Companion Animal Drug Market Highlights 2022-2030
The companion animal drug market is estimated to grow with a high CAGR during the forecast period, i.e., 2022-2030. The increasing initiatives by the government regulatory bodies to promote veterinary drugs in the market, along with the growing adoption of pets are expected to increase the requirement for animal drugs in the market. The growth of the market can also be attributed to factors such as the increasing R&D investment by the major players to approve new drugs in the animal healthcare market. According to the data collected from the Humane Society of the United States, in 2020, 84.9 million of households were owning a pet. Such increasing adoption of pet in the United States has increased the demand for animal drugs in the market.
The market is segmented based on animal type into dogs, cats, horses, and others, out of which, the dog segment is anticipated to grab the largest share by the end of 2021 on account of increased adoption of dog as a pet and rising investments by the pet owners for the betterment. Moreover, increasing government approval of animal drugs globally is also projected to contribute to the growth of the segment during the forecast period.
On the basis of drugs, the antibiotics segment in the global companion animal drug market is projected to grow with a significant CAGR over the forecast period. The growth of the segment can be attributed to the fact that there is an increase in the number of diseases associated with the animals. As a result, there is a growing demand for cure and treatment processes for the animals in the global market. CLICK TO DOWNLOAD SAMPLE REPORT
Based on sales channel, the veterinary hospitals & clinics segment held the largest share in the global companion animal drug market on the back of increasing influx of animals for treatment and awareness for animal health among individual.
Companion Animal Drug Market Regional Synopsis
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the rising adoption of animals as a pet in the region. Furthermore, in 2021, the market in North America is evaluated to occupy the largest share in terms of revenue, owing to the growing animal healthcare investment, accompanied by the presence of leading animal healthcare service providers, and the increasing pet ownerships in the region. Along with this, the countries in North America such as the United States is promoting animal healthcare campaigns, which is also expected to contribute to the market growth in the region. Alternatively, the market in Europe is also anticipated to occupy a significant share in the global companion animal drug market on account of its proven success in terms of technology development and a high adoption of pets by the households in the region. As per the 2019 analysis of the European Pet Food Industry, 85 million of European household is estimated to own at least one pet animal.
The global companion animal drug market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Our in-depth analysis of the global companion animal drug market includes the following segments:
By Animal Type
- Other Animals
Route of Administration
- Pharmacies & Drug Stores
- Veterinary Hospitals & Clinics
- Rising Adoption of Animals as a Pet
- Increasing Approval of Animal Drug
- Increasing Cost of Veterinary Care
- Lack of Awareness
Top Featured Companies Dominating the Market
- Bayer AG
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Merck & Company, Inc.
- Boehringer Ingelheim International GmbH
- Perrigo Company plc
- Vetoquinol SA
- Zoetis Inc.
- Nutreco N.V.