GVR Report cover Companion Animal Medicine Market Size, Share & Trends Report

Companion Animal Medicine Market Size, Share & Trends Analysis Report By Animal Type (Dogs, Cats, Horses), By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa), And Segment Forecasts, 2021 - 2028

  • Published Date: Jan, 2022
  • Base Year for Estimate: 2020
  • Report ID: GVR-4-68039-698-0
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2019
  • Number of Pages: 150

Report 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%.

North America companion animal medicine market size, by product, 2018 - 2028 (USD Billion)

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.

Animal Type Insights

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. According to the American Pet Products Association (APPA)’s survey of 2019-2020, dogs and cats are the most popular pets in the U.S. The rising trend of humanization of pets in the country and premiumization of pet products has led to increased expenditure on pet health, medicines, and treatment. In fact, U.S. pet parents were estimated to have spent more than USD 100 billion in 2020.

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. For instance, as per the Companion Animal Parasite Council (CAPC) the highest percent increase in roundworm infections during October 2020 was found in the cities of Charleston, Mobile, Wichita, Killeen, Little Rock, Miami, and Memphis in the U.S. The biologics segment on the other hand, is expected to grow the fastest. By indication, the market was dominated by the infectious diseases segment owing to rising prevalence, awareness about zoonoses, and initiatives by market players.

Global companion animal medicine market, by distribution channel, 2020 (%)

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. The e-commerce segment is projected to grow at the fastest CAGR of over 13% during the forecast period. Drivers contributing to this growth include the growing number of e-commerce websites selling pet medicines and the ease of buying online leading to a shift in consumer behavior.

Walmart for instance provides prescription delivery service for pet medicines through its online channel walmartpetrx.com. Cornell University Hospital for Animals (CUHA) Pharmacy on the other hand, supplies both human and animal health products. The CUHA on-site pharmacy also provides shipping at extra cost and refill services. According to the American Animal Hospital Association (AAHA), e-commerce is becoming an integral part of pet-related businesses.

Regional Insights

In 2020, 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. North American Pet Health Insurance Association, Inc. reported that the pet insurance industry is growing at a notable rate of 23.4% for the last few years. In fact, at the end of 2020, about 3.45 million pets were insured across the North American region.

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. In addition, the region is home to the production facilities of many major animal health companies, such as Elanco, which further boosts the growth of the segment.

Key Companies & Market Share Insights

The market is intensely competitive in nature with the presence of many small and large companies. Market players are involved in deploying several strategic initiatives such as R&D, collaborations, product launches, product diversification, expansion of distribution network, and regional expansion. Key players are also involved in mergers and acquisitions and other sales and marketing activities. In August 2021, Elanco for instance 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. Some of the prominent players in the companion animal medicine market include:  

  • Merck & Co., Inc.

  • Ceva

  • Vetoquinol S.A.

  • Zoetis

  • Boehringer Ingelheim International GmbH

  • Elanco

  • Virbac

  • Bimeda, Inc.

  • Norbrook

  • Calier

Companion Animal Medicine Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 17.3 billion

Revenue forecast in 2028

USD 32.8 billion

Growth Rate

CAGR of 9.6% from 2021 to 2028

Base year for estimation

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD Million and CAGR from 2021 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Animal type, region

Regions covered

North America; Europe; Asia Pacific; Latin America; MEA

Country Scope

U.S.; Canada; U.K.; Germany; Italy; France; Spain; Russia; Japan; China; India; Brazil; Mexico; Argentina; South Africa; Saudi Arabia

Key companies profiled

Merck & Co., Inc.; Ceva; Vetoquinol S.A.; Zoetis; Boehringer Ingelheim International GmbH; Elanco; Virbac; Bimeda, Inc.; Norbrook; Calier

Customization scope

Free report customization (equivalent up to 8 analysts’ working days) with purchase. Addition or alteration to country, regional, and segment scope.

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this report, Grand View Research has segmented the global companion animal medicine market report on the basis of animal type and region 

  • Companion Animal Medicine Animal Type Outlook (Revenue, USD Million, 2016 - 2028)

    • 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

              • 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

    •  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

  • Companion Animal Medicine Regional Outlook (Revenue, USD Million, 2016 - 2028)

    • North America

      • U.S.

      • Canada

    • Europe

      • Germany

      • U.K.

      • France

      • Italy

      • Spain

      • Russia

    • Asia Pacific

      • China

      • India

      • Japan

    • Latin America

      • Brazil

      • Mexico

      • Argentina

    • MEA

      • South Africa

      • Saudi Arabia

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