(PharmaNewsWire.Com, September 09, 2021 ) Companion Animal Drug Market size is estimated to reach $36.2 billion by 2026, growing at a CAGR of 5.3% during the forecast period 2021-2026. Companion animals that are suffering from long-term treatments with chronic diseases are becoming stressed and unmanageable for their owners. These companion animal drugs through medicated feed additives refine the nutritional content of the feed and also help in the growth and development of pet animals. Companion animal drugs are increasingly being adopted across the world owing to the rise in the number of infectious diseases, dermatologic diseases, and orthopedic diseases. The rise in the demand for anti-inflammatory drugs for the treatment of dermatologic diseases in companion animals, growing awareness about therapeutic indications of various drugs, rise in the demand for parasiticides in veterinary medicines, and growing investment by the key players to develop advanced companion animal drugs and feed additives are the factors that are set to drive the growth of the Companion Animal Drug Market for the period 2021-2026.
Companion Animal Drug Market Segment Analysis-By Animal Type
The Companion Animal Drug Market based on the Animal Type can be further segmented into, Cats, Dogs, Horses, and Others. The Dogs segment held the largest share in 2020 and is also estimated to be the fastest growing segment with a CAGR of 7.1% over the period 2021-2026. This growth is owing to the factors such as the rise in the demand for feed additives and the rise in awareness about therapeutic indications of various drugs. The growing investments by the key players in research and development activities for developing advanced companion animal drugs is driving the growth of the Companion Animal Drug Market. The Cats segment held the second largest share in 2020 owing to the factors such as the growing adoption of parasiticides in veterinary medicines for the treatment of infectious diseases in cats and the rise in the product launches by key players.
Companion Animal Drug Market Segment Analysis-By Disease Type
The Companion Animal Drug Market based on the Disease Type can be further segmented into Infectious Diseases, Dermatologic Diseases, Orthopedic Diseases, Behavioral Diseases, and Others. The Dermatologic Diseases segment held the largest share in 2020 owing to the factors such as the increase in the demand for anti-inflammatory drugs for the treatment of dermatologic diseases and the rise in the investment by the key players to develop advanced companion animal drugs. The rise in the prevalence of arthritis in companion animals is driving the growth of the Companion Animal Drug Market. The Infectious Diseases segment is estimated to be the fastest growing segment with a CAGR of 6.8% over the period 2021-2026. This growth is owing to the factors such as the rise in the adoption of parasiticides in veterinary medicines for the treatment of infectious diseases and increase in the prevalence of infectious diseases for companion animals across the world.
Companion Animal Drug Market Segment Analysis-By Geography
The Companion Animal Drug Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and Rest of World. North America held the largest share with 29% of the overall market in 2020. The growth in this segment is owing to the factors such as the rise in the demand for anti-inflammatory drugs for the treatment of dermatologic diseases in companion animals and the rise in the product launches by key players. The increasing adoption of parasiticides in veterinary medicines is driving the growth of the Companion Animal Drug Market. Asia-Pacific segment is estimated to be the fastest growing segment over the period 2021-2026. The growth in this segment is owing to the factors such as the rise in awareness about therapeutic indications of various drugs and growing investment by the key players to develop advanced companion animal drugs.
The rise in the prevalence of zoonotic diseases, such as rabies brucellosis, and Lyme diseases has propelled the demand for advanced animal companion drugs and therapeutic indications. The key players are also increasing their investment on companion animal drugs owing to the growing prevalence of zoonotic diseases, which is one of the major factors driving the growth of the Companion Animal Drug Market.
Rise in the Adoption of Anti-inflammatory Drugs for Companion Animals
Anti-inflammatory drugs are increasingly being adopted for the treatment of companion animals owing to their potential to relieve inflammation without the immunosuppressive side effects that corticosteroids have. These anti-inflammatory drugs reduce the swelling associated with inflammation in skin disorders and are also useful in the treatment of hypersensitivity reactions, which is further propelling the growth of the Companion Animal Drug Market.
Companion Animal Drug Market Challenges
Stringent Government Regulations
The key players in the market are collaborating with other players to carry out various research and development activities for launching advanced companion animal drugs for the treatment of infectious diseases and dermatologic diseases. However, the stringent government regulations for approval of drugs is one of the major factors that is estimated to reduce the growth of the Companion Animal Drug Market.
Companion Animal Drug Market Competitive Landscape:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Companion Animal Drug Market. Key companies of this market are Merck & Co., Inc, Elanco Animal Health Incorporated, Zoetis Inc, Virbac, Boehringer Ingelheim, Dechra Pharmaceuticals plc, Ceva Santé Animale, Lutim Pharma Pvt. Ltd, Indian Immunologicals Ltd, and Kyoritsu Seiyaku among others.
Partnerships/Product Launches:
In August 2020, Virbac has launched STELFONTA, a breakthrough injectable solution for canine mast cell tumors in dogs, which is the most common form of skin cancer in dogs. It provides a high tumor elimination rate and also contains silanol tailgate.
In July 2020, Boehringer Ingelheim has launched NexGard and Broadline to expand their animal healthcare portfolio and to provide comprehensive parasite treatment for companion animals. These products are also safe in the case of glycoprotein-deficient collies.
In April 2019, Elanco Animal Health has acquired Aratana Therapeutics to focus on developing innovative therapeutic drugs for companion animals and also to bring innovative products to the veterinary specialty category.
Key Takeaways
Geographically, North America Companion Animal Drug Market accounted for the highest revenue share in 2020 and it is poised to dominate over the period 2021-2026 owing to the rise in the adoption of parasiticides in veterinary medicines.
The rise in the demand for anti-inflammatory drugs for the treatment of dermatologic diseases is driving the Dermatologic Diseases segment. However, the stringent government regulations for approval of drugs is one of the major factors that is said to reduce the growth of the Companion Animal Drug Market.
Detailed analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Companion Animal Drug Market report.
For more Lifesciences and Healthcare Market reports, please click here
About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.
We are pleased to offer you this exciting, new, and entirely free professional resource. Visit our Free Biotechnology & Pharmaceuticals resource center today to browse our selection of 600+ complimentary Biotechnology & Pharmaceuticals magazines, white papers, webinars, podcasts, and more. Get popular titles including:
