The Global Companion Animal Medicine Market Size is valued at USD 20.59 billion in 2023 and is predicted to reach USD 42.18 billion by the year 2031 at a 9.50% CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- The industry is driven by improvements in the availability of veterinary care and pet owners' willingness to pay for medical treatment.
- Rising pet ownership levels, an increase in pet healthcare expenditures, and innovation in animal medicine analytics are projected to propel the market's growth.
- North America dominated the market and accounted for a global revenue share in 2023.
- A lack of information, a shortage of veterinary experts, and expensive treatment are expected to limit the market's growth.
The incidence of dental diseases detected in dogs in the U.K. was 14.10%, and the prevalence of skin illnesses was 12.6%, according to a 2021 article in the BMC Veterinary Research Journal. Market expansion is being fueled by rising veterinary visits and the uptake of pet insurance. For instance, the pet insurance provider Trupanion reported that as of June 2022, there were 1.3 million pet insurance enrollees. In the second quarter of 2021, it experienced a 32% growth.
The COVID-19 epidemic had a significant effect on the market. Low demand, supply chain interruptions, difficulties with research efforts, and decreased sales were only a few negative repercussions. For instance, working capital constraints and a decline in demand caused Elanco's revenue to fall by 10.0% in the first quarter of 2020.
The pandemic had a negative impact on Merck's animal health division's revenue in Q2 2020 of USD 100 million. Despite the COVID-19 outbreak, some businesses reported positive financial results or no change. For example, Calier announced that its companion animal section had a successful year. The company even introduced Dynacan Spot-On, an external parasiticide for dogs, cats, and ferrets. The line-up of veterinary medications and non-medical items from Vetoquinol helped boost sales in 2020. Yet with a faster growth rate in 2021, the use of e-commerce sales channels and remote assistance platforms has allowed the sector to realise its full potential.
Recent Developments:
- In January 2022, For the treatment of clinical manifestations of pruritus associated with allergic dermatitis in dogs and the treatment of clinical manifestations of atopic dermatitis in dogs that are at least 12 months old, Zoetis has been granted marketing authorization by the European Commission (EC) for Apoquel chewable tablets (oclacitinib).
Competitive Landscape:
Some of the Companion Animal Medicine market players are:
- Ashish Life Sciences Pvt Ltd (India)
- Bimeda, Inc.
- Biogénesis Bagó (US)
- Boehringer Ingelheim International GmbH.
- Brilliant Bio Pharma (India)
- Calier
- Ceva Sante Animale (France)
- Chanelle Pharma (Ireland)
- Dechra Pharmaceuticals PLC (UK)
- Eco Animal Health Group Plc. (UK)
- Elanco Animal Health Incorporated (US)
- Endovac Animal Health (US)
- HIPRA (Spain)
- Indian Immunologicals Ltd (India)
- Intas Pharmaceuticals (India)
- Kyoritsu Seiyaku (Japan)
- Lutim Pharma Pvt Ltd (India)
- Merck & Co., Inc.
- Neogen Corporation (US)
- Norbrook Holdings Limited (UK)
- Orion Group (Finland)
- Tianjin Ringpu Bio-Technology Co Ltd. (China)
- Vetindia Pharmaceuticals limited (India)
- Vetoquinol S.A.;
- Virbac
- Zenex Animal Health India Private Limited (India)
- Zoetis, Inc. (US)
Market Segmentation:
The Companion Animal Medicine market is segmented by animal type, product, distribution channel, and indication. The market is segmented as dogs, cats, and horses based on animal type. By the product, the market is segmented into Biologics (Vaccines (Attenuated Live Vaccines, Inactivated Vaccines, Recombinant Vaccines, Toxoid, Others)), Pharmaceuticals (Parasiticides, Anti-infectives, Anti-inflammatory, Analgesics, Others) and Medicated Feed Additives. By distribution channel, the market is segmented into Retail, E-commerce, Hospital Pharmacy. By indication, the market is segmented into Infectious Diseases, Dermatologic Diseases, Pain, Orthopedic Diseases, Behavioral Diseases, Other Indications.
The Dog Segment Is A Significant Contributor In The Companion Animal Medicine Market Based On Animal Type
Dogs dominated the market and made up the most significant portion of sales. On the other hand, the cat market is predicted to grow at a profitable CAGR over the next few years. This is because dogs and cats are very popular as pets, canine and feline diseases are becoming more common, and many medications are available for animals.
The Pharmaceuticals Segment Witnessed Growth At A Rapid Rate
The pharmaceuticals segment led the market regarding products and accounted for over the total revenue. This is because many medications for companion animals are available and because there is a growing market for parasiticides and other products to treat common illnesses in animals. For instance, the Companion Animal Parasite Council (CAPC) reports that in 2022, there will be a significant increase in Lyme disease, heartworm infections, anaplasmosis, and ehrlichiosis among pets in the United States.
The North America Companion Animal Medicine Market Holds A Substantial Revenue Share In The Region
The majority of the revenue came from North America. This was brought about by activities from both the public and private sectors, pet insurance's growing popularity, and important businesses' existence. According to the NAPHIA (North American Pet Health Insurance Association, Inc.) American Pet Health Insurance Association, by the end of 2021, 3.45 million pets in the United States and Canada were covered by insurance.
Recent Developments:
- In January 2024, BOVitalizeTM was introduced in the US by Bimeda, Inc. Ruminating calves, bulls, beef and dairy cows, and bulls can benefit from using BOVitalize, an oral vitamin and mineral supplement.
- In January 2024, ECO Animal Health Ltd, a subsidiary of ECO Animal Health Group plc, partnered with Professor Robin Shattock of Imperial College London to study the efficacy of the new self-amplifying RNA technology in veterinary medicine.
- In January 2024, Sasaeah, Virbac’s animal health company, will be acquired by ORIX Corporation for almost €280 million, according to a definitive deal signed by the two companies.
Companion Animal Medicine Market Report Scope:
Report Attribute |
Specifications |
Market size value in 2023 |
USD 20.59 Bn |
Revenue forecast in 2031 |
USD 42.18 Bn |
Growth rate CAGR |
CAGR of 9.50 % from 2024 to 2031 |
Quantitative units |
Representation of revenue in US$ Billion, and CAGR from 2024 to 2031 |
Historic Year |
2019 to 2023 |
Forecast Year |
2024-2031 |
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
Segments covered |
Animal Type, Product, Distribution Channel, And Indication |
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
Competitive Landscape |
Merck & Co., Inc.; Ceva; Vetoquinol S.A.; Zoetis; Boehringer Ingelheim International GmbH; Elanco; Virbac; Bimeda, Inc.; Norbrook; Calier. |
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |