Market Research Future (MRFR) studied the global companion animal healthcare market 2021 for the review period 2027. As per MRFR analysis, the companion animal healthcare market is expected to register approximately 9.6% CAGR over the forecast period. By 2027, the global companion animal healthcare market is expected to touch USD 20 Bn.
Drivers and Restrains Impacting Companion Animal Healthcare Market Growth
The growing adoption of animals as pets or companions is expected to support the growth of the companion animal healthcare market. The rising concern of pet owners regarding health of their companion animal is creating the need for effective healthcare solutions, which, in turn, can favor the market to expand. The expansion of residential space boosting the demand for companion animal. Alongside, the escalating income of people can prompt the preference for companion animal healthcare solutions that can support the market growth. Companion animals are often protectors of their owners. They help in preventing theft and render a safe environment. Dog and cats are the most commonly adopted pets and play a crucial role in the lives of their owners and provide a sense responsibility and of belonging.
Animal health products include vaccines and other pharmaceuticals solutions that are solely dedicated to the health and wellbeing of animals. These solutions provide nutrition to animals and the rise in their demand and affordability over past few decades have let pet owners spend more and more on better and healthy lifestyles.
The growing importance of companion animal healthcare owing to the surge in number of people having pets and the pressing need for effective animal healthcare and vaccination solutions can influence the global animal healthcare products market. The rise in the quality of care offered to these animals has significantly increased the sales, which, in turn, can support the market rise.
The market of companion animal healthcare is expected to rise at an intense pace. The ongoing trends on the adoption of companion animal, and the most trending is the adoption of pet animals by the rising number of nuclear families can boost the need for animal health medicines and vaccines, and other types of medical treatment that can foster the market rise in the years ahead.
Segment Study of Companion Animal Healthcare Market
The segment study of the global companion animal healthcare market is based on vaccines, feed additives, and pharmaceuticals.
The feed additives-based segments of the companion animal healthcare market are medicinal feed additives and nutritional feed additives. The segment of nutritional feed additives includes vitamins, proteins, and minerals among others. The segment of medicinal feed additives includes immune-modulators, hormones, probiotics, enzymes, and prebiotics among others.
The pharmaceutical-based segments of the global companion animal healthcare market are anti-infectives, anti-inflammatories, and antibiotics.
The diagnostic tests-based segments of the companion animal healthcare market are immunodiagnostic tests, diagnostic imaging, and molecular diagnostics among others.
The end users-based segments of companion animal healthcare market are veterinary hospitals, home care, and veterinary clinics among others.
Regional Analysis of Companion Animal Healthcare Market
In the Americas, the companion animal healthcare market can hold the market share. The study of the Americas market is done for both North America and South America. Rising awareness about animal health solution, accessibility of wide selection of product for animal health, increase focused on food safety, and increased range of individuals having pets drive this market. forbidding occurrences of animal disease diseases additionally have an effect on the expansion of this market. Collaborations, mergers and acquisition ways applied by major market players drive this market in North America. once Americas, Europe is that the second largest marketplace for companion animal healthcare. whereas Asia Pacific a positive growth during this market. Increased awareness concerning animal cruelty and ideologies towards animals are a number of the key issue driving the expansion of this market in Asia Pacific. The market shows a slow growth in Mideast & Africa. Middle East & African marketplace for companion animal care additionally shows high growth opportunities due to economic improvement and high increments in disposable income.
Key Players of Companion Animal Care
Boehringer Ingelheim (Germany), Zoetis Animal Healthcare (U.S.), Elanco Animal health (U.S.), Merial (France), Merck and Co., Inc. (U.S.), Bayer Animal Health (Germany), Virbac Animal Healthcare (France), Ceva Animal Healthcare (U.K), Perrigo Company plc (Ireland), and Vetoquinol S.A. (France) among others are some reputed companies in the global companion animal healthcare market that are listed by MRFR.
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