IMARC Group’s latest research report, titled “Companion Animal Health Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
The global companion animal health market reached a value of US$ 21.18 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 36.19 Billion by 2027, exhibiting a CAGR of 8.80% during 2022-2027. Companion animals refer to pet animals whose company provides a sense of belonging and responsibility to a human being. The companion animal health field consists of a wide range of products and services aimed at diagnosing, treating, vaccinating, and nourishing companion animals. Among the products and services available to companion animals are therapeutic agents, food additives, veterinary drugs, vaccines, and diagnostic tools. It is essential to manage companion animal health properly in order to prevent disease spread, improve pet life expectancy, and promote animal welfare. The most common companion animals include cats and dogs. Increasing numbers of companion animals being owned and their aggravating costs in recent decades have made pet owners more aware of the importance of providing a healthy lifestyle to their pets.
The COVID-19 pandemic has had an adverse effect on the market. The imposed lockdowns, social distancing practices and numerous logistics hurdles resulted in a significant decline in the market demand. In addition, the supply chain system for major products was hampered that resulted in major production halts. However, as COVID-19 cases are declining and medical facilities for animals are starting to function fully, the market is expected to make a steady recovery.
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Important Attribute and highlights of the Report:
- Detailed analysis of the global market share
- Market Segmentation by animal type, product and end user.
- Historical, current, and projected size of the market in terms of volume and value
- Latest industry trends and developments
- Competitive Landscape for Companion Animal Health Market
- Strategies of major players and product offerings
The market is primarily driven by the rising trend of pet humanization among the masses. This can be attributed to a considerable rise in the adoption of pets resulting in an enhanced focus on pet healthcare, vaccination, and other healthcare products. In addition to this, numerous initiatives taken by the governments of multiple countries and private sectors promoting animal health and welfare are acting as a significant growth-inducing factor for the market. Also, the prevalence of animal diseases across the globe is resulting in a higher uptake of effective and affordable companion animal healthcare plans. Apart from this, the increasing number of veterinary clinics, hospitals and practitioners, along with continual technological advancements in diagnostic methods, such as imaging techniques and scans, are further creating a positive market outlook. Some of the other factors contributing to the market growth include inflating disposable income levels of the individuals, better health reimbursement schemes, the launch of innovative products, such as oral chews, animal feeds, and growth promoters, and extensive research and development (R&D) activities conducted by key players.
Key Players Included in Global Companion Animal Health Market Research Report:
- Agrolabo S.p.A.
- Boehringer Ingelheim
- Ceva Santé Animale
- Dechra Pharmaceuticals PLC
- Elanco Animal Health Incorporated
- IDEXX Laboratories Inc.
- Indian Immunologicals Limited (National Dairy Development Board)
- Merck & Co. Inc.
- Norbrook Laboratories
- Vetoquinol SA
- Virbac and Zoetis Inc.
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COVID-19 Impact Overview:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Key Market Segmentation:
Breakup by Animal Type:
- Dogs
- Cats
- Equine
- Others
Breakup by Product:
- Vaccines
- Pharmaceuticals
- Feed Additives
- Diagnostics
- Others
Breakup by End User:
- Point-of-care Testing/In-house Testing
- Veterinary Hospitals and Clinics
- Others
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
TOC for the Companion Animal Health Market Research Report:
- Preface
- Scope and Methodology
- Executive Summary
- Introduction
- Global Companion Animal Health Market
- SWOT Analysis
- Value Chain Analysis
- Price Analysis
- Competitive Landscape
Who we are:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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