Companion Animal Medicine Market Size to Surge at 9.6% CAGR Is Expected to Reach $32.8 Billion in 2028 | Grand View Research, Inc.

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According to a new report published by Grand View Research, Increasing prevalence of diseases in pets, rising pet expenditure, humanization of pets, adoption of online channels for buying pet medicines, and initiatives by key companies are the factors anticipated to fuel the market in the coming years.

The global companion animal medicine market size is anticipated to reach USD 32.8 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 9.6% from 2021 to 2028. The key factors driving the market for companion animal medicine include the rising pet population, the prevalence of diseases, and the availability of pet insurance. In Canada for example, 58% of households owned at least one dog or cat in 2020, according to the Canadian Animal Health Institute (CAHI). CAHI also reported a surge in feline vet visits following the start of the COVID-19 outbreak in 2020.

The COVID-19 pandemic notably affected the market for companion animal medicine. The impact included dampened sales, supply chain challenges, operational hurdles, fall inpatient visits, and reduced demand. Elanco for instance reported a 20% decline in revenue during Q2 2020. The company’s companion animal segment, in particular, was adversely impacted by the fall in brands in international markets and those administered in the clinic e.g. vaccines. The company reported a recovery in sales during H2 2020. Vetoquinol on the other hand reported an increase in sales, driven by its essential portfolio including veterinary drugs in 2020 despite limited access to vet clinics and hospitals due to lockdown protocols. Boehringer Ingelheim too registered increased sales in the companion animal segment.

With the rising number of pets across the globe, the trend of pet humanization has gained traction in several key markets. Pet parents are becoming increasingly aware of their pet’s health, treatment, and wellbeing. This has increased the adoption of pet insurance to reduce the financial risks for pet parents. Petplan- the largest pet insurance provider in the U.K. offers insurance policies for various species including dogs, cats, horses, small mammals, birds, reptiles, rabbits, and multi-pet owners. These policies provide coverage for physical and online consultations, prescription medicine, diagnostic tests, surgery, dental injury, cancer treatment, and more.

The rising prevalence of diseases in pets is another key driver expected to contribute to market growth. Parasitic infections from internal and external parasites for example, commonly affect pets. Antibiotics and topical therapies are often prescribed in the case of pyoderma. However, further testing and routine bathing with medicated shampoos may be prescribed in case of chronic or recurring pyoderma. Viv Silky Shampoo by Vivaldis for example is indicated for a range of fungal and bacterial infections including superficial and deep pyoderma.

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Companion Animal Medicine Market Report Highlights

The market was valued at USD 15.8 billion in 2020 and is expected to expand at a CAGR of 9.6% during the forecast period
Growing R&D initiatives by major companies is estimated to be a key driver for the market
For instance, Dechra pharmaceuticals commercialized 15 products from its Le Vet R&D pipeline in 2019
Pet humanization is further contributing to increased expenditure on pets including pet medicines
According to APPA U.S. citizens spent about USD 31.4 billion on vet care and products in 2020. The category included expenditure on routine veterinary care, surgical procedures, and pharmaceuticals
The hospital pharmacy segment dominated the market by distribution channel in 2020. The factors contributing to the large share include higher patient footfalls at hospitals and the convenience of buying the necessary medications as soon as the pet is diagnosed
North America held the largest share of about 36% in 2020 owing to well-established veterinary healthcare facilities, rising pet expenditure, and humanization of pets
In Asia Pacific, the market is expected to grow at the fastest rate of over 10% due to the rising pet population and pet health awareness

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Companion Animal Medicine Market Segmentation

Grand View Research has segmented the global companion animal medicine market on the basis of animal type and region:

Companion Animal Medicine Animal Type Outlook (Revenue, USD Million, 2016 – 2028)

Dogs
By Product
Biologics
Vaccines
By Type
Attenuated Live Vaccines
Inactivated Vaccines
Recombinant Vaccines
Toxoid
Others
By Indication
Distemper
Kennel cough (Parainfluenza)
Parvovirus
Canine herpes
Lyme Disease
Rabies
Others
Pharmaceuticals
Parasiticides
Anti-infectives
Anti-inflammatory
Analgesics
Others
Medicated Feed Additives
By Indication
Infectious Diseases
Dermatologic Diseases
Pain
Orthopedic Diseases
Behavioral Diseases
Other Indications
By Distribution Channel
Retail
E-Commerce
Hospital Pharmacy
Cats
By Product
Biologics
Vaccines
By Type
Attenuated Live Vaccines
Inactivated Vaccines
Recombinant Vaccines
Toxoid
Others
By Indication
Distemper
Kennel cough (Parainfluenza)
Parvovirus
Canine herpes
Lyme Disease
Rabies
Others
Pharmaceuticals
Parasiticides
Anti-infectives
Anti-inflammatory
Analgesics
Others
Medicated Feed Additives
By Indication
Infectious Diseases
Dermatologic Diseases
Pain
Orthopedic Diseases
Behavioral Diseases
Other Indications
By Distribution Channel
Retail
E-Commerce
Hospital Pharmacy
 Horses
By Product
Biologics
Vaccines
Attenuated Live Vaccines
Inactivated Vaccines
Recombinant Vaccines
Toxoid
Others
Others
Pharmaceuticals
Parasiticides
Anti-infectives
Anti-inflammatory
Analgesics
Others
Medicated Feed Additives
By Indication
Infectious Diseases
Dermatologic Diseases
Pain
Orthopedic Diseases
Behavioral Diseases
Other Indications
By Distribution Channel
Retail
E-Commerce
Hospital Pharmacy

Companion Animal Medicine Regional Outlook (Revenue, USD Million, 2016 – 2028)

North America
U.S.
Canada
Europe
Germany
U.K.
France
Italy
Spain
Russia
Asia Pacific
China
India
Japan
Latin America
Brazil
Mexico
Argentina
MEA
South Africa
Saudi Arabia

List of Key Players of the Companion Animal Medicine Market

Merck & Co., Inc.
Ceva
Vetoquinol S.A.
Zoetis
Boehringer Ingelheim International GmbH
Elanco
Virbac
Bimeda, Inc.
Norbrook
Calier

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