The global companion animal pharmaceuticals market is projected to reach USD 18. 5 billion by 2026. from USD 12. 8 billion in 2021, at a CAGR of 7. 6% during the forecast period.
New York, April 16, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Companion Animal Pharmaceuticals Market by Indication, Animal Type, Distribution Channel, COVID-19 Impact - Global Forecast to 2026" - https://www.reportlinker.com/p06063656/?utm_source=GNW
Companion animals play an important role in the lives of many, providing a sense of belonging and responsibility. Animal health products, especially pharmaceuticals, are the most widely used products for animal healthcare. They contribute significantly to the health and wellbeing of animals. Companion animal ownership and expenditure have witnessed a significant increase over the years. Pet owners are spending more per pet than ever before. The increasing number of people having pets, emphasis on animal healthcare and vaccination, increasing demand for animal healthcare products, increasing number of veterinary practitioners and their rising income levels in developed economies, increasing prevalence of zoonotic diseases, growth in companion animal adoption, increasing prevalence of animal diseases, and rising demand for pet insurance are some of the factors driving the growth of these markets. However, the limited number of new antibiotics, rising pet care costs, growing resistance to antimicrobials and antibiotics, and rising cost of vaccine storage are restraining the growth of this market to a certain extent.
The dermatologic diseases segment to grow at the highest CAGR in the companion animal pharmaceuticals market, in the forecast period.
Based on the prescription of pharmaceuticals for a number of disorders prevailing in animals, the companion animal pharmaceuticals market is segmented into infectious diseases, dermatologic diseases, orthopedic diseases, pain, behavioral disorders, and other indications.The dermatologic diseases segment is expected to grow at the highest CAGR during the forecast period.
The increasing prevalence of arthritis, rising need for advanced orthopedic drugs, and growing pet population are some of the key factors driving the growth of this segment.
The dogs segment holds the largest share in the animal type segment, in the forecast period.”
Based on animal type, the companion animal pharmaceuticals market is segmented into dogs, cats, horses, and other companion animals.The dogs segment accounted for the largest market share in 2020.
The large share of this segment is attributed to the increasing dog population and rising ownership rate, increasing prevalence of zoonotic diseases and other skin allergies in dogs, rising canine healthcare expenditure, and the increasing number of pet insurers across the globe.
Veterinary hospitals is expected to grow at the highest CAGR in the companion animal pharmaceuticals market by distribution channel segment in the forecast period
Based on the distribution channel, the global companion animal pharmaceuticals market is segmented into veterinary hospitals, veterinary clinics, and retail pharmacies.The veterinary hospitals segment is expected to grow at the highest CAGR during the forecast period.
The higher adoption of animal parasiticides and antibiotics in hospital settings, increasing incidence of infectious diseases, growing number of veterinary hospitals, growing ownership of companion animals, increasing veterinary expenditure, and growing awareness about animal health in developing countries, are some of the key factors driving the growth of this segment.
North America holds the largest share in the companion animal pharmaceuticals market, by region, in the forecast period
In 2020, North America accounted for the largest share of the companion animal pharmaceuticals market, followed by Europe, the Asia Pacific, Latin America, and the Middle East & Africa.The large share of North America can be attributed to the well-established base of animal health industries, the high adoption of companion animals, rising incidence of parasitic infections, the large number of hospitals and clinics, growing pool of veterinarians, and growing expenditure on animal health in the region.
The growing number of research activities and funding and awareness campaigns in the field of veterinary health management is also expected to drive the growth of this market.
A breakdown of the primary participants for the companion animal pharmaceuticals market referred to for this report is provided below:
• By Company Type: Tier 1–35%, Tier 2–45%, and Tier 3–20%
• By Designation: C-level–35%, Director Level–25%, and Others–40%
• By Region: North America–45%, Europe–30%, Asia Pacific–20%, Latin America – 3%, Middle East & Africa–2%
The prominent players in the global companion animal pharmaceuticals market are Zoetis Inc. (US), Merck & Co., Inc. (US), Boehringer Ingelheim GmbH (Germany), Elanco Animal Health Incorporated (US), Ceva Santé Animale (France), Virbac (France), Vetoquinol S.A. (France), Dechra Pharmaceuticals plc (UK), Chanelle Pharma (Ireland), Kyoritsu Seiyaku (Japan), Zydus Animal Health and Investments Limited (India), Tianjin Ringpu Bio-Technology Co., Ltd. (China), HIPRA (Spain), Norbrook Holdings Limited (UK), Inovet (Belgium), Endovac Animal Health (US), ECO Animal Health Group plc (UK), Indian Immunologicals Ltd. (India), ALS Pvt. Ltd. (India), and Lutim Pharma Pvt. Ltd. (India).
The report analyzes the market for various companion animal pharmaceuticals and their adoption pattern.It aims at estimating the market size and future growth potential of the global companion animal pharmaceuticals market and different segments such as indication, animal type, distribution channels, and region.
The report also includes an in-depth competitive analysis of the key players in this market along with their company profiles, product & service offerings, and recent developments.
Reasons to Buy the Report
The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share. Firms purchasing the report could use one or any combination of the below-mentioned five strategies for strengthening their market presence.
This report provides insights on the following pointers:
• Market Penetration: Comprehensive information on the product portfolios offered by the top players in the global companion animal pharmaceuticals market
• Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product or service launches in the global companion animal pharmaceuticals market
• Market Development: Comprehensive information on the lucrative emerging regions by indication, animal type, distribution channels, and region
• Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the global companion animal pharmaceuticals market.
• Competitive Assessment: In-depth assessment of market shares, growth strategies, revenue analysis, and products of leading players in the global companion animal pharmaceuticals market.
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