According to the research report titled ‘Companion Animal Drugs Market Size By Product, By Animal Type (Dogs, Cats, Horses), By Route of Administration (Oral, Injectable, Topical), By Distribution Channel (Veterinary Hospitals, Veterinary Clinics, Pharmacy and Drug Stores, E-commerce), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 – 2027’, available with Market Study Report, global companion animal drugs market is anticipated to record notable returns over the forecast period 2021-2027.
 

As per the report findings, factors such as increasing adoption of pets, surging demand for pet insurance, emergence of online veterinary pharmacies, rising incidence of obesity among pet animals, and availability of government support for pet care are propelling global companion animal drugs market growth.
 

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For the record, companion animals are animals that share their living space with humans. They are considered to be a part of the family by their owners and enjoy higher legal protection as compared to other animals.
 

Notably, the American Pet Products Association (APPA) in its National Pet Owners Survey 2011-12, found that nearly 62% of all the U.S. households, which comes to 72.9 million homes, own one or more pet animals.
 

Based on product type segmentation of worldwide companion animal drugs industry, medicated feed additives segment was worth USD 1,856 million in 2020 and is projected to witness a CAGR of 7.2% over the analysis timeframe. This can be credited to increasing awareness among pet owners about providing nutrition-rich foods and stress-free medication to companion animals.
 

Moving on to animal type, dogs segment generated USD 4,769 million in 2020 and is touted to register 5.3% CAGR over 2021-2027, owing to widespread preference for dogs as pets throughout the world.
 

Considering route of administration, topical segment valuation stood at USD 2,106 million in 2020 and is expected to expand at 6.6% CAGR over the next 7 years, owing to ease presented by this administration route.
 

In terms of distribution channels, pharmacy & drug stores segment was worth USD 2,268 million in 2020 and is slated to register a CAGR of 6.4% over the assessment period. This can be ascribed to high consumer inclination towards purchasing medicines from local/nearby pharmacies.
 

On the geographical front, Middle East & Africa market was valued at USD 253 million in 2020 and is poised to witness 5.8% CAGR over the forecast period. This growth is credited to inflowing investments for R&D of animal drugs for improving animal health and treating chronic ailments.
 

Prominent players in global companion animal drugs industry sphere are Zoetis Inc., Virbac S.A., Vetoquinol S.A., Symrise AG, Merck & Co. Inc., Elanco Animal Health Inc., Dechra Pharmaceuticals plc, Boehringer Ingelheim International GmbH, and Ceva Sante Animale.