Companion Animal Drug Market to Be Worth US$ 44,727.3 Mn by 2025 - Future Market Insights

Valley Cottage, NY, December 4, 2017 (Newswire.com) - Companion animals are those animals that can be domesticated or bred domestically, and have the right temperament, to be maintained as pets in homes, or in close daily proximity or relationship with humans. The drug market for companion animals comprises eight broad product categories such as antibiotics, anti-inflammatory drugs, parasiticides (further sub-segmented into ecto-parasiticides and endo-parasiticides), heartworm medicines, nutritional, behavioural and skincare drugs and vaccines. The market has also been segmented by distribution channels such as veterinary hospitals, veterinary clinics and pharmacies and drug stores.

Market Value and Forecast

In terms of value, the global companion animal drug market is estimated to expand at a CAGR of 4.9% during the forecast period. Global companion animal drug market value is expected to increase to US$ 44,727.3 Mn by 2025.

Market Dynamics

Growth of the global companion animal drug market is mainly driven by rising pet adoption and growing demand for animal welfare, apart from economic factors such as rising affluence and urbanization, primarily affecting emerging countries. However, rising cost of R&D, primarily driven by increasing overhead and raw material costs, and limited scope for major product innovation are expected to restrain growth of the market over the forecast period.

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International regulatory harmonization spanning regions are set to define the common registration process for veterinary drugs, which is expected to simplify the process for documentation, approval and pharmacovigilance activities for these drugs.  

Market Segmentation By Product

Based on product type, the market has been segmented into antibiotics, anti-inflammatory drugs, parasiticides (further sub-segmented into ecto-parasiticides and endo-parasiticides), heartworm medicines, nutritional, behavioural and skincare drugs and vaccines. In terms of value, the parasiticides segment is estimated to account for over 40% share of the global companion animal drug market by 2025 end, and remain dominant and most attractive throughout the forecast period.

Market Segmentation By Distribution Channels

On the basis of distribution channels, the market has been segmented into veterinary hospitals, veterinary clinics and pharmacies and drug stores. Veterinary clinics followed by hospitals are the most preferred medium of drug distribution. However, emergence of retail pharmacies, which service mail order requests, are set to pose stiff competition to the traditional channels in certain regions over the forecast period.

Key Regions

The global companion animal drug market has been segmented into seven major regions namely North America, Latin America, Eastern Europe, Western Europe, Asia Pacific Excluding Japan (APEJ), Japan, and Middle East & Africa. In terms of value, North America is estimated to dominate the market with 33.0% share of the overall companion animal drug market by 2015 end. Latin America and APEJ are estimated to be fastest growing among the emerging markets, while market in Western Europe is expected to exhibit a healthy CAGR despite decline in human population.

​Key Players

Some key players identified in the global companion animal drug market report include Elanco (Eli Lilly), Merck Animal Health, Boehringer Ingelheim, GmbH Bayer Animal Healthcare, Merial (Sanofi, Virbac Animal Health, Zoetis Inc., and Ceva Santé Animale.  The report is enriched through identification of company-specific strategies related to drug development, market consolidation initiatives and analyses of their specific strengths, weaknesses, opportunities and threats. 

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Source: Future Market Insights