The companion animal health market is estimated to grow with a high CAGR during the forecast period, i.e., 2021-2029. The increasing initiatives by the government regulatory bodies to promote veterinary products in the market, along with the growing adoption of pets are expected to fuel the development of this market. The growth of the market can also be attributed to factors such as the increasing technological advancements and product innovation in animal healthcare market. According to the data collected from the Humane Society of the United States, in 2020, 84.9 million of households were owning a pet. Increasing adoption of pet in the United States has increased the demand for animal healthcare facilities in the market.
The market is segmented based on animal type into dogs, cats, and others, out of which, the dog segment is anticipated to grab the largest share by the end of 2021 on account of increased adoption of dog as a pet and rising investments by the pet owners for the betterment. Moreover, increasing government approval of new products globally is also projected to contribute to the growth of the segment during the forecast period.
On the basis of product, the therapeutic segment in the global companion animal health market is projected to grow with a significant CAGR over the forecast period. The growth of the segment can be attributed to the fact that there is an increase in the number of diseases associated with the animals. As a result, there is a growing demand for cure and treatment processes for the animals in the global market. DOWNLOAD SAMPLE REPORT
Based on end-user, the veterinary hospitals & clinics segment held the largest share in the global companion animal health market on the back of growing concern and awareness for animal health.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the rising adoption of animals as a pet in the region. Furthermore, in 2021, the market in North America is evaluated to occupy the largest share in terms of revenue, owing to the growing animal healthcare investment, accompanied by the presence of leading animal healthcare service providers, and the increasing pet ownerships in the region. Along with this, the countries in North America such as the United States is promoting animal healthcare campaigns, which is also expected to contribute to the market growth in the region. Alternatively, the market in Europe is also anticipated to occupy a significant share in the global companion animal health market on account of its proven success in terms of technology development and a high adoption of pets by the households in the region. As per the 2019 analysis of the European Pet Food Industry, 85 million of European household is estimated to own at least one pet animal.
The global companion animal health market is further classified on the basis of region as follows:
Our in-depth analysis of the global companion animal health market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Rising adoption of pets and increasing advancements in animal healthcare are the key factors driving market growth.
The market is anticipated to attain a high CAGR over the forecast period, i.e., 2021-2029.
Lack of awareness and increasing expenditure of veterinary treatment & diagnostic processes are estimated to hamper market growth.
The market in Asia Pacific region will provide ample growth opportunities owing to the increasing nuclear family and adoption of pets.
The major players dominating the Companion Animal Health market are Bayer AG, Merck & Company, Inc., Elanco, Boehringer Ingelheim International GmbH, Virbac, Perrigo Company plc, Vetoquinol SA, Zoetis Inc., Ceva, Nutreco N.V., and others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by animal type, products, end-user and region.
With respect to animal type, the dog segment is anticipated to hold the largest market share owing to the growing adoption of dogs as a pet globally, which has further boosted the requirement of animal health products in the global market.
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