Companion Animal Health Market Is Expected To Grow At A Compound Annual Growth Rate Of 9.2% By 2027

Companion Animal Health Industry Overview

The global companion animal health market size was valued at USD 18.67 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 9.2% from 2021 to 2028.

A rise in the initiatives by the government and private sectors to help promote animal health is anticipated to drive market growth during the forecast period. The One Health Initiative is one such collaborative effort undertaken by multiple organizations. These include the World Organization for Animal Health (OIE), Food and Agriculture Organization (FAO), WHO, the American Veterinary Medical Association, and others. It is aimed at protecting public health via the prevention and control of zoonotic pathogens by safeguarding animal health. It is carried out through the implementation of appropriate policies at national, regional, and global levels.

Gather more insights about the market drivers, restrains and growth of the Global Companion Animal Health market

The Covid-19 pandemic had a notable impact on the industry. Companies had to adapt to the challenging circumstances while facing operational and logistics hurdles. However, many market players leveraged the opportunity to increase profits and market share. For example, Vetoquinol S.A.reported an overall increase in 2020 sales compared to the previous year. This growth was driven by its essentials comprising veterinary drugs and non-medical products.

Driven by the increasing humanization of pets, the expenditure on pet health and wellness is also on the rise. In 2019, in Australia, more than USD 2.6 billion was spent on animal health services as per Animal Medicines Australia. This trend was estimated to continue in the near future. The top reasons cited for veterinary visits were general health checkups, pathology & lab tests, vaccinations, illness or injury, X-ray & imaging, hospitalization, and others.

Increasing availability and adoption of pet health insurance is another factor propelling the market growth. For instance, in April 2020, OneDegree insurance start-up in Hong Kong—launched Pawfect Care portfolio of pet insurance plans. The company estimated that only 3% of the pet dogs and cats population in Hong Kong was insured, even though veterinary care costs were high in the country. The company projected more and more pet owners would opt for pet health insurance in the coming years.

Browse through Grand View Research's Animal Health Industry Research Reports.

·     Pet Care Market - The global pet care market size was valued at USD 148.10 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.1% from 2022 to 2030.The rising trend of pet humanization is expected to increase consumer spending in the household and pet care categories. People are also adopting cats, dogs, and other pets as they are easier to humanize and indulge than larger pets. They are willing to spend a lot of money to ensure that their pets have the best possible living experience. As a result, pet care products such as feeders, bowls, and waterers have also become prominent. 

      Animal Health Market - The global animal health market size was valued at USD 39.9 billion in 2021 and is expected to witness a compound annual growth rate (CAGR) of 10.0% from 2022 to 2030. The market is largely driven by a significant rise in demand for protein food and an increase in the incidence of zoonotic and food-borne diseases globally. This unprecedented rise in disease prevalence has triggered companies to produce advanced vaccines and pharmaceuticals.

·     Companion Animal Health Market Segmentation

Grand View Research has segmented the global companion animal health market on the basis of animal type, product, distribution channel, end-use, and region:

Companion Animal Health Animal Type Outlook (Revenue, USD Million, 2016 - 2028)

·         Dogs

·         Equine

·         Cats

·         Others

Companion Animal Health Product Outlook (Revenue, USD Million, 2016 - 2028)

·         Vaccines

·         Pharmaceuticals

o    OTC

o    Prescription

·         Feed Additives

·         Diagnostics

·         Others

Companion Animal Health Distribution Channel Outlook (Revenue, USD Million, 2016 - 2028)

·         Retail

·         E-commerce

·         Hospital Pharmacies

Companion Animal Health End-use Outlook (Revenue, USD Million, 2016 - 2028)

·         PoC/In-house Testing

·         Veterinary Hospitals & Clinics

·         Others

Companion Animal Health Regional Outlook (Revenue, USD Million, 2016 - 2028)

o   North America

o   Europe

o   Asia Pacific

o   Latin America

o   Middle East & Africa (MEA)

Market Share Insights

·        April 2020: Heska acquired Scil animal care to enhance its portfolio of PoC diagnostics.

·      January 2020: Heska acquired CVM Diagnostico Veterinario, S.L., and CVM Ecografía, S.L. to expand its pet animal diagnostics business in Spain.

·   September 2020: Zoetis launched Vetscan Imagyst—a diagnostic platform—to improve its pet diagnostics portfolio.

Key Companies profiled:

Some prominent players in the global companion animal health market include

  • Merck & Co., Inc.
  • Ceva
  • Vetoquinol S.A.
  • Zoetis
  • Boehringer Ingelheim International GmbH
  • Elanco
  • Virbac
  • IDEXX Laboratories, Inc.
  • Indian Immunologicals Ltd.
  • Agrolabo S.p.A

Order a free sample PDF of the Companion Animal Health Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

Sherry James

Corporate Sales Specialist, USA

Grand View Research, Inc.

Phone: 1-415-349-0058

Toll Free: 1-888-202-9519

Email: sales@grandviewresearch.com

Web: https://www.grandviewresearch.com

Follow Us: LinkedIn | Twitter

 

 

 

 

 

 

Comments

Post a Comment

Popular posts from this blog

Smart Glass Market Is Projected To Grow Robustly By 2030

  Smart Glass Industry The global smart glass market size was estimated at USD 6.59 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 9.9% from 2023 to 2030. The growing energy-conservation initiatives, such as green buildings and eco-friendly structures are expected to drive the market expansion. Moreover, favorable regulatory scenario facilitating financial and tax benefits is also positively influencing the market space. Rise in developments, including an increase in investment level and the establishment of industrial-scale production capacity, has contributed to the glass industry's growth. Recent trends in modern architecture, such as extensive use of window structures inside the buildings, increasing area of glazing, and maximizing external environment interference, are fueling the demand for smart solutions. Moreover, in multi-story buildings, smart device solution solves the problem of energy-saving and safety concerns. Many building owners...
Read more

Omega 3 Supplements Market 2020: Analysis, Growth, Size, Trends And Forecast 2028

  Omega 3 Supplements Industry The global  omega 3 supplements market  size was valued at USD 5.58 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.6% from 2020 to 2028. A sedentary lifestyle has resulted in a rising number of chronic diseases, which is expected to propel the product demand. The omega-3 fatty acids aid in decreasing the risk of abnormal heartbeats or arrhythmias, which can even cause sudden death of the patient. It also helps in reducing triglyceride levels, slowing the growth rate of atherosclerotic plaque, and lowering blood pressure levels. Consumers are increasingly shifting to healthier alternatives while adopting preventive care as a necessary tool to help them lead a better lifestyle. Thus, omega 3 supplements are being increasingly consumed as they are a rich source of vitamins, proteins, minerals and render benefits to diseases, such as cancer, asthma, depression, and others. The U.S. dominated the North Amer...
Read more

Clinical Alarm Management Market 2024 Trend, Marketing Channels and Investment Feasibility

  Clinical Alarm Management Industry The global clinical alarm management market size was estimated at USD 2.13 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 17.0% from 2024 to 2030. Growing cases of alarm fatigue and the need for cost-containment are the factors expected to boost market growth. Furthermore, prolonged hospital stays coupled with technological advancements in this sector and rising prevalence of various chronic diseases are most likely to fuel market growth. Increasing cases of alarm fatigue are expected to boost the demand for alarm management solutions as well as services. Alarm fatigue is a significant concern in healthcare, leading to excessive non-actionable alarms that can compromise patient safety. The Making Health Care Safer (MHCS) reports from the Agency for Healthcare Research and Quality (AHRQ) emphasize implementing safety culture elements, risk assessments, and training to reduce alarm burden and improve overall pat...
Read more