Pet Wellness: Pet Healthcare Market Analysis Reveals Key Trends, Demand, and Growth Opportunities || Nestle SA, Merck & Co Inc., Mars Inc., Indian Immunologicals Limited

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033

The Business Research Company offers in-depth market insights through Pet Healthcare Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.

Market Size And Growth Forecast:
The pet healthcare market size has grown strongly in recent years. It will grow from $239.29 billion in 2023 to $255.96 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to pet humanization trend, veterinary advancements, changing consumer lifestyles, economic prosperity, regulatory changes.

The pet healthcare market size is expected to see strong growth in the next few years. It will grow to $353.66 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to growing aging pet population, rise in pet adoption, focus on preventive care, economic trends, advancements in veterinary science. Major trends in the forecast period include pharmaceutical innovations for pet health, personalized pet healthcare plans, e-commerce growth in pet medications, increased focus on mental health, preventive dental care for pets.

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Market Segmentation:
The pet healthcare market covered in this report is segmented -

1) By Type: Therapeutics, Diagnostics
2) By Animal Type: Canine, Feline, Equine, Avian, Other Animals
3) By Distribution Channel: Retail, E-commerce, Hospital Pharmacies

Major Driver - Surging Prevalence Of Animal Diseases Propels Growth In Pet Healthcare Market
The rising prevalence of animal diseases is expected to propel the growth of the pet healthcare market forward. Animal diseases are diseases that mostly affect animals and impair their healthy state. Some of the diseases can be fatal for the animals, hence, they need proper treatment. Pet healthcare can be very useful for preventing diseases and treating ongoing infections. For instance, in 2021, according to the 2021 Pet Health Trends Report published by BluePearl Pet Hospital, a US-based pet hospital, 850,000 pets were treated in the hospital in 2021, accounting for 1.29 million pet visits. This is a 2.3% increase as compared to 2020. As a result, the increasing prevalence of animal infections is driving the pet healthcare market forward.

Competitive Landscape:
Major companies operating in the pet healthcare market report are Nestle SA, Merck & Co Inc., Mars Inc., Indian Immunologicals Limited, Sanofi SA, Boehringer Ingelheim International GmbH, General Mills Inc., Colgate-Palmolive Company, Chewy Inc., Zoetis Inc., Petco Animal Supplies Inc., VCA Animal Hospitals Inc., Perrigo Company plc, Elanco Animal Health Incorporated, IDEXX Laboratories Inc., Royal Canin, Ceva Santé Animale, Phibro Animal Health Corporation, Trupanion, Vetoquinol S.A., Norbrook Laboratories Ltd., Heska Corporation, Biogenesis Bago SA, Pumpkin Insurance services Inc., PetFirst Healthcare LLC, Embark Veterinary Inc., Agrolabo SpA, Bayer Animal Health GmbH, Bioniche Animal Health Canada Inc., Novartis Animal Health US Inc.

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Top Trend - Pet Biobanks Drives Innovation In The Pet Healthcare Market
Major companies operating in the pet healthcare market are increasing their focus on introducing pet biobanks to gain a competitive edge in the market. A pet biobank is a facility that stores and manages biological samples, such as tissue, blood, or DNA, collected from animals, primarily pets. For instance, in June 2022, Mars Petcare, a Belgium-based company, launched the world's first pet biobank, known as the MARS PETCARE BIOBANK, to drive breakthroughs in disease diagnosis and prevention. This initiative is designed to improve the understanding of pet health and disease and to help scientists and veterinarians innovate individualized healthcare for pets.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Pet Healthcare Market Characteristics
3. Pet Healthcare Market Trends And Strategies
4. Pet Healthcare Market - Macro Economic Scenario
5. Pet Healthcare Market Size And Growth
…..
27. Pet Healthcare Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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