Companion Animal Drugs Market (By Product: Drugs, Vaccines, Medicated Feed Additives; By Animal Type: Dogs, Cats, Horses, Others; By Route of Administration: Oral, Injectable, Topical, Others; By Distribution Channel: Veterinary Hospitals, Veterinary Clinics, Pharmacy and Drug Stores, e-commerce) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2024-2033


The global companion animal drugs market size was estimated at USD 14.16 billion in 2023 and is predicted to hit around USD 27.46 billion by 2033, growing at a CAGR of 6.85% from 2024 to 2033. The companion animal drugs market is driven by the increasing rate of pet adoption.

Companion Animal Drugs Market Size 2024 to 2033

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Key Takeaways

  • North America dominated the companion animal drugs market share of 37% in 2023.
  • By product, the medicated feed additives segment dominated the market in 2023.
  • By animal type, the dogs segment dominated the market largest share in 2023.
  • By route of administration, the topical segment dominated the companion animal drugs market in 2023.
  • By distribution channel, the veterinary hospitals segment dominated the market largest share in 2023.

Companion Animal Drugs Market Size in the U.S. 2024 To 2033

The U.S. companion animal drugs market size reached USD 3.67 billion in 2023 and is anticipated to be worth around USD 7.16 billion by 2033, poised to grow at a CAGR of 6.91% from 2024 to 2033.

U.S. Companion Animal Drugs Market Size 2024 to 2033

North America has the largest market share of 37% in 2023 in the companion animal drugs market throughout the predicted timeframe. Pet owners in North America are becoming more conscious of the value of preventive healthcare and the part that drugs play in maintaining the long-term health of their animals. Online resources, pet-focused media, and veterinary practitioners frequently serve as fuel sources for this understanding, which shifts consumer behavior in favor of preventative healthcare practices. It boasts a sophisticated infrastructure for veterinary treatment, along with cutting-edge veterinary hospitals, clinics, and specialty pharmacies. This infrastructure makes companion animal medications more accessible and promotes routine visits for treatments and preventative care.

Companion Animal Drugs Market Share, By Region, 2023 (%)

Asia-Pacific is expected to witness the fastest rate of expansion in the companion animal drugs market during the forecast period. In the past, people frequently maintained pets as working animals or for valued purposes. However, attitudes toward pets have changed significantly in society; many are now seen as essential members of the family. The demand for companion animal medications has increased due to this shift in spending on pet healthcare, including preventive measures and treating various illnesses. The development of novel medicines especially suited to the requirements of companion animals is becoming the focus of pharmaceutical companies' attention. Large sums of money are being spent on research and development projects as the emphasis on strengthening treatment options and improving pet health outcomes grows. As a result, new pharmaceutical formulations and therapies have been introduced, propelling regional market expansion.

  • In March 2023, an agreement was reached for Sun Pharmaceutical Industries Ltd. to purchase a 60% share in Vivaldis Health and Foods Pvt., an animal healthcare company. Current shareholders paid Sun Pharma Rs 143.3 crore in cash for the shareholding, with the remaining 40% to be purchased later, subject to specific terms and circumstances.

Companion Animal Drugs Market Overview

The companion animal drugs market revolves around the production and distribution of medications designed especially for pets, such as cats, birds, dogs, and other domesticated animals kept primarily for companionship instead of for commercial objectives. Companion animal drug development has progressed in tandem with advances in human medicine, enabling pets to obtain therapies and prescriptions that can enhance their well-being, increase their longevity, and efficiently treat medical issues.

Preventative measures for parasite control, vaccination against infectious diseases, and protection against potentially fatal heartworm disease are just a few of the many medications used for companion animals. Pets may have age-related ailments such as organ malfunction, arthritis, or cognitive decline as they age. Drugs for companion animals can help with these problems and offer respite, enhancing geriatric dogs' comfort and quality of life.

  • The FDA's Center for Veterinary Medicine (CVM) safeguards and advances public health by ensuring that animal medication products are manufactured according to quality standards, evaluated for safety and effectiveness, and appropriately labeled.

Growth Factors

  • The number of homes acquiring pets, particularly dogs and cats, is rising, driving the need for medicine and care.
  • Developing novel medications, vaccinations, and therapies for various pet ailments drives market expansion.
  • Considering pets as family motivates owners to make medical and other investments in their pets' health and well-being.
  • The creation of parasiticides, painkillers, and tailored therapeutics drives market growth.
  • Pet owners pay more for veterinary care and medication due to growing awareness of their animals' welfare.
  • More and more hospitals and veterinary clinics worldwide offer more pet care and medication access.
  • Growing acceptance of pet insurance enables owners to pay for more costly prescription drugs and veterinary care.

Companion Animal Drugs Market Scope

Report Coverage Details
Growth Rate from 2024 to 2033 CAGR of 6.85%
Global Market Size in 2023 USD 14.16 Billion
Global Market Size by 2033 USD 27.46 Billion
U.S. Market Size in 2023 USD 3.67 Billion
U.S. Market Size by 2033 USD 7.16 Billion
Base Year 2023
Forecast Period 2024 to 2033
Segments Covered By Product, By Animal Type, By Route of Administration, and By Distribution Channel
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa


Companion Animal Drugs Market Dynamics

Drivers

Growing awareness about animal healthcare

This enhanced consciousness results from various causes, such as a better comprehension of the value of pets in homes and the desire to give them the best care possible. To protect the health of their animal companions, pet owners are spending more on preventive healthcare procedures, including immunizations, parasite management, and routine checkups. The need for companion animal medications has also been fueled by developments in veterinary care and pharmaceuticals, which have expanded the spectrum of treatment choices available for various illnesses and disorders in companion animals.

Rising prevalence of parasitic diseases

Pets frequently contract parasitic illnesses such as intestinal worms, heartworms, fleas, and ticks, which can cause several health problems if left untreated. The danger of parasite illnesses rises along with the global pet ownership trend, particularly in metropolitan areas. The need for parasiticides, medications made expressly to prevent and treat parasitic diseases in companion animals, has increased due to this development. Pharmaceutical companies are investing in new and improved parasiticides to tackle developing difficulties, including resistance to current therapies. As a result, the market for companion animal medications is growing to fulfill this demand.

Restraint

High cost associated with companion animal drugs

This high-cost results from several variables: production costs, regulatory compliance, and research and development expenses. The costs of veterinary services, marketing, and distribution also go into the total cost. Because of this, pet owners might find it expensive to buy and keep up with their companion animals' medical needs, which could reduce demand and create obstacles to receiving essential care.

Opportunities

Rapidly increasing demand for companion animal products

A growing pet population, increased pet ownership rates, rising disposable incomes, and a trend toward the humanization of pets, the idea that pets should be treated like members of the family and get the same care and attention as people, are some of the causes contributing to this demand rise.

The increasing number of individuals choosing to own pets has led to an increase in the need for veterinary care and drugs to maintain the health and welfare of these creatures. A wide range of goods are included in companion animal drugs, such as medications, vaccinations, nutraceuticals, and equipment made especially for dogs.

Growing trend of adopting pet animals

Veterinarian care and medication are becoming more and more necessary as more people bring pets into their homes to maintain these creatures' health and welfare. The market for companion animal medications, such as those for common illnesses, chronic disorders, and preventative care, has expanded due to this trend. In response to this need, pharmaceutical companies are creating novel medications suited to the requirements of companion animals like dogs, cats, and other pets. Such a growing trend of adopting animals is observed to offer lucrative opportunities for the companion animal drugs market.

Furthermore, the growing humanization of pets has increased the demand for cutting-edge medical cures and treatments that were previously only available to humans. This covers both behavioral pharmaceuticals to treat anxiety and other behavioral problems in pets, as well as prescription meds for ailments like cancer, diabetes, and arthritis.

Product Insights

The medicated feed additives segment dominated the companion animal drugs market in 2023. Animal husbandry has always made extensive use of medicated feed additives. They are a practical way to give medication to multiple animals at once because they are often given to companion animals through their food or drink. The extensive use of medicated feed additives by veterinarians and pet owners can be attributed in part to their ease of administration. Before being licensed for use in companion animals, several medicated feed additives are subjected to stringent testing and regulatory inspection to guarantee their safety and effectiveness.

The vaccines segment is observed to be the fastest growing in the companion animal drugs market. There has been a discernible change in pet owners' perspectives on preventive medical treatment for their animals. A greater focus is being placed on preventive strategies to keep pets healthy and free from sickness, as opposed to reactive illness treatment. Vaccination is essential as a preventive measure since it shields animals from various infectious illnesses. More and more pet owners are realizing the value of vaccinations in preserving their animals' health and lifespan. Veterinarians are an important resource when it comes to informing pet owners about the advantages of vaccinations and the suggested vaccination schedules for various species and breeds.

Animal Type Insights

The dogs segment dominated the companion animal drugs market in 2023. The way people view and care for their pets, especially dogs, has changed significantly over time. Many consider Dogs part of the family, and their owners are becoming increasingly committed to their health and welfare. Due to the humanization trend, high-quality medications and medical supplies for dogs are in high demand. Novel drugs and treatment approaches created especially for dogs have been made possible by developments in veterinary research and pharmaceutical development. Novel drug formulations, targeted therapy, and customized medical techniques are some of these breakthroughs that improve the safety and effectiveness of treatments for patients with dogs.

The horses segment is the fastest growing in the companion animal drugs market during the forecast period. Horses are adaptable for companionship, racing, show jumping, dressage, recreational riding, and therapy. Due to the distinct healthcare requirements of these industries, various medications are created and recommended for equines. The need for companion animal medications catered to the unique needs of equestrian athletes and companions is growing along with the popularity of these activities.

Veterinarians can better identify and treat a broader range of equine illnesses and disorders because of developments in veterinary medicine and technology. In the equestrian industry, this increased capacity has led to a rise in the prescription and usage of companion animal medications.

Route of Administration Insights

The topical segment dominated the companion animal drugs market in 2023.  Especially for pets who find it challenging to administer pills, topical treatments are frequently simpler to provide than oral ones. Pet owners no longer must battle to get their pets to consume tablets or drinks because topical medicines may be applied directly to the problematic area. Numerous topical drugs quickly relieve common ailments like pain, irritation, and itching. For discomfort-stricken pets, this rapid commencement of action is advantageous because it enables instant symptom relief.

It focuses on certain bodily parts, like ears or skin. By delivering active substances precisely to the site of infection or inflammation, this tailored method maximizes efficacy and minimizes systemic side effects.

Distribution Channel Insights

The veterinary hospitals segment dominated the companion animal drugs market in 2023. Advanced medical facilities and equipment in veterinary hospitals allow for precise diagnosis and efficient care of companion animals. Veterinary clinics are equipped to offer complete healthcare services, from surgical equipment and lab facilities to diagnostic imaging tools like X-ray and ultrasound devices. It customizes therapy regimens based on the unique requirements of every companion animal. Considering each pet's age, breed, medical history, and current health conditions, this individualized approach guarantees they receive the best care possible.

The veterinary clinics segment is the fastest growing in the companion animal drugs market during the forecast period. In veterinary medicine, preventive care is becoming increasingly important to detect and treat health concerns early on before they worsen. Veterinary clinics play a critical role in encouraging preventative care through regular wellness examinations, immunizations, parasite control, and nutritional guidance. Companion animal medications are essential to these efforts at preventative care because they encourage veterinarian clinics to embrace and use them. The willingness of pet owners to make financial investments for the health and welfare of their animal friends is growing. The rising cost of veterinarian services, including regular checkups, vaccinations, diagnostic testing, and prescription drugs, indicates this trend.

Recent Developments

  • In April 2023, it was revealed that IBM and Siemens Digital Industries Software are extending their long-term cooperation by working together to create a combined software solution that combines their separate systems engineering, asset management, and service lifecycle management solutions.
  • In September 2022, Zoetis Inc. declared that the Jurox acquisition was complete. This privately owned animal health business generates, produces, and sells a range of veterinarian medications for treating companion and livestock animals.

Companion Animal Drugs Market Companies

  • Indian Immunologicals Ltd
  • Agrolabo S.p.A
  • Endovac Animal Health
  • HIPRA
  • Norbrook Holdings Limited
  • Zoetis
  • Chanelle Pharma
  • Virbac SA
  • Vetoquinol
  • Merck & Co
  • Elanco Animal Health
  • Dechra Pharmaceuticals
  • Ceva Sante
  • Boehringer Ingelheim International GmbH

Segments Covered in the Report

By Product

  • Drugs
    • Antiparasitic
    • Anti-inflammatory
    • Anti-infectives
    • Others
  • Vaccines
    • Modified Live Vaccines
    • Killed Inactivated Vaccines
    • Others
  • Medicated Feed Additives
    • Antibiotics
    • Vitamins
    • Amino acids
    • Enzymes
    • Antioxidants
    • Prebiotics and probiotics
    • Minerals
    • Others

By Animal Type

  • Dogs
  • Cats
  • Horses
  • Others

By Route of Administration

  • Oral
  • Injectable
  • Topical
  • Others

By Distribution Channel

  • Veterinary Hospitals
  • Veterinary Clinics
  • Pharmacy and Drug Stores
  • e-commerce

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

Frequently Asked Questions

How big is the companion animal drugs industry?
The global companion animal drugs market size is expected to increase USD 27.46 billion by 2033 from USD 14.16 billion in 2023.
What is the growth rate of the companion animal drugs industry?
The global companion animal drugs market will register growth rate of 6.85% between 2024 and 2033.
Who are the prominent players operating in the companion animal drugs market?
The major players operating in the companion animal drugs market are Indian Immunologicals Ltd, Agrolabo S.p.A, Endovac Animal Health, HIPRA, Norbrook Holdings Limited, Zoetis, Chanelle Pharma, Virbac SA, Vetoquinol, Merck & Co, Elanco Animal Health, Dechra Pharmaceuticals, Ceva Sante, Boehringer Ingelheim International GmbH, and Others.
Which are the driving factors of the companion animal drugs market?
The driving factors of the companion animal drugs market are the growing awareness about animal healthcare and rising prevalence of parasitic diseases.
Which region will lead the global companion animal drugs market?
North America region will lead the global companion animal drugs market during the forecast period 2024 to 2033.

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