Companion animal meds market to surpass $30B
by Katie Pfaff
The worldwide market for medicine to treat companion animals is forecast to grow to a value of $32.8 billion across the next 6 years, according to a report by the market analysis firm, Grand View Research, Inc. The increase would amount to a CAGR of 9.6% following the 2020 market estimate of $15.8 billion. The report covers the forecast period from 2021 to 2028
Confidence in the market is based on the driving factors of an ever-growing number of pet adoptions, access to pet insurance, and a high rate of disease among pets. Further adding to growth, people who own pets are increasingly willing to spend significant amounts on their pets, a trend thought to be based on seeing the pet as a family member. While these drivers are at play, companies are also bolstering their efforts to bring new products to market, building their research and development pipelines.
Based on 2020 data from the American Pet Products Association, Americans paid $31.4 billion on care for their pets, including for products, medicines, and veterinary treatment. During that time, the market segment for veterinary hospitals held the largest share by distribution channel n the companion animal medicines market. The hospital’s dominance was thought to be based on the rate of patients being seen and the ease of purchasing medicines while at a veterinary appointment.
From a geographical segment perspective, North America garnered the heftiest share with about 36% of the market in 2020. This was due to a higher rate of spending, an abundance of veterinary clinics and hospitals, and trend of pet “humanization.”
When looking at a rise in companion animal disease globally, parasites are a common ailment. These can be treated with topicals, antibiotics, or medicated shampoos, all prescribed by the veterinary care facility.
Comments
Related Articles
Copyright © 2025 - All Rights Reserved
ISSN 2768-198X
List
Add
Please enter a comment