The global companion animal drugs market is expected to reach US$ 49,244.3 Mn in value by the end of 2027.

Cats and dogs are sometimes referred to as companion animals since they are domesticated and kept in or near the owner's or caregiver's home. A farm animal or grazing animals such as cattle and sheep are not considered pets or companion animals.

Drivers of the Global Companion Animal Drugs Market

Over the forecast period, the worldwide Companion Animal Drugs Market is expected to rise due to rising adoption of companion animals. According to the American Veterinary Medical Foundation's (AVMF) 2017-2018 U.S. Pet Ownership & Demographics Sourcebook, 38.4 percent of households in the United States had dogs in 2017, up from 36.5 percent in 2012.

In addition, the growing geriatric population is predicted to increase the demand for companion animal medications. For example, according to the United States Census Bureau.

Restraints in the Global Companion Animal Drugs Market

The worldwide Companion Animal Drugs Market pharmaceuticals market is likely to be hampered by the high cost of animal healthcare services and the lack of pet insurance. Annual surgery vet visits cost US$ 474 for dogs, US$ 245 for cats, and US$ 45 for birds, ill vet visits cost US$ 204 for dogs, US$ 244 for cats, and US$ 138 for birds, and emergency vet visits costs US$ 349 for dogs, US$ 154 for cats, US$ 107 for birds, and US$ 471 for horses. In addition, a lack of knowledge about animal diseases is predicted to hinder the demand for companion animal medications. People in many impoverished nations are unaware of many deadly companion animal diseases, as compared to livestock diseases, which are monitored more frequently.

The Global Companion Animal Drugs Market: A Competitive Analysis

Zoetis Inc., Merck & Co., Inc., Bayer AG, Eli Lily & Co., Sanofi (Merial), Ceva Santé Animal, Virbac Animal Health, and Boehringer Ingelheim GmbH are among the major competitors in the worldwide companion animal pharmaceuticals industry.