Market Size
The Global Pet Medication Market is estimated to reach at a high CAGR during the forecast period (2024-2031).
Pet Medication” is the type of product that help treat and prevent diseases and improve and prolong the lives of farm animals and companion animals. These products include Parasiticides, vaccines, Anti-infective, medical feed additives, and others.
The manufacturing and distribution of these drugs and medications are regulated under the United States federal agency for prescribing veterinary animals. Veterinary prescription drugs are labelled for use only by or on the order of a licensed veterinarian, so these drugs must be properly labelled when dispensed. Also, the label should include all the information under the section on Basic Information for Records, Prescriptions, and Labels for the safety of pet animals.
Market Summary
| Metrics | Details |
| Market CAGR | High |
| Segments Covered | By Product Type, By Application and By Region |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
| Fastest Growing Region | Asia Pacific |
| Largest Market Share | North America |
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Market Drivers
Veterinary diets include animal foods that are specifically formed to aid in the management of disease and illness of a diagnosed health disorder in an animal. These veterinary diets are put together to treat a variety of problems in pets, such as digestive issues, itchy skin obesity, allergies, etc. Pet food manufacturers are constantly changing their product variants which makes them suitable for the wellness of pets, thus, driving the growth of the market.
Increasing Trend of Smaller Families Driving Pet Adoption
Rapid urbanization in major developing countries across the globe has led to the increasing preference of couples to have smaller families. The increasing nature of the society, which results in the separation from farm animals and nature, is restoring the desire to bring pets home. Owing to company, social comfort, security, and the aesthetic sense offered by pets, the trend of pet adoption is increasing. Furthermore, a high standard of living, high educational standards and, costly healthcare system have led to a decrease in the number of children and an increase in the adoption of pets, such as dogs, cats, and birds. This trend, in turn, is expected to increase the growth of the pet veterinary diet market in the long run.
Increasing Penetration Of Pet Insurance
The increasing penetration of pet insurance is anticipated to drive the animal medicine market. Worldwide, the pet insurance market is largely inactive with extremely fewer penetration rates providing a large market opportunity. Moreover, increasing penetration of pet insurance will increase the number of visits to veterinary clinics which will result in supporting the use of veterinary pharmaceuticals and feed additives in the treatment of different kinds of diseases.
COVID-19 Impact Analysis on Market
COVID-19 pandemic affected each and every country across the globe for instance the direct impact on production and demand, supply chain disruption, and financial impact. Further, the sudden outbreak of this pandemic has disrupted the manufacturers' supply chain across the globe and shut down the production facilities to minimize the risk of virus spread. Due to which the government imposed Social distancing and lockdowns across most countries which directly or indirectly interrupted the production and supply of goods and raw materials in the pet medication market space. People are scared to go outside to get a checkup for their pets. This factor has led to the major decline of the market. Transportation of such drugs is a major problem.
Market Segmentation Analysis
Based on the application, the pet medication market has been classified into dogs, cats, horses and others.
The dog segment dominated the global pet medication market in 2019
In 2019, the dog segment dominated the pet medication market owing to the high preference for dogs in families. It is anticipated that the canine segment will have a constant growth in the market owing to high preference by the families. Moreover, their cost of medication is also less. The rise in the number of dog owners and high spending on dogs care, coupled with a high adoption rate of dogs for companionship and security purpose is expected to further boost the demand for medications for canine care. The canine care medication market is followed by the feline care medication market. Pet owners continue to rely on veterinarians for advice about pet medications: dog and cat owners important consideration when buying pet medications is medical advice from a veterinarian.
Based on the product type, the pet medication market has been classified into antibiotics, antimicrobial and antiparasitics.
Antiparasitic drugs accounted for the highest market share in the global market
The antiparasitic drugs held the highest share in this segment this drug helps to prevent, repel or kill internal or external parasites such as intestinal protozoans (Giardia, etc.), intestinal wormsheartworms, fleas and ticks. The antiparasitic drugs help to cure various diseases. People prefer antiparasitic due to its properties to protect the animals such as dogs, cats and others from diseases.
Market Geographical Share
Based on geography, the study analyzes the pet medication market in the global market, including North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
North America leads the global market throughout the forecast period.
North America dominates the global pet medication market in terms of value and volume as the region is responsible for the maximum number of pet food production worldwide, accompanied by the high demand for pet care, which results in driving the growth of the American pet medication market. The major distribution channels through which the US supplies pet diet are the pet superstores, mass retail stores, online sales, grocery chains, niche specialists, drugstores, and agricultural supply stores. Further, various research institutes are focusing on pet medication in this region which is another factor for driving the growth of the market.
Key Market Players
The pet medication market is highly competitive, owing to the presence of big brands. The key market players are contributing to the growth of the global market include Zoetis, Merck, Merial, Elanco, Bayer, Boehringer, Novartis, Virbac, Ceva, Vetoquinol, Nexvet, Aratana Therapeutics, Kindred Biosciences, Ambrx, Entest Biomedical, Taconic Biosciences
The major players are adopting new product launch and expansion strategies for global growth in the pet medication market.
Zoetis Inc.
Overview: Zoetis Inc. is an American drug company that is world's one of the largest producers of medicine and vaccinations for pets and livestock. Furthermore, the company was also a subsidiary of Virbac which is the world's one of the largest drug makers, but it is now a completely independent company. Moreover, the company directly markets the products in more than 40 countries and also sells the products in more than 100 countries.
Product Portfolio: The company's product portfolio comprises pet food, medicines, farm animals, genetics and others.
Why Purchase the Report?
- Visualize the pet medication market segmentation composition by product type, application, and region, highlighting the critical commercial assets and players.
- Identify commercial opportunities in the pet medication market by analyzing trends and co-development deals.
- Excel data sheet with thousands of data points of pet medication market - level 3 segmentation.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Product mapping in excel for the key product of all major market players.
The global pet medication market report would provide access to an approx. 60 market data table, 49 figures and 180 pages.
