Companion Animal Medicine Market Key Players and Growth Information Analysis Report 2028

Companion Animal Medicine Industry Overview

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.

North America companion animal medicine market size, by product, 2018 - 2028 (USD Billion)

Companion Animal Medicine Market Segmentation

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

Based on the Animal Type Insights, the market is segmented into Dogs, Cats, and Horses.

  • The dogs segment dominated the market and accounted for the largest revenue share of 45.0% in 2020. The segment is also anticipated to witness a lucrative CAGR in the coming years. This is owing to the high popularity of dogs as pets, the rising prevalence of canine diseases, and the availability of numerous medicines for pets. According to the American Pet Products Association (APPA)’s survey of 2019-2020, dogs and cats are the most popular pets in the U.S. The rising trend of humanization of pets in the country and premiumization of pet products has led to increased expenditure on pet health, medicines, and treatment. In fact, U.S. pet parents were estimated to have spent more than USD 100 billion in 2020.
  • By product, the pharmaceuticals segment dominated the market and accounted for a revenue share of over 59.0% in 2020. This is due to the availability of a large number of companion animal pharmaceuticals and the rising demand for parasiticides and other products for commonly occurring infections in pets. For instance, as per the Companion Animal Parasite Council (CAPC) the highest percent increase in roundworm infections during October 2020 was found in the cities of Charleston, Mobile, Wichita, Killeen, Little Rock, Miami, and Memphis in the U.S. The biologics segment on the other hand, is expected to grow the fastest. By indication, the market was dominated by the infectious diseases segment owing to rising prevalence, awareness about zoonoses, and initiatives by market players.
  • By indication, the canine distemper segment accounted for the largest revenue share of 31.0% in 2020. The disease is potentially lethal and highly contagious. Increased awareness amongst pet owners and availability of various treatment options are the key contributing factors for the segment's largest market share.
  • By distribution channel, the hospital pharmacy segment held the largest revenue share of about 50.0% in 2020. The large share of the segment can be attributed to pet parents opting for veterinary hospitals for the treatment of their pets thus making hospital pharmacies primary centers for buying the prescribed medications. The e-commerce segment is projected to grow at the fastest CAGR of over 13% during the forecast period. Drivers contributing to this growth include the growing number of e-commerce websites selling pet medicines and the ease of buying online leading to a shift in consumer behavior.
  • Walmart for instance provides prescription delivery service for pet medicines through its online channel walmartpetrx.com. Cornell University Hospital for Animals (CUHA) Pharmacy on the other hand, supplies both human and animal health The CUHA on-site pharmacy also provides shipping at extra cost and refill services. According to the American Animal Hospital Association (AAHA), e-commerce is becoming an integral part of pet-related businesses.

Companion Animal Medicine Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Key Companies Profile & Market Share Insights

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.

Some of the prominent players operating in the global companion animal medicine market include,

  • Merck & Co., Inc.
  • Ceva
  • Vetoquinol S.A.
  • Zoetis
  • Boehringer Ingelheim International GmbH
  • Elanco
  • Virbac
  • Bimeda, Inc.
  • Norbrook
  • Calier

Order a free sample PDF of the Companion Animal Medicine Market Intelligence Study, published by Grand View Research.

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