Global Companion Animal Medicine Market is expected to foresee significant growth. North America to lead the growth!

Companion animal means any dog, cat, nonhuman primate, guinea pig, hamster, or rabbit that is not raised for human food or fiber. The increasing pet adoption of companion animals, along with the rising number of diseases among them are important factors for the growth of companion animal medicines. For instance, according to the Zebra survey, 12.8% of Americans adopted a pet in 2020. Furthermore, rising government initiatives over animal health are also contributing factors to the market growth of companion animal medicines.

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The Companion Animal Medicine Market is expected to grow at a steady rate of around 7% owing to the product launches by the key players in the market. For instance, in December 2022, Zycosan™ (pentosan polysulfate sodium injection) was approved for the control of clinical signs associated with osteoarthritis in horses.

Based on the disease type, the market has been segmented into infectious disease, dermatologic disease, pain, orthopedic disease, behavioral diseases, and others. Among them, the infectious disease segment holds a dominant share of the market in 2020. The high prevalence of infectious diseases in pets and the lower immunity of the pets against these diseases are the driving factors for the prominent share of the segment. For instance, as per the Division of Environmental Health State Veterinarian, canine Distemper is a highly contagious disease caused by a paramyxovirus. It is a widespread disease affecting dogs and has a 50% mortality rate in adults and 80% in puppies.

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Based on the animal type, the market has been segmented into dogs, cats, horses, and others. Among them, the cats segment is expected to witness the fastest growth during the forecast period. Cats are more resistant to various diseases, cats are very friendly to families, and the increased adoption of cats in colder regions is an important reason for the segmental growth.

Based on the distribution channel, the market has been categorized into veterinary hospitals & clinics, retail pharmacies, online pharmacies, and others. Among them, the veterinary hospitals & clinics category is to have a predominant share in the market. Veterinary hospitals provide a single roof for the diagnosis and treatment of the disease which is the reason for the segmental domination in the companion animal medicine market.

For a better understanding of the market adoption of the companion animal medicine industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is anticipated hold a dominant market share in 2020. This is mainly due to the initiative taken by governmental organizations, higher adoption of pets, and favorable pet insurance policies. For instance, as per NAPHIA’s 2022 State of the Industry Report, more than 4.41 million pets were insured in North America in 2021, up from 3.45 million in 2020.

Some of the major players operating in the market include Zoetis; Merck & Co., Inc.; Boehringer Ingelheim International GmbH; Elanco; Ceva; Virbac; Vetoquinol; Dechra Pharmaceuticals PLC; CHANELLE PHARMA; and KYORITSU ELECTRICAL INSTRUMENTS WORKS, LTD.

Global Companion Animal Medicine Market Segmentation

Market Insight, by Disease Type

· Infectious Disease

· Dermatologic Disease

· Pain

· Othopedic Disease

· Behavioral Diseases

· Others

Market Insight, by Animal Type

· Dogs

· Cats

· Horses

· Others

Market Insight, by Distribution Channel

· Veterinary Hospitals & Clinics

· Retail Pharmacies

· Online Pharmacies

Market Insight, by Region

· North America

o US

o Canada

o Rest of North America

· Europe

o Germany

o United Kingdom

o France

o Italy

o Spain

o Rest of Europe

· Asia-Pacific

o China

o Japan

o India

o Rest of Asia-Pacific

· Rest of the World

Top Company Profiles

· Zoetis

· Merck & Co., Inc.

· Boehringer Ingelheim International GmbH

· Elanco

· Ceva

· Virbac

· Vetoquinol

· Dechra Pharmaceuticals PLC

· CHANELLE PHARMA

· KYORITSU ELECTRICAL INSTRUMENTS WORKS, LTD.