Press release
Worldwide Companion Animal Healthcare Market is Estimated to reach USD 20 billion in 2023 and CAGR of approximately 9.6% till
Companion Animal Healthcare Market
Companion animals are pets reared by most of the people across the globe. They become an asset in the terms of providing protection to a person, property or workplace. Companion animal market is increasing due to an increase in number of people having pets, change in the way of providing care to the pets and awareness regarding spread of zoonotic diseases. Moreover, the financial improvement and related increments in disposable income, longer life expectancy for companion animals are some factors that influence the growth of companion animal healthcare market. Global companion animal healthcare market is expected to reach USD 20 billion by 2023 at a CAGR of 9.6% during forecast period 2017 to 2023.
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Key players in the market
Key players in companion animal healthcare market are: Zoetis Animal Healthcare (U.S.), Merck Co., Inc. (U.S.), Elanco Animal health (U.S.), Merial (France), Bayer Animal Health (Germany), Ceva Animal Healthcare (U.K), Virbac Animal Healthcare (France), Vetoquinol S.A. (France), Perrigo Company plc (Ireland), Boehringer Ingelheim (Germany) and others.
Zoetis Animal Healthcare is a global animal healthcare company providing wide range of products for animal care. It provides specific products for dogs, cats and horses. Apoquel, Cerenia, Convenia, Cytopoint, Palladia, Rimadyl are the products for dogs.
Global Companion animal healthcare market has been segmented on the basis product which includes feed additives, pharmaceuticals and vaccines. Feed additives can be divided into categories namely nutritional feed additives and medicinal feed additives. Nutritional feed additives include proteins, minerals and vitamins and medicinal feed additives include hormones, enzymes, immune-modulators, probiotics and prebiotics and others. Pharmaceutical products mainly comprise of anti-infectives, antibiotics and anti-inflammatories. The market is also segmented on the basis of diagnostic tests which include diagnostic imaging, immunodiagnostic tests, molecular diagnostics and other tests. End users are veterinary hospitals, veterinary clinics and home care.
Regional analysis
Globally, America accounts for the largest market share. America consists of two regions namely North America and South America. Rising awareness about animal health, availability of wide range of products for animal health, increase in focus on food safety and increase in number of people having pets drive this market. Alarming occurrences of zoonotic diseases also affect the growth of this market. Collaborations, mergers and acquisition strategies applied by major market players drive this market in North America. After Americas, Europe is the second largest market for companion animal healthcare. While Asia Pacific a positive growth in this market. Increased awareness regarding animal cruelty and ideologies towards animals are some of the major factor driving the growth of this market in Asia Pacific.
The market shows a slow growth in Middle East & Africa. Middle East & African market for companion animal healthcare also shows high growth opportunities due financial improvement and related increments in disposable income.
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Companion animal healthcare market is gaining importance due to an increase in number of people having pets, emphasis on animal healthcare and vaccination as well as demand of animal healthcare products. Level of care provided to these animal has significantly improved driving the growth of this market. The market for companion animal healthcare is growing at a very intense pace. Rise in the income levels of individuals leveraging to the recent trends is leading to the increase in the number of pet (companion animal) adoption which ultimately leads to increase in the demand of companion animal healthcare. New trends of nuclear families and increasing average income among individuals have resulted in increased adoption of pets among middleclass families as well. Additionally, advances in animal health medicines and vaccines, increased types of medical treatment are fostering the market growth of Companion animal healthcare market.
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