U.
• Putney Inc.
• Lohmann Animal Health International
What Are The Regional Insights Into The Companion Animal Pharmaceuticals Market?
North America was the largest region in the companion animal pharmaceuticals market in 2024. Asia-Pacific is expected to be the fastest-growing region in the companion animal pharmaceuticals market report during the forecast period. The regions covered in the companion animal pharmaceuticals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
