Veterinary Hospitals and Clinics (Companion Animal Health) Industry is projected to grow at a CAGR of over 10.4% between 2023 and 2033

The Companion Animal Health Market refers to the healthcare products and services provided to pets such as cats, dogs, and horses. The market is driven by the growing awareness of pet owners towards animal health and the increasing number of pet owners across the globe. Additionally, the rise in disposable income and the increasing trend of pet humanization have also contributed to the growth of the market.

The report also highlights that the pharmaceuticals segment is expected to dominate the market due to the increasing demand for animal drugs.

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

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According to a recently published analytical report by Persistence Market Research, the global market for companion animal health products had sales of $20.8 billion in 2022. The market is predicted to reach a valuation of roughly US$ 62 billion by 2033 with a CAGR of 10.6% from 2022 to 2033.

The market is segmented based on product type, animal type, and distribution channel. By product type, the market is divided into pharmaceuticals, vaccines, and feed additives. The pharmaceuticals segment is further divided into anti-infectives, anti-inflammatory, parasiticides, and others. The vaccines segment is expected to witness significant growth due to the increasing demand for preventive healthcare.

By animal type, the market is segmented into dogs, cats, horses, and others. The dogs segment is expected to dominate the market due to the high adoption rate of dogs as pets. By distribution channel, the market is segmented into veterinary hospitals, pet stores, and online pharmacies. The veterinary hospitals segment is expected to dominate the market due to the high preference for physical examination and consultation with a veterinarian.

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The market is also influenced by various trends such as the growing demand for organic and natural products, the increasing use of technology in animal healthcare, and the rise in telemedicine services for pets. With the increasing use of technology, there is a growing demand for wearables and digital health solutions for pets that can monitor their health and provide real-time data to pet owners and veterinarians.

Furthermore, the market is also witnessing various collaborations and partnerships between pharmaceutical companies and animal health organizations to develop innovative products and services for companion animals. For instance, in 2021, Elanco Animal Health announced a partnership with Kindred Biosciences to develop monoclonal antibody therapies for pets.

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In conclusion, the companion animal health market is expected to witness significant growth due to the increasing awareness of pet owners towards animal health, the rise in disposable income, and the increasing trend of pet humanization. With the growing demand for preventive healthcare, there is a high demand for vaccines and other preventive care products.

The market is also influenced by various trends such as the increasing use of technology in animal healthcare and the rise in collaborations and partnerships between pharmaceutical companies and animal health organizations.

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This release was published on openPR.