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DUBLIN–(BUSINESS WIRE)–The “Pet Medicine Market Analysis Report on Size, Share and Trends by Animal Type (Dogs, Cats, Horses), by Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa) and Segment Forecasts , 2021-2028″- Report has been added ResearchAndMarkets.com Offer.
The global pet medicine market size is expected to reach USD 32.8 billion by 2028 and is expected to grow at a CAGR of 9.6% from 2021 to 2028
The key factors driving the pet medicine market include the increasing pet population, disease prevalence 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 an increase in veterinary visits to cats following the start of the COVID-19 outbreak in 2020.
The COVID-19 pandemic has particularly affected the pet medicines market. Impacts included subdued sales, supply chain challenges, operational hurdles, hospital visits in the event of a fall, and lower demand. Elanco, for example, reported a 20% drop in revenue in the second quarter of 2020.
In particular, the Company’s pet segment has been impacted by the decline in brands in the international markets and those administered in the clinic, e.g. B. vaccines, negatively affected. The company reported a sales recovery in the second half of 2020. Vetoquinol, on the other hand, reported an increase in sales driven by its essential portfolio including veterinary drugs in 2020, despite restricted access to veterinary clinics and hospitals due to lockdown protocols. Boehringer Ingelheim also reported increasing sales in the pet supplies segment.
With the increasing number of pets around the world, 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 well-being. This has increased the acceptance of pet insurance to reduce financial risks for pet parents.
Petplan – the UK’s largest pet insurance provider offers insurance policies for a variety of species including dogs, cats, horses, small mammals, birds, reptiles, rabbits and multiple pet owners. These policies provide coverage for physical and online consultations, prescription medications, diagnostic tests, surgery, dental injuries, cancer treatment and more.
The increasing prevalence of diseases in pets is another important driver that is expected to contribute to the market growth. For example, parasitic infections from internal and external parasites often affect pets. Antibiotics and topical therapies are often prescribed for pyoderma.
However, with chronic or recurrent pyoderma, further testing and routine bathing with medicated shampoos may be prescribed. For example, Vivaldis Viv Silky Shampoo is indicated for a range of fungal and bacterial infections, including superficial and deep pyoderma.
Highlights of the Veterinary Drugs market report
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The market was valued at USD 15.8 billion in 2020 and is projected to grow at a CAGR of 9.6% over the forecast period
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Increasing R&D initiatives by large companies are estimated to be key drivers for the market
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For example, in 2019, Dechra Pharmaceuticals commercialized 15 products from its Le Vet research and development pipeline
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The humanization of pets further contributes to increased spending on pets, including pet medicines
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According to APPA, U.S. residents spent approximately $31.4 billion on veterinary supplies and products in 2020. This category included expenses for routine veterinary care, surgical procedures, and pharmaceuticals
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The hospital pharmacy segment dominated the market by distribution channel in 2020. Factors that contributed to the large proportion include higher patient footfall in hospitals and the convenience of purchasing the necessary medication once the pet has been diagnosed
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North America had the largest share of about 36% in 2020, attributed to well-established veterinary facilities, rising pet spending, and the humanization of pets
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Asia Pacific is expected to see the fastest growing market at over 10% due to increasing pet population and pet health awareness
companies mentioned
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Merck & Co., Inc.
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Something
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Vetoquinol SA
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Zoetis
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Boehringer Ingelheim International GmbH
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Elanco
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Virbac
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Bimeda, Inc.
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Norbrook
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Kalier
For more information about this report, visit https://www.researchandmarkets.com/r/1mh661
