CompanionAnimal Pharmaceuticals Market Size And Forecast
CompanionAnimal Pharmaceuticals Market was valued at USD 12.8 Billion in 2020 and isprojected to reach USD 18.5 Billion by 2028, growing at a CAGR of 7.6% from 2021 to2028.
Therise in companion animal ownership, rising prevalence of zoonotic diseases,rising demand for pet insurance with rising animal health expenditure, andinitiatives by various government agencies and animal associations are alldriving this market forward. The high demand for effective monitoring, combinedwith increased awareness of the epidemiology and pathogenesis of diseases inpets, has prompted organizations like the Companion Animal Parasite Council andthe European Scientific Council on Companion Animal Parasites to takeappropriate measures. These organizations also plan to improve productivity,prevent disease, and improve nutritional content. Pets kept for the protectionof a person, company, property, or residence are known as companion animals.These animals aid in the prevention of theft and provide a secure environment.The most popular pets are dogs and cats. Many people value companion animalsbecause they give them a sense of belonging and responsibility.
GlobalCompanion Animal Pharmaceuticals Market Definition
Unlikean assistive animal, a companion animal has no special training in helping aperson cope with a disability. Companion animals provide company, amusement,psychological support, extrovert display, and all of the other functions thathumans require from other animals. A veterinarian for companion animals cantreat wounds, diagnose illnesses, perform surgery, give vaccines, and writeprescriptions. They also put animals to sleep when they are nearing the end oftheir lives. Owners of companion animals (pets) are responsible for the care,actions, and welfare of any animal in their custody, ownership, management, orcontrol.
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Choosingan animal that is appropriate for the owner’s lifestyle, budget, and ability toproperly care for and manage the animal throughout its life. The most widelyused products for animal healthcare are animal health products, particularlyfeeds. It also brings with it a market for products such as pharmaceuticals andvaccines that benefit the health and well-being of these animals. Animals getnutrition from these products. Over the last few decades, the number of peoplewho own and spend money on companion animals has increased. Pet owners arespending more money per pet than they have in the past. Pet owners insist thattheir pets live healthy lifestyles in the same way that they do.
GlobalCompanion Animal Pharmaceuticals Market Overview
Somepathogens can be transmitted from animals to humans, which is known as zoonotictransmission. Rabies, salmonellosis, plague, brucellosis, and Lyme disease areexamples of zoonotic diseases. Animals are also susceptible to the samediseases and environmental hazards that humans are, and they can serve as earlywarning systems for potential human infections. The global incidence ofzoonotic diseases has increased over the last two decades, owing primarily tothe increased pet population. Every year, 13 zoonoses cause 2.4 billion casesof human disease and 2.2 million deaths, according to the InternationalLivestock Research Institute (ILRI). Toxoplasmosis, which is spread by catfaeces, is extremely common, with 10–20% of the UK population and 22% of the USpopulation carrying the parasite as cysts. Cats with chronic bacteremia areprimarily infected through their saliva, and young adult cats pose a high riskof transmission.
Historically,animal healthcare product adoption in veterinary practices and by pet owners inIndia and China has been lower than in developed markets like the United Statesand some European countries. India and China offer high-growth opportunitiesfor players in the APAC animal health industry, thanks to an increase incompanion animal population and rising animal health expenditure. Furthermore,many international players are focusing their investments in these countries toexpand their presence and secure long-term revenue growth.
Accordingto the APPA National Pet Owners Survey (2019), the average US household spentUSD 731 on the routine veterinarian and surgical visits for dogs in 2019, up 47per cent from a decade ago. In 2019, USD 427 was spent on routine veterinarianand surgical visits for cats. The annual veterinary cost in Germany is USD162.9 (EUR 140) for a dog and USD 75.61 (EUR 65) for a cat. Pet owners in Japanspend about USD 2,000–3,000 (JPY 200,000–300,000) per year on their pets’health. Even though the Companion Animal Pharmaceuticals is growing, the numberof animals covered for treatment remains low. As a result, animal owners aretypically responsible for the majority of treatment costs. According to theSociety for Practicing Veterinary Surgeons, the cost of veterinary treatment isrising at a rate of about 12% per year, thanks to rising pet insurance. Thelimited number of new antibiotics, rising pet care costs, and rising vaccinestorage costs, on the other hand, are expected to restrain the market growthduring the forecast period.
GlobalCompanion Animal Pharmaceuticals Market: Segmentation Analysis
TheGlobal Companion Animal Pharmaceuticals Market is Segmented on the basis ofIndication, Animal Type, Distribution Channel And Geography.
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CompanionAnimal Pharmaceuticals Market, By Indication
o Antibiotics & Antimicrobials
o Parasitic ides
o Other Companion Animal Pharmaceuticals
• Orthopedic Diseases
• Behavioral Diseases
• Other Indications
Basedon Indication, the market is segmented into Infectious Diseases, DermatologicDiseases, Pain, Orthopedic Diseases, Behavioral Diseases and Other Indications.
CompanionAnimal Pharmaceuticals Market, By Animal Type
• Other Companion Animals
Basedon Animal Type, the market is segmented into Dogs, Cats, Horses and OtherCompanion Animals.
CompanionAnimal Pharmaceuticals Market, By Distribution Channel
• Veterinary Clinics
• Retail Pharmacies
Basedon Distribution Channel, the market is segmented into Veterinary Hospitals,Veterinary Clinics, and Retail Pharmacies.
CompanionAnimal Pharmaceuticals Market, By Geography
• Asia Pacific
• Rest of the world
Onthe basis of Geography, the Global Companion Animal Pharmaceuticals Market isclassified into North America, Europe, Asia Pacific, and the Rest of the world.North America was the leading market for Companion Animal Pharmaceuticals in2020, followed by Europe, Asia Pacific, Latin America, and the Middle East, andAfrica. The large share of North America can be attributed to the region’swell-established animal health industries, high adoption of companion animals,rising parasitic infection rates, large number of hospitals and clinics,growing pool of veterinarians, and rising animal health expenditure. Theincreasing number of research activities, funding, and public awarenesscampaigns in the field of veterinary health management is also expected to fuelmarket growth.
The“Global Companion Animal Pharmaceuticals Market” study report will providevaluable insight with an emphasis on the global market. The major players inthe market are BayerAG, Elanco Animal Health, Merck & Co., Merial, Virbac, Vetoquinol SA,Zoetis Inc., Novartis Animal Health, Inc., Sanofi Animal Health, Inc., andBioniche Animal Health Canada.
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