Companion Animal Pharmaceuticals Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 16.80 Billion |
| Market Size (2029) | USD 24.80 Billion |
| CAGR (2024 - 2029) | 8.10 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Companion Animal Pharmaceuticals Market Analysis
The Companion Animal Pharmaceuticals Market size is estimated at USD 16.80 billion in 2024, and is expected to reach USD 24.80 billion by 2029, at a CAGR of 8.10% during the forecast period (2024-2029).
The rising adoption of companion animals is set to boost the use of animal pharmaceuticals, particularly for treating infectious and orthopedic diseases, thereby propelling market growth during the forecast period. For instance, the 2023-2024 National Pet Owners Survey by the American Pet Products Association (APPA) revealed that approximately 66% of U.S. households, translating to 86.9 million homes, owned pets. This includes 46.5 million cats and 65.1 million dogs, with cats and dogs being the most commonly adopted animals globally.
Furthermore, the surging demand for pet insurance, coupled with rising expenditures on animal health, is anticipated to further drive the use of pharmaceuticals for treating companion animals. For instance, data from January 2024 by the North American Pet Health Insurance Association highlighted a 17.1% increase in insured pets in the U.S. compared to 2023. In the U.S., dogs dominate the insurance landscape, making up 78.6% of insured pets, while cats represent 21.4%. This growing insurance demand is set to further fuel the market for animal medicines.
In Europe, pet ownership is equally prevalent. In the United Kingdom, a 2023 survey by the Pet Food Manufacturers' Association (PFMA) indicated that 62% of households owned pets, with around 13.5 million dogs, representing 36% of all households.
Pets are susceptible to various internal and external parasites, which can pose health risks to both the animals and their owners. An April 2024 study by MDPI highlighted that over 62.6% of dogs in Serbia are affected by endoparasites. These include intestinal parasites like Cystoisospora spp. (9.2%), Giardia intestinalis (11.8%), and Toxocara canis (11.5%). Given the global popularity of dogs as pets, there's a potential for these infections to transfer to humans. This scenario underscores the critical need for effective parasite control and the growing demand for companion animal pharmaceuticals, which are essential in managing and preventing such infections, safeguarding both pet and public health.
In summary, the increasing adoption of companion animals, the rising demand for pet insurance, and heightened expenditures on animal health are poised to drive market growth in the coming years.
Companion Animal Pharmaceuticals Market Trends
The Ophthalmic Diseases Segment is Expected to Hold a Significant Market Share Over the Forecast Period.
In recent years, various eye health conditions have increasingly burdened animals. Companion animals are experiencing a growing number of eye diseases. This uptick in veterinary eye diseases underscores the rising demand for veterinary medicines, which is poised to boost the pharmaceutical market for companion animals in the coming years.
In December 2023, Dicle University Veterinary Faculty Animal Hospital conducted a study on 291 cats of varying ages, genders, and breeds. The study highlighted eye diseases such as conjunctivitis (21.1% prevalence), keratitis (19.59%), corneal ulcers (14.09%), and glaucoma (3.44%). Furthermore, data from October 2022 by the American Veterinary Medical Association Journals emphasized the prevalence of Dry Eye Disease (DED), or keratoconjunctivitis sicca, especially in domestic animals like dogs. Breeds such as the West Highland White Terrier and American Cocker Spaniel show a DED prevalence exceeding 5%, outpacing other breeds. Consequently, the pronounced prevalence of these ophthalmic conditions in companion animals is set to bolster the demand for animal pharmaceuticals, fueling market growth.
Key players are increasingly launching new ophthalmic products, further energizing the market. For example, in January 2024, Bausch + Lomb unveiled "Project Watson" healthcare products for dogs in the U.S. These products, crafted with premium and naturally inspired ingredients, aim to enhance the eye, ear, and overall health of dogs. Such product introductions not only broaden accessibility but also invigorate market growth.
In summary, the escalating prevalence of eye diseases in companion animals, coupled with strategic moves like product launches from industry leaders, is set to propel the market in the foreseeable future.
North America is Expected to Hold a Significant Market Share Over the Forecast Period
North America is poised to capture a substantial market share, driven by surging pet ownership, a rise in pet insurance uptake, an increase in companion animals, and the growing availability of advanced treatments in the region.
The escalating number of pet owners in the U.S. plays a pivotal role in propelling market growth. Data from the American Pet Products Association (APPA) indicates that in 2024, an estimated 66% of U.S. households, translating to around 86.9 million homes, will have at least one pet. Dogs dominate the pet landscape, residing in 65.1 million households, trailed by cats in 46.5 million and freshwater fish in 11.1 million. This burgeoning pet population amplifies the demand for veterinary medicines, a trend anticipated to bolster the market throughout the forecast period.
Heightened research into newly identified parasites is significantly propelling the market. For example, in March 2024, scientists from UC Riverside unveiled a novel flatform species in California, posing potential fatal risks to dogs. This revelation underscores emerging parasitic threats to both pets and livestock, emphasizing the urgent need for innovative parasiticidal treatments. As researchers spotlight previously unrecognized or obscure parasites, the clamor for advanced products to counter these threats intensifies, driving market expansion.
Strategic maneuvers, particularly acquisitions by industry leaders, aim to enhance the accessibility and affordability of veterinary medicines, further fueling market growth. A case in point: In July 2024, Invetx Inc., a U.S.-based provider of protein-centric therapeutics for animal health, announced its acquisition by Dechra Pharmaceuticals Limited, a prominent player in veterinary pharmaceuticals, with a total deal value reaching up to USD 520 million, structured on a cash-free and debt-free basis. Such strategic moves underscore the market's momentum.
In summary, North America's market is set to flourish, buoyed by rising pet adoptions and strategic industry activities like acquisitions.
Companion Animal Pharmaceuticals Industry Overview
The companion animal pharmaceuticals market is fragmented and consists of several major players. A few major players are currently dominating the market, including Zoetis Inc., Merck & Co. Inc., Boehringer Ingelheim GmbH, Elanco Animal Health Incorporated, Virbac, Ceva Santé Animale, and Dechra Pharmaceuticals PLC.
Companion Animal Pharmaceuticals Market Leaders
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Boehringer Ingelheim International GmbH
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Ceva Santé Animale
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Chanelle Pharma
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Dechra
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Elanco
*Disclaimer: Major Players sorted in no particular order
Companion Animal Pharmaceuticals Market News
- April 2024: Following approval from the Central Drugs Standard Control Organization (CDSCO), Boehringer Ingelheim announced the launch of NexGard SPECTRA (afoxolaner and milbemycin oxime) in India. NexGard SPECTRA, a palatable chewable for dogs, provides comprehensive control against both internal and external parasites with just one monthly dose.
- January 2024: Ceva Santé Animale, a prominent player in the animal health sector, has strategically acquired Scout Bio, a biotech firm renowned for its pioneering therapies for pets. This acquisition marks a pivotal stride in Ceva's innovation journey, granting them access to significant advancements. These include a robust pipeline of monoclonal antibodies and groundbreaking gene therapy developments, both aimed at tackling chronic diseases in pets.
Companion Animal Pharmaceuticals Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Adoption of Companion Animals
4.2.2 Growing Demand for Pet Insurance Coupled with Increasing Animal Health Expenditure
4.3 Market Restraints
4.3.1 Stringent Regulation for Animal Vaccines
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size Value in USD)
5.1 Indication
5.1.1 Infectious Diseases
5.1.2 Dermatologic Diseases
5.1.3 Orthopedic Diseases
5.1.4 Ophthalmic Diseases
5.1.5 Other Indications
5.2 Animal Type
5.2.1 Dogs
5.2.2 Cats
5.2.3 Other Companion Animals
5.3 Distribution Channel
5.3.1 Veterinary Hospitals and Clinics
5.3.2 Retail Pharmacies
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 United Kingdom
5.4.2.3 France
5.4.2.4 Italy
5.4.2.5 Spain
5.4.2.6 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 Japan
5.4.3.3 India
5.4.3.4 Australia
5.4.3.5 South Korea
5.4.3.6 Rest of Asia-Pacific
5.4.4 Middle East and Africa
5.4.4.1 GCC
5.4.4.2 South Africa
5.4.4.3 Rest of Middle East and Africa
5.4.5 South America
5.4.5.1 Brazil
5.4.5.2 Argentina
5.4.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Boehringer Ingelheim International GmbH
6.1.2 Ceva Sante Animale
6.1.3 Chanelle Pharma
6.1.4 Dechra
6.1.5 Elanco
6.1.6 HIPRA
6.1.7 Merck & Co. Inc.
6.1.8 Vetoquinol SA
6.1.9 Virbac
6.1.10 Zoetis, Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Companion Animal Pharmaceuticals Industry Segmentation
Companion animal pharmaceuticals are used to treat, sedate, and improve the health and performance of the pet or companion animal.
The companion animal pharmaceuticals market is segmented by indication, animal type, distribution channel, and geography. By indication, the market is segmented into infectious diseases, dermatologic diseases, orthopedic diseases, ophthalmic diseases, and other indications. By animal type, the market is segmented into dogs, cats, and other companion animals. By distribution channel, the market is segmented into veterinary hospitals and clinics and retail pharmacies. By geography, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South America. The report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (USD) for all the above segments.
| Indication | |
| Infectious Diseases | |
| Dermatologic Diseases | |
| Orthopedic Diseases | |
| Ophthalmic Diseases | |
| Other Indications |
| Animal Type | |
| Dogs | |
| Cats | |
| Other Companion Animals |
| Distribution Channel | |
| Veterinary Hospitals and Clinics | |
| Retail Pharmacies |
| Geography | ||||||||
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Companion Animal Pharmaceuticals Market Research FAQs
How big is the Companion Animal Pharmaceuticals Market?
The Companion Animal Pharmaceuticals Market size is expected to reach USD 16.80 billion in 2024 and grow at a CAGR of 8.10% to reach USD 24.80 billion by 2029.
What is the current Companion Animal Pharmaceuticals Market size?
In 2024, the Companion Animal Pharmaceuticals Market size is expected to reach USD 16.80 billion.
Who are the key players in Companion Animal Pharmaceuticals Market?
Boehringer Ingelheim International GmbH, Ceva Santé Animale, Chanelle Pharma, Dechra and Elanco are the major companies operating in the Companion Animal Pharmaceuticals Market.
Which is the fastest growing region in Companion Animal Pharmaceuticals Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Companion Animal Pharmaceuticals Market?
In 2024, the North America accounts for the largest market share in Companion Animal Pharmaceuticals Market.
What years does this Companion Animal Pharmaceuticals Market cover, and what was the market size in 2023?
In 2023, the Companion Animal Pharmaceuticals Market size was estimated at USD 15.44 billion. The report covers the Companion Animal Pharmaceuticals Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Companion Animal Pharmaceuticals Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Companion Animal Pharmaceuticals Industry Report
Statistics for the 2024 Companion Animal Pharmaceuticals market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Companion Animal Pharmaceuticals analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
