Companion (Pet) Animal Healthcare Market Size Analysis, Business Growth, Trends Forecast To 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".

Companion animals bring physical and emotional advantages to their owners. Companion animals assist individuals in accomplishing health goals such as stress reduction and blood pressure reduction. The majority of individuals kept dogs for companionship. Pest is an excellent friend for those who live alone or for older persons who do not have enough social connection with others. It is critical to look after the health of companion animals and to keep them safe from damage. A companion animal, as opposed to a working animal, is one that is maintained solely for the companionship or pleasure of a person. Companion animals are frequently our closest companions, confidantes, and family members. They're frequently praised for their stunning looks, brains, and relatable dispositions. Dogs and cats are the most common companion animals, although rabbits, parrots, rats, turtles, fish, frogs, love birds, pocket pets, pigs, mice, snakes, alligators, and other creatures and birds have also been kept.

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During the projected period, the market is expected to develop due to an increase in government and private sector activities to enhance animal health. The One Health Initiative is an example of a multi-organizational collaborative initiative. The World Organization for Animal Health (OIE), the Food and Agriculture Organization (FAO), the World Health Organization (WHO), the American Veterinary Medical Association, 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 through enacting suitable policies at the national, regional, and global levels. The Pandemic of Covid-19 had a significant influence on the industry. Companies were forced to adjust to difficult circumstances while dealing with operational and logistical challenges. Many market participants, on the other hand, took advantage of the chance to grow earnings and market share. Vetoquinol S.A., for example, reported an overall rise in 2020 sales over the previous year. This expansion was fueled by the company's fundamentals, which include veterinary pharmaceuticals and non-medical items. On the other hand, the companion animal healthcare market may encounter certain obstacles in terms of costly equipment production and maintenance costs, as well as worries about product recalls.

The Global Companion Animal Health Market is categorized based on Product, Distribution Channel, Animal Type, End User, and Geography. In terms of Animal Type, the market is segregated into cats, dogs, equine, and others. On the basis of Product, the market is divided into diagnostic and therapeutic. In terms of Distribution Channel, the market is classified into e-commerce, retail, and hospital pharmacies. On the basis of End User, the market is divided into in veterinary hospitals, house testing, and clinics, and others.

North America is expected to lead the worldwide companion animal healthcare market due to the fast penetration and acceptance of animal diets, vaccinations, diagnostic tests, and medication items essential for animal health. The companion animal healthcare industry in Europe, on the other hand, is expected to increase dramatically in the future years. The market in Europe is expected to increase as the number of pet owners grows and the desire for minimally invasive diagnostics for animal healthcare grows.

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There are some major players working in companion animal healthcare market, which include Boehringer Ingelheim Gmbh, Bayer Animal Health, Ceva Sante Animale, Elanco, Merck & Co. Inc., Koninklijke DSM N.V. Virbac SA, Vetoquinol SA, Zoetis Inc.

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