Companion Animal Drugs Market Share

North America Market Analysis

North America in companion animal drugs market is expected to dominate around 41.1% revenue share by the end of 2037. The region is holding a leading position due to mere advancement in the clinical sector for animals. The growing focus on pet wellness has raised awareness among owners about the importance of veterinary care. This has further fostered steady growth in the regional industry. Continued drug development including biologics, gene therapy, and targeted treatment has expanded the availability of effective medications. The government is also issuing accelerated approvals for faster drug distribution. For instance, in October 2024, the FDA approved the manufacturing and supply of Credelio Quattro of Elanco for dogs suffering from heartworm diseases.

The U.S. is predicted to hold a significant value in the market by 2037 due to the increased expense of pet-care solutions, including drugs. According to the U.S. Bureau of Labor Statistics report published in November 2023, the country’s pet-care budget increased to USD 102.8 billion by the end of 2021. This has created a lucrative opportunity for businesses to garner great profit margins by introducing quality drugs for pets in this country. Foreign leaders are participating in the domestic landscape of the U.S. to attain the chance to expand their portfolio. For instance, in January 2024, Ceva Santé Animale acquired Scout Bio to bring innovation in monoclonal antibodies and gene therapies through advanced biotechnology.

Canada is projected to grow with notable revenue in the market in the upcoming years. The government authorities are proactively taking part in ensuring animal safety as a priority in the process of drug development or distribution. Such guiding frameworks help companies gain customer trust in adopting new medications and treatments for their pets. For instance, in January 2021, the Veterinary Drugs Directorate of Canada announced a collaboration with international frameworks to promote unified standardization in all regions. This will help both domestic and foreign companies to build a better understanding of the compliance to grow business overseas.

APAC Market Statistics

The Asia Pacific companion animal drugs market is poised to grow with a remarkable CAGR by the end of 2037. Countries such as China, India, Japan, and South Korea are witnessing an increase in disposal incomes and changes in lifestyles. This further inflates pet ownership, as people seek companionship and emotional support to cope with rapid urbanization. In addition, it has spurred demand for veterinary treatments to treat diseases and maintain healthcare. Global leaders are now considering such emerging regions as an investment opportunity to generate beneficial revenue out of innovation. For instance, in April 2022, Ceva Santé Animale collaborated with Mitsui to accelerate discoveries by leveraging drug laboratories in Japan.     

India is emerging to be one of the fastest developing countries in the market by 2037. The country shows great potential to generate greater revenue due to infrastructural development in veterinary care. The general availability of animal medicine inventories has also propelled the sale of therapeutic drugs. Many international companies are investing to expand their portfolio in this country to grab such an adaptive consumer base. For instance, in April 2024, Boehringer Ingelheim launched SPECTRA for dogs to prevent or diminish parasitic impact on pet’s health. The CDSCO-approved soft chewable drug launch is evidence of the company’s expansion plan in India after the success of NexGard X and L, and NexGard S and M.

China is also showing promising growth in the companion animal drugs market due to the growing awareness about pet health. The country’s established pet healthcare industry is inflating the demand for specified drugs for preventive treatments. The ongoing regulatory and infrastructural support has also contributed to bringing development in quality control and safety in medicine usage. The domestic landscape is also accepting and teaming to circulate foreign products across the country for pets. For instance, in March 2019, Sumitomo Corporation signed an agreement with Sinder to gain a distribution license for CONSAVE, a canine antiepileptic drug. Such acceptance encourages more international investment and participation in this country.