DUBLIN, Feb. 02, 2022 (GLOBE NEWSWIRE) — The “Companion Animal Medicine Market Size, Share & Trends Analysis Report by Animal Type (Dogs, Cats, Horses), by Region (North America, Europe, Asia Pacific, Latin America , Middle East & Africa), and Segment Forecasts, 2021-2028” report has been added to ResearchAndMarkets.com’s offering.
The global companion animal medicine market size is anticipated to reach USD 32.8 billion by 2028 and 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 eg 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 also 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 UK 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.
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 US 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
- Merck & Co., Inc.
- Vetoquinol SA
- Boehringer Ingelheim International GmbH
- Bimeda, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/lrrri3
Global Companion Animal Medicine Market