The companion animal drugs market is likely to register lucrative growth owing to increasing investments in R&D of animal drugs for numerous chronic ailments, increasing adoption of companion animals, and growing awareness among owners to provide nutritious food and stress-free medication to pets. Companion animals are generally those animals who tend to share homes and lives with human beings.

Mainly because these are considered an important part of family. These animals enjoy more legal protections in comparison to other animals. As per the American Pet Products Association's 2011-2012 National Pet Owners Survey, nearly 62% of all U.S. homes, accounting for around 72.9 million in total, own one or more companion animal. An extensive range of dosage formulations as well as delivery systems has been developed in to provide proper care and welfare of animals. Besides, using the right dosage is essential in terms of safety and effectiveness.

The companion animal drugs market is segmented in terms of product, animals, route of administration, end-use, and regional landscape.

With respect to product, the market for companion animal drugs is classified into medicated feed additives, vaccines, and drugs. In 2020, medicated feed additives segment was valued at more than $1,856 million in 2020 and is slated to grow at a CAGR of more than 7.2% over the projected time period. The anticipated growth is majorly ascribed to growing awareness among owners to provide nutritious food and stress-free medication to pets.

Based on animals the companion animal drugs market is categorized into horses, cats, dogs, and others. Dogs segment was valued at more than $4,769 million in 2020. The segment is likely to witness a respectable CAGR of over 5.3% through the forecast time period due to high preference for dog as a companion animal across the globe.

With respect to route of administration the market is segmented into topical, injectable, oral, and others. Among these, topical segment is forecasted to progress at rapid pace over the projected period and was valued at $2,106 million in 2020. The segment is further projected to expand at a CAGR of more than 6.6% through the analysis timeframe due to ease of application.

In terms of end-use, the overall companion animal drugs market is bifurcated into e-commerce, pharmacy and drug stores, veterinary clinics, and veterinary hospitals. In 2020, the pharmacy and drug stores segment was valued at around $2,268 million and is expected to grow at a CAGR of 6.4% through the projected timeframe. The growth is majorly ascribed to the high preferences for nearby/local pharmacies for purchasing medicines.

From a regional frame of reference, in 2020, MEA companion animal drugs market was valued at more than $253 million in 2020. The region is projected to grow at 5.8% CAGR over the analysis timeline. The anticipated growth is majorly ascribed to increasing investments in R&D of animal drugs for numerous chronic diseases as well as improvement of animal well-being.