Companion Animal Medicine Market Rising With Growth In New Technology Trends Research By 2028Posted by Mrudula Karmarkar on July 15th, 2022 The global companion animal medicine market size is anticipated to reach USD 32.8 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 9.6% from 2021 to 2028. The key factors driving the market for companion animal medicine include the rising pet population, the prevalence of diseases, and the availability of pet insurance. In Canada for example, 58% of households owned at least one dog or cat in 2020, according to the Canadian Animal Health Institute (CAHI). CAHI also reported a surge in feline vet visits following the start of the COVID-19 outbreak in 2020. The COVID-19 pandemic notably affected the market for companion animal medicine. The impact included dampened sales, supply chain challenges, operational hurdles, fall inpatient visits, and reduced demand. Elanco for instance reported a 20% decline in revenue during Q2 2020. The company’s companion animal segment, in particular, was adversely impacted by the fall in brands in international markets and those administered in the clinic e.g. vaccines. The company reported a recovery in sales during H2 2020. Vetoquinol on the other hand reported an increase in sales, driven by its essential portfolio including veterinary drugs in 2020 despite limited access to vet clinics and hospitals due to lockdown protocols. Boehringer Ingelheim too registered increased sales in the companion animal segment. With the rising number of pets across the globe, the trend of pet humanization has gained traction in several key markets. Pet parents are becoming increasingly aware of their pet’s health, treatment, and wellbeing. This has increased the adoption of pet insurance to reduce the financial risks for pet parents. Petplan- the largest pet insurance provider in the U.K. offers insurance policies for various species including dogs, cats, horses, small mammals, birds, reptiles, rabbits, and multi-pet owners. These policies provide coverage for physical and online consultations, prescription medicine, diagnostic tests, surgery, dental injury, cancer treatment, and more. The rising prevalence of diseases in pets is another key driver expected to contribute to market growth. Parasitic infections from internal and external parasites for example, commonly affect pets. Antibiotics and topical therapies are often prescribed in the case of pyoderma. However, further testing and routine bathing with medicated shampoos may be prescribed in case of chronic or recurring pyoderma. Viv Silky Shampoo by Vivaldis for example is indicated for a range of fungal and bacterial infections including superficial and deep pyoderma. To Request Sample Copy of this report, click the link: 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. Companion Animal Medicine Market Report Highlights
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:
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