Companion Animal Healthcare Market Size 2021, Impressive Industry Growth Report 2027

Precision Business Insights published a research report on “Companion Animal Healthcare Market by Product Type (Drugs (Antimicrobials, Ectoparasiticides, Endoparacitides, Endectoparaciticides, Others), Vaccines, Feed Additive (Nutritional Feed Additives, Medicinal Feed Additives), by companion animal type (Feline, Canine, Equine), by dosage form (Orals, Parenterals, Topicals, Others), distribution channel (Veterinary Pharmacies, Veterinary Hospitals, Veterinary Clinics, E-Commerce) and Geography (North America, Latin America, Europe, Middle East and Africa, Asia Pacific) - Global/Region/Country Forecast to 2027”

Glance our 200 slides market research and competitive intelligence research report, 25 Tables and 65 Figures and other qualitative sections with an in-depth TOC on “Companion Animal Healthcare Market by Product Type (Drugs (Antimicrobials, Ectoparasiticides, Endoparacitides, Endectoparaciticides, Others), Vaccines, Feed Additive (Nutritional Feed Additives, Medicinal Feed Additives), by companion animal type (Feline, Canine, Equine), by dosage form (Orals, Parenterals, Topicals, Others), distribution channel (Veterinary Pharmacies, Veterinary Hospitals, Veterinary Clinics, E-Commerce) and Geography (North America, Latin America, Europe, Middle East and Africa, Asia Pacific) - Global/Region/Country Forecast to 2027”

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Companion animals are pets kept for the protection of a person, a home, a piece of land, or a business. These animals help to prevent thievery and provide a safe environment. The number of individuals who own and spend cash on companion animals has surged in recent decades. Pet owners are spending a higher price per pet than in the earlier. Pet owners expect their pets to lead productive life in the same way that they do. The quality of care provided to these animals has vastly increased, propelling the market's expansion. Furthermore, as people's disposable money has improved, the number of pet adoption process has increased, contributing to the rise in interest for companion animal healthcare.

During the projected period, the market is expected to develop due to an increase in government and non - government activities to promote animal health. The One Health Initiative is an example of a multi-organizational joint project. The World Organization for Animal Health (OIE), the American Veterinary Medical Association, the World Health Organization (WHO), the Food and Agriculture Organization (FAO), and others are among them. Its goal is to preserve public health by preventing and controlling zoonotic infections while also protecting animal health. It is accomplished by enacting suitable policies at the provincial, global, and international level. The epidemic of Covid-19 had a significant impact on the industry. Companies were forced to adjust to unfortunate conditions while dealing with operational and logistical challenges. Numerous market players, on the other hand, took advantage of the chance to grow profits and sales. Pet health and wellness spending is on the upswing, owing to the rising humanization of pets. According to Animal Medicines Australia, around USD 2.5 billion was spent on veterinary services in Australia in the year 2019. This trajectory is expected to continue in the not-too-distant future.

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Impact of COVID-19 on Companion Animal Healthcare Market:
In addition, the report discusses the implications of COVID-19, including the industry's initial response and strategies for ensuring business continuity in the coming years.

The global companion animal healthcare market is fragmented based on animal type and product type. Based on product type, the market is classified as diagnostics and therapeutics. The therapeutics is further divided into parasiticides, vaccines, medical feed additives, anti-infectives, and other therapeutics. The diagnostics segment is further sub-divided into molecular diagnostics, immunodiagnostic tests, diagnostic imaging, and other diagnostics. Based on animal type, the global market is characterized into dogs, cats, and other companion animals.

Owing to circumstances such as expanding pet ownership and information about pet health and treatment, Asia Pacific is anticipated to witness the rapid developing regional market in the forecast period. Insurance firms in India have started to promote pet insurance, owing to an increasing need for excellent and inexpensive pet care, as well as a better awareness of the demands of modern-day pet parents, particularly those who own rare and unique breeds. This is anticipated to fuel regional market expansion.

Some of the major key players in the companion animal healthcare market are Boehringer Ingelheim Gmbh, Zoetis Inc., Elanco, Merck & Co. Inc., Bayer Animal Health, Virbac SA, Ceva Sante Animale, Vetoquinol SA, Koninklijke DSM N.V.to name a few.

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