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From 2023 to 2030, the worldwide market for companion animal medicine is projected to rise from its 2022 valuation of USD 19.8 billion at a CAGR (compound annual growth rate) of 10.9%. Market expansion is being driven by a number of reasons, including the rising incidence of pet-related disorders, the rising cost of caring for dogs, the increasing humanization of pets, the increasing popularity of using the internet to purchase pet medicines, and the efforts of important firms.
The spread of COVID-19 had a major impact on business. Consequences included, but were not limited to, lower sales, fewer research efforts, and disruptions in the supply chain. In the first quarter of 2020, for example, Elanco's sales fell by 10.0% due to working capital difficulties and a reduction in demand. In the second quarter of 2020, the pandemic caused a loss of USD 100 million in sales for Merck's animal health division. Some companies even reported increased profits or no change in earnings despite the widespread spread of the COVID-19 virus. For instance, Calier said that its small animal and exotic pet division had a productive year. Dynacan Spot-On, an external parasiticide for canines, felines, and even ferrets, was also released by the business. Vetoquinol's 2020 revenue growth was aided by the company's wide variety of veterinary and non-veterinary products. E-commerce sales channels and remote assistance platforms have helped the industry reach its full potential, resulting in a quicker growth rate in 2021.
Companion animal drugs are provided to pets to keep them healthy and safe from disease and illness. During surgery, a veterinarian who treats companion animals may give their patient medication to ease pain, aid in diagnosis, etc. Medications for companion animals are essential for the health of pets and the safety of the people in the household who provide care for them. Dogs, cats, horses, and other pets are among the many that benefit from companion animal medications. An increase in public and private sector initiatives to promote animal health is expected to drive market growth during the forecast period. The One Health Initiative is a good example of this type of collaborative effort amongst multiple groups. The American Veterinary Medical Association (AVMA), the Food and Agriculture Organisation (FAO), the World Organisation for Animal Health (OIE), and others fall under this category.
In the United Kingdom, 14.10% of dogs were found to have dental abnormalities and 12.6% were found to have skin illnesses, according to a study published in the BMC Veterinary Research Journal in 2021. The increased popularity of pet insurance and the rising frequency with which pets visit veterinarians are driving demand. In June of 2022, for instance, pet insurance provider Trupanion reported that it had signed up 1.3 million pets for coverage. Its second-quarter 2021 growth rate was 32%. The economy felt significant effects from the COVID-19 pandemic. A number of unfavourable outcomes resulted from this, including lower demand, supply chain interruptions, obstacles to research, and lower sales. The first quarter of 2020 saw a 10% drop in Elanco's revenue, primarily owing to working capital challenges and decreased demand. The pandemic reportedly cost Merck's animal health division $100 million in income during the second quarter of 2020.
Among a veterinarian's many duties is the administration of medication for surgical procedures, injury treatment, and disease diagnosis. Keeping pets healthy and protecting the people who care for them from any potential health risks posed by animals makes the use of pharmaceuticals a must. The term "companion animal" is commonly used to refer to domesticated canines and felines. Companion animals feel stress when receiving long-term therapy for a chronic ailment, which can be difficult for their owners to manage. These dietary supplements for pets help pets grow and develop while also improving their diet's nutritional value.
Report Coverage
Global Companion Animal Medicine research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Companion Animal Medicine report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Companion Animal Medicine competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Companion Animal Medicine market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Companion Animal Medicine market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Companion Animal Medicine market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Merck & Co., Inc., Ceva, Vetoquinol S.A., Zoetis, Boehringer Ingelheim International GmbH, Elanco, Virbac, Bimeda, Inc., Norbrook, Calier, Bayer AG
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Companion Animal Medicine market based on the below-mentioned segments:
Global Companion Animal Medicine Market, By Product
Antibiotics
Anti-inflammatory
Parasiticides
Heartworm
Behavioral Products
Nutritional Products
Skin Care Products
Vaccines
Global Companion Animal Medicine market, By Distributional Channel
Veterinary Hospitals
Veterinary Clinics
Pharmacies and Drug Stores
Global Companion Animal Medicine market, Regional Analysis
The spread of COVID-19 had a major impact on business. Consequences included, but were not limited to, lower sales, fewer research efforts, and disruptions in the supply chain. In the first quarter of 2020, for example, Elanco's sales fell by 10.0% due to working capital difficulties and a reduction in demand. In the second quarter of 2020, the pandemic caused a loss of USD 100 million in sales for Merck's animal health division. Some companies even reported increased profits or no change in earnings despite the widespread spread of the COVID-19 virus. For instance, Calier said that its small animal and exotic pet division had a productive year. Dynacan Spot-On, an external parasiticide for canines, felines, and even ferrets, was also released by the business. Vetoquinol's 2020 revenue growth was aided by the company's wide variety of veterinary and non-veterinary products. E-commerce sales channels and remote assistance platforms have helped the industry reach its full potential, resulting in a quicker growth rate in 2021.
Companion animal drugs are provided to pets to keep them healthy and safe from disease and illness. During surgery, a veterinarian who treats companion animals may give their patient medication to ease pain, aid in diagnosis, etc. Medications for companion animals are essential for the health of pets and the safety of the people in the household who provide care for them. Dogs, cats, horses, and other pets are among the many that benefit from companion animal medications. An increase in public and private sector initiatives to promote animal health is expected to drive market growth during the forecast period. The One Health Initiative is a good example of this type of collaborative effort amongst multiple groups. The American Veterinary Medical Association (AVMA), the Food and Agriculture Organisation (FAO), the World Organisation for Animal Health (OIE), and others fall under this category.
In the United Kingdom, 14.10% of dogs were found to have dental abnormalities and 12.6% were found to have skin illnesses, according to a study published in the BMC Veterinary Research Journal in 2021. The increased popularity of pet insurance and the rising frequency with which pets visit veterinarians are driving demand. In June of 2022, for instance, pet insurance provider Trupanion reported that it had signed up 1.3 million pets for coverage. Its second-quarter 2021 growth rate was 32%. The economy felt significant effects from the COVID-19 pandemic. A number of unfavourable outcomes resulted from this, including lower demand, supply chain interruptions, obstacles to research, and lower sales. The first quarter of 2020 saw a 10% drop in Elanco's revenue, primarily owing to working capital challenges and decreased demand. The pandemic reportedly cost Merck's animal health division $100 million in income during the second quarter of 2020.
Among a veterinarian's many duties is the administration of medication for surgical procedures, injury treatment, and disease diagnosis. Keeping pets healthy and protecting the people who care for them from any potential health risks posed by animals makes the use of pharmaceuticals a must. The term "companion animal" is commonly used to refer to domesticated canines and felines. Companion animals feel stress when receiving long-term therapy for a chronic ailment, which can be difficult for their owners to manage. These dietary supplements for pets help pets grow and develop while also improving their diet's nutritional value.
Report Coverage
Global Companion Animal Medicine research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Companion Animal Medicine report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Companion Animal Medicine competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Companion Animal Medicine market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Merck & Co., Inc.; Ceva; Vetoquinol S.A.; Zoetis; Boehringer Ingelheim International GmbH; Elanco; Virbac; Bimeda, Inc.; Norbrook; Calier. |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Companion Animal Medicine Market from 2021 to 2030.
- Market Forecast for Companion Animal Medicine Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Companion Animal Medicine competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Companion Animal Medicine
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Companion Animal Medicine market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Companion Animal Medicine market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Merck & Co., Inc., Ceva, Vetoquinol S.A., Zoetis, Boehringer Ingelheim International GmbH, Elanco, Virbac, Bimeda, Inc., Norbrook, Calier, Bayer AG
Primary Target Market
- Market Players of Companion Animal Medicine
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Companion Animal Medicine market based on the below-mentioned segments:
Global Companion Animal Medicine Market, By Product
Antibiotics
Anti-inflammatory
Parasiticides
Heartworm
Behavioral Products
Nutritional Products
Skin Care Products
Vaccines
Global Companion Animal Medicine market, By Distributional Channel
Veterinary Hospitals
Veterinary Clinics
Pharmacies and Drug Stores
Global Companion Animal Medicine market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
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