The global Companion Animal Medicine market size is expected to be worth around US$ 40.8 billion by 2030, according to a new report by Vision Research Reports.
The global Companion Animal Medicine market size was valued at US$ 16.8 billion in 2020 and is anticipated to grow at a CAGR of 10.6% during forecast period 2021 to 2030.
|Market Size||US$ 40.8 billion by 2030|
|Growth Rate||CAGR of 10.6% From 2021 to 2030|
|Largest Market||North America|
|Forecast Period||2021 to 2030|
|Segments Covered||Animal type|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Mentioned||Merck & Co., Inc.; Ceva; Vetoquinol S.A.; Zoetis; Boehringer Ingelheim International GmbH; Elanco; Virbac; Bimeda, Inc.; Norbrook; Calier|
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%.
The rising number of pets across the globe, the trend of pet humanization has gained traction in several key markets. Pet parents are becoming increasingly aware of their pet’s health, treatment, and wellbeing. This has increased the adoption of pet insurance to reduce the financial risks for pet parents. 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.
By Animal Type Analysis
The dogs segment dominated the market and accounted for the largest revenue share of 45.0% in 2020. The segment is also anticipated to witness a lucrative CAGR in the coming years. This is owing to the high popularity of dogs as pets, the rising prevalence of canine diseases, and the availability of numerous medicines for pets.
By product, the pharmaceuticals segment dominated the market and accounted for a revenue share of over 59.0% in 2020. This is due to the availability of a large number of companion animal pharmaceuticals and the rising demand for parasiticides and other products for commonly occurring infections in pets.
By indication, the canine distemper segment accounted for the largest revenue share of 31.0% in 2020. The disease is potentially lethal and highly contagious. Increased awareness amongst pet owners and availability of various treatment options are the key contributing factors for the segment's largest market share.
By distribution channel, the hospital pharmacy segment held the largest revenue share of about 50.0% in 2020. The large share of the segment can be attributed to pet parents opting for veterinary hospitals for the treatment of their pets thus making hospital pharmacies primary centers for buying the prescribed medications.
By Regional Analysis
North America held the largest revenue share of about 36.0%. This was owing to initiatives by the government and private sector, rising adoption of pet insurance, and the presence of key companies.
In Asia Pacific, the market is anticipated to witness the fastest CAGR of about 10.0% during the forecast period. The factors attributable to this growth include the growing pet population, the presence of local players, and an increasing number of vet clinics and hospitals.
Merck & Co., Inc.
Boehringer Ingelheim International GmbH
The Companion Animal Medicine market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Companion Animal Medicine market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Companion Animal Medicine market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Companion Animal Medicine market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Companion Animal Medicine market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Companion Animal Medicine capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Companion Animal Medicine by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Companion Animal Medicine market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Companion Animal Medicine market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Companion Animal Medicine market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Companion Animal Medicine industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Companion Animal Medicine market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Companion Animal Medicine market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Companion Animal Medicine market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Companion Animal Medicine market. These factors have benefited the growth of the global market for Companion Animal Medicine. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Companion Animal Medicine. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Companion Animal Medicine are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
The study objectives of this report are:
Cancer Supportive Care Drugs Market (By Therapeutic Class: G-CSFs, Anti-emetics, ESAs, Bisphosphonates, Opioids, NSAIDs & Others)- Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030Read more...
eHealth Devices Market( By Type: Blood Pressure Meters, Fever Meters, Glucose Meters, Care Phone/Social Alarms)- Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030Read more...
Tracheostomy Products Market (By Demographics: Adults, Paediatrics/Neonatal; By Type: Tracheostomy Tubes, Ventilation Accessories ; By End Use: Hospitals & Surgery Centers, Ambulatory Care Centers, Home Care Settings, Others; By Technique) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030Read more...
Smart Blood Pressure Monitoring Devices Market (By Type: Upper Arm Blood Pressure Monitor, Wrist Blood Pressure Monitor Finger Blood Pressure Monitor; By Technology: Wi-Fi Based/4G, Bluetooth Based)- Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030Read more...
Laparoscopic Electrodes Market (By Application: Bariatric, General Surgeries; By Product: Monopolar, Bipolar Electrodes; By End User: Hospital, Ambulatory)- Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030Read more...