Companion Animal Medicine Industry Overview
The global companion animal medicine market size was valued at USD 15.8 billion in 2020 and is estimated to expand at a compound annual growth rate (CAGR) of 9.6% from 2021 to 2028.
Increasing prevalence of diseases in pets, rising pet expenditure, humanization of pets, adoption of online channels for buying pet medicines, and initiatives by key companies are the factors anticipated to fuel the market in the coming years. According to a 2021 article in the BMC Veterinary Research Journal, for instance, the prevalence of dental disorders diagnosed in dogs in the U.K. was found to be 14.10% and skin disorders were found to be 12.6%.
Gather more insights about the market drivers, restrains and growth of the Global Companion Animal Medicine Market
The COVID-19 outbreak notably impacted the market. Some of the adverse effects included low demand, supply chain disruptions, hurdles in research activities, and dampened sales. For instance, Elanco’s revenue dipped by 10.0% during the first quarter of 2020, mainly due to working capital pressures and reduced demand. Merck reported a USD 100 million negative impact of the pandemic on its animal health division revenue during Q2 2020. Despite the COVID-19 outbreak, some companies reported positive or no impact on their financial performance. Calier, for instance, reported a positive year for its companion animals segment. In fact, the company even launched an external parasiticide for dogs, cats, and ferrets- Dynacan Spot-On. Vetoquinol’s veterinary drugs and nonmedical products lineup contributed to an overall increase in 2020 sales.
The AVMA reported a fall in vet visits during the initial period of the COVID-19 outbreak. However, the vet visits and practice revenues recovered during the latter half of 2020 and into 2021. The American Veterinary Medical Association (AVMA) reported year-on-year growth of 14.9% and 5.1% in practice revenues and patient visits during November 2020 respectively. The AVMA estimated that revenue and visits increased on an average by 13.3% and 5.1% Y-o-Y respectively during November 2020 to 2021. Pet ownership also continued to increase in several key markets owing to mental health benefits and many people working from home. Deutsche Welle (DW) for instance, reported a surge in demand for dogs and cats in Germany during 2020. In fact, about 20% more pet dogs were purchased during 2020 in comparison to previous years according to the German Kennel Club (VDH).
The upcoming patent expiry dates of certain key companion animal drugs and formulations and R&D initiatives by market players is another factor expected to contribute to market growth. According to the European Group for Generic Veterinary Products (EGGVP), the availability and use of generic veterinary medicines are on the rise. The formulation patent held by Zoetis for Revolution, Revolution Plus, and Strongholdexpired in key markets in 2019. The generic versions of selamectin (active ingredient in all 3 products) are now available in markets including Europe, North America, and Australia. Other players are leveraging similar opportunities brought by patent expiry. Norbrook’s product model, for example, involves using molecules already established in the market. Its R&D strategy is based on being the first generic to market wherever possible by providing a balanced lineup of veterinary pharmaceutical products.
Browse through Grand View Research's Animal Health Industry Research Reports
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Companion Animal Medicine Market Segmentation
Grand View Research has segmented the global companion animal medicine market on the basis of animal type and region:
Companion Animal Medicine Animal Type Outlook (Revenue, USD Million, 2016 - 2028)
Companion Animal Medicine Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- Asia Pacific
- Latin America
Market Share Insights
- August 2021: Elanco acquired Kindred Biosciences for approximately USD 444 million. This supported the company’s access to the dermatology market, complemented its product pipeline, and enhanced R&D capabilities in biologics and monoclonal antibodies.
Key Companies profiled:
Some of the prominent players in the companion animal medicine market include:
- Merck & Co., Inc.
- Vetoquinol S.A.
- Boehringer Ingelheim International GmbH
- Bimeda, Inc.
Order a free sample PDF of the Companion Animal Medicine Market Intelligence Study, published by Grand View Research.
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