Companion Animal Drugs Market Trends

Growth Drivers

• Rise in R&D to prevent chronic conditions: Similar to humans, animals are susceptible to chronic conditions. This is further driving the demand for specialized medicines and treatments. Thus, owners are increasingly investing in the companion animal drugs market to prevent premature deaths of their beloved pets. Increased incidences of diseases including osteoarthritis, diabetes, kidney failure, heart conditions, and cancers in aging pets are pushing the need for more drug discoveries. Many companies are now collaborating with institutions to accelerate the development process. For instance, in August 2024, Akston collaborated with Purdue University for dog cancer drug development.
• Contribution of veterinary care and government policies: As pet ownership grows, the veterinary visit every year is also increasing to retain their health. As a result, routine visits are enlarging the sales in the market. With medical advancement, both the government and the veterinaries are prioritizing proactive diagnosis and treatment. Governing authorities are also issuing policies and programs to promote healthy diets for pets to improve their conditions. For instance, in July 2024, BVA launched a new policy position to determine pet-specific foods according to veterinary assistance. This further leads to a greater need for medication, nutrients, and other supplements.

Challenges

• Rising economic burden on pet owners: The higher expense of veterinary treatments and medications may refrain owners from investing in the market. This further leads to a lack of access to affordable drugs in small or independent pet clinics. Additionally, this leads to a reduction or delay in product reach. Many owners are either giving up or refraining from adoption due to the economic barrier. Further, reduces the demand for pet-related products, including medications and therapeutics.
• Strict regulations and safety concerns: Consumers or pet owners are now showing concerns about the side effects of adopting pharmaceutical products. This further hinders the increment in demand for the companion animal drugs market. In addition, the process of getting approval for a new medicine or drug launch may take longer due to a stringent regulatory framework. This can cause delays and extensive expense in production, impacting the pricing and distribution strategies. Further, this can discourage companies from investing in this sector.