Companion Animal Medicine Market Worth $41.18 Billion By 2030

January 2023 | Report Format: Electronic (PDF)

Companion Animal Medicine Market Growth & Trends

The global companion animal medicine market size is expected to reach USD 41.18 billion by 2030 and is expected to expand at 9.9% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. The key factors driving the growth of the market for companion animal medicine include the rising pet population, the increased prevalence of diseases, and the availability of pet insurance.

In Canada for example, more than half of the country’s households (around 60% of households) owned at least one dog or cat in 2022, according to the Canadian Animal Health Institute (CAHI). The country’s dog population increased from 7.7 million in 2020 to 7.9 million in 2022, whereas the cat population increased from 8.1 million in 2020 to 8.5 million in 2022. CAHI also reported a surge in feline vet visits following the start of the COVID-19 outbreak in 2020.

The COVID-19 pandemic notably affected the market for companion animal medicine. The impact included dampened sales, supply chain challenges, operational hurdles, falling inpatient visits, and reduced demand. Elanco for instance reported a 20% decline in revenue during Q2 2020. The company’s companion animal segment, in particular, was adversely impacted by the fall in brands in international markets and those administered in the clinic e.g. vaccines.

The company reported a recovery in sales during H2 2020. Vetoquinol on the other hand reported an increase in sales, driven by its essential portfolio including veterinary drugs in 2020 despite limited access to vet clinics and hospitals due to lockdown protocols. Boehringer Ingelheim too registered increased sales in the companion animal segment.

With the rising number of pets across the globe, the trend of pet humanization has gained traction in several key markets. Pet guardians are becoming increasingly aware of their pet’s health, treatment, and well-being. This has increased the adoption of pet insurance to reduce the financial risks for them. Petplan- the largest pet insurance provider in the U.K. offers insurance policies for various species including dogs, cats, horses, small mammals, birds, reptiles, rabbits, and multi-pet owners. These policies provide coverage for physical and online consultations, prescription medicine, diagnostic tests, surgery, dental injury, cancer treatment, and more.

The rising prevalence of diseases in pets is another key driver expected to contribute to market growth. Parasitic infections from internal and external parasites for example, commonly affect pets. Antibiotics and topical therapies are often prescribed in the case of pyoderma. However, further testing and routine bathing with medicated shampoos may be prescribed in case of chronic or recurring pyoderma. For example, Viv Silky Shampoo by Vivaldis is indicated for various fungal and bacterial infections including superficial and deep pyoderma.

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Companion Animal Medicine Market Report Highlights

  • The companion animal medicine industry was valued at USD 19.51 billion in 2022. It is further projected to grow at a CAGR of 9.9% during the forecast period

  • Growing R&D initiatives by major companies are estimated to be a key driver for the market. Pet humanization is further contributing to increased expenditure on pets including pet medicines

  • According to APPA, U.S. citizens spent about USD 34.3 billion on vet care and products in 2021. The category included expenditure on routine veterinary care, surgical procedures, and pharmaceuticals

  • Based on animal type, the dog segment dominated the market with nearly 45% revenue share in 2022 owing to the large preference for dogs as pets and the rising prevalence of canine diseases

  • The hospital pharmacy segment dominated the market by distribution channel in 2022. The factors contributing to the large share include higher patient footfalls at hospitals and the convenience of buying the necessary medications as soon as the pet is diagnosed

  • North America region dominated the market in 2022 and registered the largest revenue share of over 36%. This is due to the region’s high per capita animal healthcare spending and a large number of pet owners

  • In Asia Pacific, the market is expected to grow at the fastest rate of over 10.4% CAGR due to the rising pet population and pet health awareness

Companion Animal Medicine Market Segmentation

Grand View Research has segmented the global companion animal medicine market based on animal type and region:

Companion Animal Medicine Animal Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Dogs

    • By Product

      • Biologics

        • Vaccines

          • By Type

            • Attenuated Live Vaccines

            • Inactivated Vaccines

            • Recombinant Vaccines

            • Toxoid

            • Others

          • By Indication

            • Distemper

            • Kennel cough (Parainfluenza)

            • Parvovirus

            • Canine herpes

            • Lyme Disease

            • Rabies

        • Others

      • Pharmaceuticals

        • Parasiticides

        • Anti-infectives

        • Anti-inflammatory

        • Analgesics

        • Others

      • Medicated Feed Additives

    • By Indication

      • Infectious Diseases

      • Dermatologic Diseases

      • Pain

      • Orthopedic Diseases

      • Behavioral Diseases

      • Other Indications

    • By Distribution Channel

      • Retail

      • E-commerce

      • Hospital Pharmacy

  • Cats

    • By Product

      • Biologics

        • Vaccines

          • By Type

            • Attenuated Live Vaccines

            • Inactivated Vaccines

            • Recombinant Vaccines

            • Toxoid

            • Others

          • By Indication

            • Rhinotracheitis

            • Calicivirus

            • Coronavirus

            • Panleukopenia

            • Rabies

        • Others

      • Pharmaceuticals

        • Parasiticides

        • Anti-infectives

        • Anti-inflammatory

        • Analgesics

        • Others

      • Medicated Feed Additives

    • By Indication

      • Infectious Diseases

      • Dermatologic Diseases

      • Pain

      • Orthopedic Diseases

      • Behavioral Diseases

      • Other Indications

    • By Distribution Channel

      • Retail

      • E-commerce

      • Hospital Pharmacy

  • Horses

    • By Product

      • Biologics

        • Vaccines

          • Attenuated Live Vaccines

          • Inactivated Vaccines

          • Recombinant Vaccines

          • Toxoid

          • Others

        • Others

      • Pharmaceuticals

        • Parasiticides

        • Anti-infectives

        • Anti-inflammatory

        • Analgesics

        • Others

      • Medicated Feed Additives

    • By Indication

      • Infectious Diseases

      • Dermatologic Diseases

      • Pain

      • Orthopedic Diseases

      • Behavioral Diseases

      • Other Indications

    • By Distribution Channel

      • Retail

      • E-commerce

      • Hospital Pharmacy

  • Other Companion Animals

    • By Product

      • Biologics

        • Vaccines

          • Attenuated Live Vaccines

          • Inactivated Vaccines

          • Recombinant Vaccines

          • Toxoid

          • Others

        • Others

      • Pharmaceuticals

        • Parasiticides

        • Anti-infectives

        • Anti-inflammatory

        • Analgesics

        • Others

      • Medicated Feed Additives

    • By Indication

      • Infectious Diseases

      • Dermatologic Diseases

      • Pain

      • Orthopedic Diseases

      • Behavioral Diseases

      • Other Indications

    • By Distribution Channel

      • Retail

      • E-commerce

      • Hospital Pharmacy

Companion Animal Medicine Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Russia

    • Rest of Europe

  • Asia Pacific

    • Japan

    • China

    • India

    • Rest of APAC

  • Latin America

    • Brazil

    • Mexico

    • Argentina

    • Rest of LATAM

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • Rest of MEA

List of Key Players in the Companion Animal Medicine Market

  • Merck & Co., Inc.

  • Ceva

  • Vetoquinol S.A.

  • Zoetis

  • Boehringer Ingelheim International GmbH

  • Elanco

  • Virbac

  • Bimeda, Inc.

  • Norbrook

  • Calier

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