The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company’s companion animal pharmaceuticals market report forecasts the companion animal pharmaceuticals market size to grow to $20.77 Billion by 2027, with a CAGR (compound annual growth rate) of more than 8%.

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Companion Animal Pharmaceuticals Market Size Forecast
The global companion animal pharmaceuticals market is expected to grow from $13.94 billion in 2022 to $15.12 billion in 2023 at a compound annual growth rate (CAGR) of 8.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The companion animal pharmaceuticals market is expected to reach $20.77 billion in 2027 at a CAGR of 8.3%.

North America held the largest companion animal pharmaceuticals market share, and Asia-Pacific was the fastest-growing region in 2022.

Key Companion Animal Pharmaceuticals Market Driver ­– Growth In The Prevalence Of Zoonotic Diseases
For Instance, in July 2020, according to United Nations Environment Programme (UNEP), a Kenya-based authority, about 60 percent of known infectious diseases in humans and 75 % of all emerging infectious diseases are zoonotic. Therefore, the growing prevalence of zoonotic diseases is driving the growth of the companion animal pharmaceuticals market.

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Key Companion Animal Pharmaceuticals Market Trend – Embracing Big Data Technologies
Major companies operating in the companion animal pharmaceuticals market are focused on developing new technological solutions to strengthen their position. For Instance, in April 2022, Elanco Animal Health Incorporated, a US-based company operating in companion animal pharmaceuticals, and Ginkgo Bioworks, a US-based company operating in companion animal pharmaceuticals launched BiomEdit, a microbiome innovation company for creating innovation in animal health. This will provide novel probiotics and other related animal pharmaceuticals for animal health innovation, such as medicated feed ingredients, nutritional health and therapies for livestock and pet animals, and biosecurity technologies for animal illness monitoring. 

Companion Animal Pharmaceuticals Market Segment
1) By Animal Type: Dogs, Cats, Horses, Other Companion Animals
2) By Indication: Infectious Diseases, Dermatologic Diseases, Pain, Orthopedic Diseases, Behavioral Diseases, Other Indications
3) By Distribution Channels: Veterinary Hospitals, Veterinary Clinics, Retail Pharmacies

Companion Animal Pharmaceuticals Market Major Players and Strategies
Major players in the companion animal pharmaceuticals market are Elanco Animal Health Incorporated, Boehringer Ingelheim International GmbH, Ceva Santé Animale, Chanelle Pharma, Eco Animal Health Group plc, Ashish Life Science Pvt. Ltd., Endovac Animal Health, Hipra Laboratories, Indian Immunologicals Ltd., Inovet Group, Kyoritsu Seiyaku Corporation, Lutim Pharma Pvt. Ltd., Merck & Co. Inc., Norbrook Laboratories Ltd., Tianjin Ringpu Bio-Technology Co. Ltd., Vetoquinol S.A., Virbac S.A., Zoetis Inc., Agrolabo S.p.A., ALS Pvt. Ltd., Zydus Animal Health and Investments Limited, Eli Lily, IDEXX Laboratories Inc., Merial, and Novartis Animal Health Inc.

In August 2020, Elanco Animal Health Incorporated, a US-based pharmaceutical company, acquired the business unit of Bayer Healthcare Animal Health for $6.89 billion. This acquisition would strengthen Elanco’s innovation, portfolio, and productivity (IPP) strategy. Bayer Healthcare Animal Health is a Germany-based company operating in companion animal pharmaceuticals.

The Companion Animal Pharmaceuticals Global Market Report 2023 covers regional data on companion animal pharmaceuticals market size, companion animal pharmaceuticals market trends and drivers, opportunities, strategies, and companion animal pharmaceuticals market competitor analysis. The countries covered in the companion animal pharmaceuticals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Companion animal pharmaceuticals refer to the pharmaceutical medication process in which animal pharmacists insist on medications, fill prescriptions, and manage drug therapies for animals. It is used in the diagnosis, mitigation, and treatment of different animal diseases.

View More Reports Related To The Companion Animal Pharmaceuticals Market –
Companion Animal Veterinary Vaccines Global Market Report 2023
Companion Animal Arthritis Global Market Report 2023
Animal Medicine Global Market Report 2023

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