Pet Medicine Market Size Worth $32.8 Billion by 2028: Grand View Research, Inc. | News

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SAN FRANCISCO, January 19, 2022 /PRNewswire/ — The World pet medicine market size is provided to reach $32.8 billion by 2028, according to a new report from Grand View Research, Inc. The market is expected to grow at a CAGR of 9.6% from 2021 to 2028. Key factors driving the pet medicine market include growing pet population, prevalence of diseases, and availability of pet insurance. In Canada for example, 58% of households owned at least one dog or cat in 2020, according to the Canadian Institute of Animal Health (CAHI). CAHI also reported an increase in feline veterinarian visits following the start of the COVID-19 outbreak in 2020.

Main information and conclusions of the report:

  • The market was valued at $15.8 billion in 2020 and is expected to grow at a CAGR of 9.6% over the forecast period
  • Growing R&D initiatives by large companies are estimated to be a key driver for the market
  • For example, Dechra Pharmaceuticals commercialized 15 products from its Le Vet R&D pipeline in 2019
  • The humanization of pets further contributes to increased spending on pets, including pet medications
  • According to APPA, US citizens spent approximately $31.4 billion on veterinary care and products in 2020. The category included spending on routine veterinary care, surgeries and pharmaceuticals
  • Hospital pharmacy segment led the market by distribution channel in 2020. Factors contributing to this large share include higher patient footfall in hospitals and the convenience of purchasing needed medications as soon as the animal is diagnosed .
  • North America held the largest share of around 36% in 2020 due to well-established veterinary health care institutions, increased spending on pets, and humanization of pets
  • In Asia Pacific, the market is expected to grow at the fastest rate of more than 10% owing to increasing pet population and pet health awareness

Read the 150-page market research report, “Companion Animal Medicine Market Size, Share and Trends Analysis Report by Animal Type (Dogs, Cats, Horses), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa), and sector forecasts, 2021 – 2028“, by Grand View Research

The COVID-19 pandemic has particularly affected the companion animal medicine market. The impact included lower sales, supply chain challenges, operational hurdles, fall hospital visits and reduced demand. Elanco, for example, experienced a 20% drop in revenue during the second quarter of 2020. The company’s companion animal segment, in particular, was affected by the fall of brands in international markets and those administered in the clinic, for example vaccines. The company recorded a recovery in sales in the second half of 2020. Vetoquinol meanwhile recorded an increase in sales, driven by its essential portfolio including veterinary drugs in 2020 despite limited access to veterinary clinics and hospitals in due to containment protocols. Boehringer Ingelheim also recorded an increase in sales in the companion animal segment.

With the growing number of pets around the world, the trend towards humanizing pets has gained traction in several key markets. Pet parents are increasingly aware of their pet’s health, care and welfare. This has increased the adoption of pet insurance to reduce financial risks for pet owners. Petplan – the UK’s largest pet insurance provider offers insurance policies for a variety of species including dogs, cats, horses, small mammals, birds, reptiles, rabbits and owners of multiple pets. These policies provide coverage for in-person and online consultations, prescription drugs, diagnostic tests, surgery, dental injuries, cancer treatment, and more.

Rising prevalence of diseases in companion animals is another key factor that is expected to contribute to the growth of the market. Parasitic infections from internal and external parasites, for example, commonly affect pets. Antibiotics and topical treatments are often prescribed for pyoderma. However, additional tests and routine baths with medicated shampoos may be prescribed for chronic or recurring pyoderma. Vivaldis’ Viv Silky Shampoo, for example, is indicated for a range of fungal and bacterial infections, including superficial and deep pyoderma.

Market segmentation :

Grand View Research has segmented the global companion animal medicine market based on animal type and region:

Pet Medicine Animal Type Prospect (Revenue, USD Million, 2016 – 2028)

  • Dogs
    • By product
      • Organic Products
        • Vaccines
          • By type
            • Live attenuated vaccines
            • Inactivated vaccines
            • Recombinant vaccines
            • Toxoid
            • Others
          • By indication
            • tempera
            • Kennel cough (Parainfluenza)
            • Parvovirus
            • Canine herpes
            • Lyme disease
            • Rage
        • Others
      • Medications
        • Pest Control
        • Anti-infectives
        • Anti-inflammatory
        • Painkillers
        • Others
      • Medicated feed additives
    • By indication
      • Infectious diseases
      • Dermatological diseases
      • Pain
      • Orthopedic diseases
      • Behavioral diseases
      • Other indications
    • By distribution channel
      • Retail
      • E-commerce
      • Hospital pharmacy
  • Cats
    • By product
      • Organic Products
        • Vaccines
          • By type
            • Live attenuated vaccines
            • Inactivated vaccines
            • Recombinant vaccines
            • Toxoid
            • Others
          • By indication
            • tempera
            • Kennel cough (Parainfluenza)
            • Parvovirus
            • Canine herpes
            • Lyme disease
            • Rage
        • Others
      • Medications
        • Pest Control
        • Anti-infectives
        • Anti-inflammatory
        • Painkillers
        • Others
      • Medicated feed additives
    • By indication
      • Infectious diseases
      • Dermatological diseases
      • Pain
      • Orthopedic diseases
      • Behavioral diseases
      • Other indications
    • By distribution channel
      • Retail
      • E-commerce
      • Hospital pharmacy
  • Horses
    • By product
      • Organic Products
        • Vaccines
          • Live attenuated vaccines
          • Inactivated vaccines
          • Recombinant vaccines
          • Toxoid
          • Others
        • Others
      • Medications
        • Pest Control
        • Anti-infectives
        • Anti-inflammatory
        • Painkillers
        • Others
      • Medicated feed additives
    • By indication
      • Infectious diseases
      • Dermatological 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
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Russia
  • Asia Pacific
  • Latin America
  • AEM

List of Companion Animal Medicine Market Key Players

  • Merck & Co., Inc.
  • This will
  • Vetoquinol SA
  • Zoetis
  • Boehringer Ingelheim International GmbH
  • Elanco
  • Virbac
  • Bimeda, Inc.
  • Norbrook
  • Caliber

Check out more studies related to pet health and treatment, published by Grand View Research:

  • Companion Animal Health Market Report | 2021-28 – Global Companion Animal Health Market size was valued at $18.67 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 9.2% from 2021 to 2028. An increase in government and private sector initiatives to help promote animal health is expected to drive the market growth during of the forecast period.
  • Companion Animal Postoperative Pain Management Therapeutics Market Report | 2021-26 – The global Companion Animal Postoperative Pain Management Therapies market size has been estimated at $228.90 million in 2018 and is expected to grow at a CAGR of 6.7% over the forecast period. The increase in pet surgeries, especially orthopedic and dental surgeries, is propelling the demand for postoperative painkillers.
  • US Companion Animal Health Market Report | 2021-26 – US Companion Animal Health Market size was valued at $5.5 billion in 2018 and is expected to register a CAGR of 5.2% over the forecast period. The market is primarily driven by the growing adoption of pets in the country coupled with growing awareness among pet owners about animal diagnostics.

Browse Grand View Research coverage on the Global animal health industry.

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About Grand View Research

Grand View Research, a US-based market research and consulting firm, provides syndicated and custom research reports and consulting services. Checked in California and whose head office is at San Francisco, the company has more than 425 analysts and consultants, adding more than 1,200 market research reports to its extensive database each year. These reports offer in-depth analysis of 46 industries in 25 major countries around the world. Using an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and assess upcoming opportunities.

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SOURCEGrand View Research, Inc.



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