Latest Study on “Companion Animal Pharmaceuticals Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2027”.
The global Companion Animal Pharmaceuticals market size is expected to be worth around US$ 20.9 Billion by 2027, according to a new report by nova one advisor.
The global Companion Animal Pharmaceuticals market size was valued at US$ 12.6 Billion in 2020 and is anticipated to grow at a CAGR of 8.2% during forecast period 2021 to 2027.
Overview of Companion Animal Pharmaceuticals Market Study
Companion Animal Pharmaceuticals market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.
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The growth in this market is majorly driven by the growth in companion animal ownership, rising prevalence of zoonotic diseases, rising demand for pet insurance with the growing animal health expenditure, and initiatives by various government agencies and animal associations. On the other hand, the limited number of new antibiotics, rising pet care costs, and rising cost of vaccine storage are expected to restrain the growth of this market during the forecast period.
By indication, the infectious diseases segment is expected to account for the largest share of the companion animal pharmaceuticals market
Based on indication, the global companion animal pharmaceuticals market is segmented into infectious diseases, dermatologic diseases, orthopedic diseases, pain, behavioral disorders, and other indications. The infectious diseases segment accounted for the largest share of the market. The large share of this segment can be attributed to the increasing prevalence of zoonotic diseases, growing rates of pet ownership, rising initiatives by government and animal health associations for controlling disease outbreaks, and easy accessibility of these drugs.
On the basis of animal type, dogs segment is expected to grow at highest CAGR in the companion animal pharmaceuticals market during the forecast period
Based on animal type, the companion animal pharmaceuticals market is segmented into dogs, cats, horses, and other companion animals. The dogs segment is projected to grow at the highest CAGR in the forecast period. This growth can be attributed to the increasing dog population and rising ownership rate, increasing prevalence of zoonotic diseases and other skin allergies in dogs, rising canine healthcare expenditure, and the increasing number of pet insurers across the globe.
On the basis of distribution channel, veterinary hospitals segment holds the largest market share in the companion animal pharmaceuticals market
Based on distribution channel, the companion animal pharmaceuticals market is segmented into veterinary hospitals, veterinary clinics, and retail pharmacies. The veterinary hospitals segment holds the largest share in the companion animal pharmaceuticals market due to the higher adoption of animal parasiticides and antibiotics in hospital settings, increasing incidence of infectious diseases, growing number of veterinary hospitals, growing ownership of companion animals, increasing veterinary expenditure, and growing awareness about animal health in developing countries.
Asia Pacific is expected to register the highest CAGR in the companion animal pharmaceuticals market during the forecast period
The companion animal pharmaceuticals market in the APAC region is expected to register the highest CAGR during the forecast period. The rising pet ownership and increasing animal health expenditure, rising per capita income in these countries, increasing incidence of zoonotic diseases, increasing awareness on animal healthcare, growing number of veterinary hospitals and clinics, and the implementation of regulations to prevent the spread of animal diseases are the key factors driving market growth in this region.
Prominent players in the companion animal pharmaceuticals market include Zoetis Inc. (US), Merck & Co., Inc. (US), Boehringer Ingelheim GmbH (Germany), Elanco Animal Health Incorporated (US), Ceva Santé Animale (France), Virbac (France), Vetoquinol S.A. (France), Dechra Pharmaceuticals plc (UK), Chanelle Pharma (Ireland), Kyoritsu Seiyaku (Japan), Zydus Animal Health and Investments Limited (India), Tianjin Ringpu Bio-Technology Co., Ltd. (China), HIPRA (Spain), Norbrook Holdings Limited (UK), Inovet (Belgium), Endovac Animal Health (US), ECO Animal Health Group plc (UK), Indian Immunologicals Ltd. (India), ALS Pvt. Ltd. (India), and Lutim Pharma Pvt. Ltd. (India).
North America held the largest share of the companion animal pharmaceuticals market, by region.
In 2020, North America accounted for the largest share of the companion animal pharmaceuticals market, followed by Europe, the Asia Pacific, Latin America, and the Middle East & Africa. The large share of North America can be attributed to the well-established base of animal health industries, the high adoption of companion animals, rising incidence of parasitic infections, the large number of hospitals and clinics, growing pool of veterinarians, and growing expenditure on animal health in the region. The growing number of research activities and funding and awareness campaigns in the field of veterinary health management is also expected to drive the growth of this market.
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COVID-19 Impact on Companion Animal Pharmaceuticals Sales
Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Companion Animal Pharmaceuticals market.
Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Companion Animal Pharmaceuticals market 2021 onwards. This trend will however continue through the course of the report’s assessment period
This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Companion Animal Pharmaceuticals market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.
Some of the prominent players in the Companion Animal Pharmaceuticals market include: Zoetis Inc. (US), Merck & Co., Inc. (US), Boehringer Ingelheim GmbH (Germany), Elanco Animal Health Incorporated (US), Ceva Santé Animale (France), Virbac (France), Vetoquinol S.A. (France), Dechra Pharmaceuticals plc (UK), Chanelle Pharma (Ireland), Kyoritsu Seiyaku (Japan), Zydus Animal Health and Investments Limited (India), Tianjin Ringpu Bio-Technology Co., Ltd. (China), HIPRA (Spain), Norbrook Holdings Limited (UK), Inovet (Belgium), Endovac Animal Health (US), ECO Animal Health Group plc (UK), Indian Immunologicals Ltd. (India), ALS Pvt. Ltd. (India), and Lutim Pharma Pvt. Ltd. (India).
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
The research report categorizes the market into the following segments and subsegments:
Companion Animal Pharmaceuticals Market, By Indication
- Infectious Diseases
- Antibiotics & Antimicrobials
- Other Companion Animal Pharmaceuticals
- Dermatologic Diseases
- Orthopedic Diseases
- Behavioral Diseases
- Other Indications
Companion Animal Pharmaceuticals Market, By Animal Type
- Other Companion Animals
Companion Animal Pharmaceuticals Market, By Distribution Channels
- Veterinary Hospitals
- Veterinary Clinics
- Retail Pharmacies
Browse Complete Table of Content@ https://www.novaoneadvisor.com/toc/companion-animal-pharmaceuticals-market
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The purpose of Nova one advisor’s Companion Animal Pharmaceuticals market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.
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