According to the research report titled ‘Companion Animal Drugs Market Size By Product (Drugs {Antiparasitic, Anti-inflammatory, Anti-infectives, Corticosteroids, Tranquilizers, Cardiovascular Drugs, Gastrointestinal Drugs, Topical Glucocorticoids}, Vaccines {Modified Live Vaccines [MLV], Killed Inactivated Vaccines, Recombinant Vaccines}, Medicated Feed Additives {Antibiotics, Vitamins, Amino acids, Enzymes, Antioxidants, Prebiotics and Probiotics, Minerals, Carbohydrates, Propandiol}), By Animal Type (Dogs, Cats, Horses), By Route of Administration (Oral, Injectable, Topical), By Distribution Channel (Veterinary Hospitals, Veterinary Clinics, Pharmacy and Drug Stores, E-commerce), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 – 2027’, available with MarketStudyReport, companion animal drugs market is anticipated to register lucrative growth through 2027.
 

It is cited that rising investments in research and development for treatment of a variety of chronic diseases in animals, growing adoption of companion animals, and increasing awareness among pet owners to give nutritional food & stress-free medication are the major growth catalysts for companion animal drugs market.

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For the uninitiated, companion animals are animals that live with humans and share their homes and lives with them and are seen as an integral part of the family.

To ensure optimal animal care and wellbeing, a wide range of dose formulations and delivery techniques have been created, which in turn is augmenting the industry outlook.

In terms of product, medicated feed additives segment accounted for USD 1856 million in 2020 and is poised to record 7.2% CAGR over the forecast duration, owing to growing cognizance among owners to provide healthy food and stress-free medications to pets.

Based on animal type, dog segment of companion animal drugs industry was worth USD 4769 million in 2020 and is anticipated to witness a 5.3% CAGR throughout the assessment period, due to higher preference for dog as a companion animal around the globe.

On the basis of route of administration, topical segment held a value of USD 2106 million in 2020 and is estimated to progress at a CAGR of 6.6% over the analysis timeframe, owing to ease of application.

With respect to distribution channel, the pharmacy & drug store segment was worth USD 2268 million in 2020 and is slated to showcase a CAGR of 6.4% through 2027. The expansion is attributed to increasing preference for nearby/local pharmacies for acquiring drugs.

Regionally speaking, Middle East & Africa industry was valued at USD 253 million in 2020 and is poised to record a y-o-y growth rate of 5.8% over the forecast duration, because of growing spending in animal medicine R&D for a variety of chronic diseases as well as improving animal welfare.

The key players in companion animal drugs market are Ceva Santé Animale, Zoetis Inc., Virbac SA, Elanco Animal Health Incorporated, Vetoquinol Global, Symrise AG, Merck & Co. Inc., Dechra Pharmaceuticals PLC, and C.H. Boehringer Sohn AG & Ko. KG.