Companion Animal Medicine Market: Current Analysis and Forecast (2022-2028)
Emphasis on Disease Type (Infectious Disease, Dermatologic Disease, Pain, Orthopedic Disease, Behavioral Diseases, and Others); Animal Type (Dogs, Cats, Horses, and Others); Distribution Channel (Veterinary Hospitals & Clinics, Retail Pharmacies, Online Pharmacies, and Others); Region (North America, Europe, Asia-Pacific, Rest of the World); and Region/Country
The global companion animal medicine market was valued at USA X Bn and is expected to grow at a significant rate of around 7% during the forecast period (2021-2028). The animals are called companion animals when they live with humans and are not used for food or fiber purposes. Companion animals are becoming an important part of human lives as they provide companionship to them. Due to the increasing nuclearization of families, the demand for animal companions has increased. Therefore, the adoption of companion animals has increased. With the rapid rise in the adoption of pets, the market for companion animal medicines is growing at a fast pace. Furthermore, the growing governmental support for pet care across the globe and surging obesity among pets are also important factors for the market growth of companion animal medicine.
Zoetis; Merck & Co., Inc.; Boehringer Ingelheim International GmbH; Elanco; Ceva; Virbac; Vetoquinol; Dechra Pharmaceuticals PLC; CHANELLE PHARMA; and KYORITSU ELECTRICAL INSTRUMENTS WORKS, LTD are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst disease type, dermatologic disease category to witness higher CAGR during the forecast period”
Based on the disease type, the market has been segmented into infectious diseases, dermatologic disease, pain, orthopedic disease, behavioral diseases, and others. Among them, the dermatologic disease segment is expected to grow at a higher CAGR in the market. The rising prevalence of skin diseases among animals especially in dogs is an important reason for the market growth of the dermatologic segment. For instance, as per the research paper published in The Pharma Innovation Journal, the overall prevalence of dermatologic diseases among dogs is around 33.4% in Garividi region of Andhra Pradesh.
“Amongst animal type, the dogs hold a dominant share in the market in 2020”
Based on the animal type, the market has been segmented into dogs, cats, horses, and others. Among them, the dogs segment holds a dominant share of the market in 2020. The rising admission of dogs in dog shelters due to their health issues is the important reason for the fastest growth of the segment in the companion animal medicine market. For instance, as per the Shelter Animal Count, 390,000 dogs were euthanized in animal shelters every year in the US.
“Amongst distribution channel, online pharmacies segment to grow with a higher CAGR during the forecast period”
Based on the distribution channel, the market has been categorized into veterinary hospitals & clinics, retail pharmacies, and online pharmacies. Among them, the online pharmacies segment is anticipated to grow with a higher CAGR during the forecast period. The segmental growth is supplemented by factors such as online pharmacies providing a convenient method to purchase medicines, the scheduling feature of these platforms enabling the constant supply of medicine, and the frequent service launches in the market. For instance, in August 2021, Vetster.com announced the launch of VetsterRx™ Online Pharmacy, the first online pet pharmacy provided by a veterinary telehealth platform.
“Asia-Pacific to witness the fastest growth in the market”
Asia-Pacific is anticipated to grow at the fastest growth during the forecast period. The major factors such as rapid urbanization and the increasing disposable incomes in the region which enable people to adopt a pet are responsible for the market growth of the companion animal medicine market. In addition, the increasing expansion of the veterinary health business of major market players in the region is also an attributing factor for the growth of the market in Asia-Pacific. For instance, in July 2020, Boehringer Ingelheim expanded its animal health portfolio in Indian market with two new drug launches named NexGard and Broadline in the parasite treatment category for dogs and cats, respectively.
Companion Animal Medicine Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global companion animal medicine market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Companion Animal Medicine Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global companion animal medicine market were the three major steps undertaken to create and analyze the adoption of companion animal medicine in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global companion animal medicine market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the companion animal medicine market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the companion animal medicine market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as disease type, animal type, and distribution channel. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Companion Animal Medicine markets. Further, we conducted factor analysis using dependent and independent variables such as the disease type, animal type, and distribution channel of the companion animal medicine. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the companion animal medicine market se across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global companion animal medicine market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the Companion Animal Medicine market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global companion animal medicine market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global companion animal medicine market. Data was split into several segments & sub-segments post studying various parameters and trends in the disease type, animal type, and distribution channel in the global companion animal medicine market.
The main objective of the Global Companion Animal Medicine Market Study
The current & future market trends of the global companion animal medicine market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the companion animal medicine market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of disease type, animal type, and distribution channel.
- Define and analysis of the regulatory framework for the companion animal medicine industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the companion animal medicine market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the companion animal medicine market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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