Companion Animal Healthcare Market

Companion Animal Healthcare Market Size (2022 to 2027)

As per our report, the size of the global companion animal healthcare market was worth USD 16.26 Billion in 2022 and is estimated to reach USD 22.02 Billion by the end of 2027, registering a CAGR of 6.26% during the forecast period.

A few of the key insights from this report:

• The pharmaceutical segment led the market by holding 59.38% of the global market share in 2021.
• Based on product type, the nutritional feed additives segment captured the market with a significant share in 2021.
• The North American companion animal healthcare market is anticipated to be worth USD 7.29 billion by 2027.
• Asia pacific companion animal healthcare market is projected to grow at the highest CAGR of 8.19%.

Impact of covid-19 on the global companion animal healthcare market:

Companion animals are animals maintained as pets to protect a person, organization, home, or other property—these animals aid in maintaining a clean environment and deterring theft. The most popular types of pets are dogs and cats. Service animals greatly impact many people's lives because they give them a feeling of responsibility and community. The most often utilized goods for animal health are those employed in the animal pharmaceutical business and to feed animals wholesome food. The pharmaceutical firms and veterinary specialists that develop and produce these drugs make up a considerable portion of this industry. Companion animals are highly regarded in society because they give their owners a sense of self and responsibility.

Around the world, the pandemic had an impact on numerous industrial facilities. Due to the sales limitations, many businesses suffered losses, and the global economy entered a crisis. Nevertheless, the pandemic positively affected the companion animal healthcare industry. Worldwide lockdowns and quarantines prompted many to acquire dogs to provide companionship during a lonely time. Due to the culture of working from home, people have more time to care for their pets, which has caused a rapid spike in animal adoption rates. These populations that acquire pets require companion healthcare services like veterinary care and pharmaceuticals to preserve the health and upkeep of their animals. As a result, the pandemic's impact on loneliness prompted more individuals to adopt, increasing the market's revenue for companion healthcare.

MARKET DRIVERS:

YOY growth in the number of pets, growing government support, and technological development are the primary factors driving the global companion animal healthcare market.

Pets play a vital role in many lives by protecting a person, property, or residence, accelerating ownership worldwide. The growth in pet ownership is undoubtedly a significant factor in boosting the global companion animal healthcare market. According to the data published by Pet Secure, the United States has the highest ownership among all the nations (which includes 69,929,000 dogs, 74,059,000 cats, 8,300,000 birds, and 57,750,000 Fish) and further stated that America is spending an amount of 50 billion USD per annum on pets.

Additionally, the growing urbanized population and increasing prevalence of taking care of animal health by providing quality food products further enhance the growth rate of the companion animal healthcare market. The rise in the scale of veterinary hospitals with the help of private and public organizations is also favoring market growth. The global companion animal healthcare market is fuelled by increasing investments in the pharmaceutical industries to improve the quality of drugs and vaccines. An increase in disposable income and recent trends are leading to a rise in the number of companion animals. Growing pet insurance options in many countries are further propelling the growth of the companion animal healthcare market.

Furthermore, Key factors influencing the companion animal healthcare market include the inclination toward nuclear families and the expansion of government initiatives to promote veterinary care products. Additionally, it is projected that increased government spending on R&D will support the market. Additionally, the market is anticipated to grow favorably due to advances in companion animal health care services, increased animal life expectancy, and increased availability of therapies for various disorders. Furthermore, better goods have been produced recently due to the increased integration of numerous animals into households.

MARKET RESTRAINTS:

The high cost of animal diagnosis of a product recall, rise in complication issues, and lack of standardization is expected to hamper the growth rate of the companion animal healthcare market. Also, less knowledge of the dosage levels of the drugs and fluctuations in the availability of the raw materials are raising the price of the final products, further hindering the growth of the global companion animal healthcare market.

REPORT COVERAGE:

This research report on the global companion animal healthcare market has been segmented based on the type, production technologies, and region.

Companion Animal Healthcare Market - By Product Type:

• Feed Additives
• Nutritional Feed Additives
  • Proteins
  • Minerals
  • Amino Acids
  • Vitamins
• Medicinal Feed Additives

• • Enzymes
  • Probiotics
  • Hormones
  • Immune Modulators
  • Prebiotics
  • Feed Acidifiers
• Pharmaceuticals
• Vaccines

Based on product type, the nutritional feed additives segment held a significant share of the global companion animal healthcare market in 2021. On the other hand, medicinal feed additives are estimated to grow at an impressive CAGR due to the growing need for treatment options in companion animals.

The vaccines segment is expected to grow competently during the forecast period. Increasing capital income in both developed and developing countries and rising incidences of various health disorders in companion animals are expected to fuel the growth rate of this segment.

Companion Animal Healthcare Market - By Pharmaceutical Products:

• Ectoparasiticides
• Endectocides
• Antibiotics
• Anti-inflammatories
• Medicines for curing reproductive problems

Due to the accessibility and simplicity of pharmaceutical supply, ectoparasiticides and antibiotics are anticipated to dominate the market. In addition, the segments are also in demand due to the growing requirement for parasite removal and the eradication of bacterial and viral issues in animals.

Companion Animal Healthcare Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Geographically, the North American companion animal healthcare market accounted for a promising share in the global companion animal healthcare market in 2021, owing to increased pet expenditure, an increase in the number of pet adoptions, and the presence of major market participants nearby. Furthermore, in nations like the U.S. and Canada, rising pet adoption is resulting in rising costs for pet healthcare and medicines resulting in the dominance of the market in the region.

The European companion animal healthcare market and the Asia Pacific companion animal healthcare market accounted for a substantial share of the global in 2021 due to the adoption of the latest technologies in treatment procedures, increasing support from the governments with the upcoming constructional activities of the hospitals.

The companion animal healthcare market in Latin America is anticipated to register a healthy CAGR during the forecast period.

On the other hand, the Middle East and African companion animal healthcare market have slight variations in the growth rate in foreseen years.

KEY MARKET PLAYERS:

A few of the notable players in the global companion animal healthcare market profiled in the report are Bayer HealthCare AG, Bioniche Animal Health Canada, Sanofi Animal Health, Inc., Biogenesis Bago SA, Heska Corporation, Indian Immunologicals Ltd., Boehringer Ingelheim GmbH, Zoetis, Novartis Animal Health, Inc., Merck & Co. Inc. and Protein Sciences.

The market is very competitive, with major players accounting for about three fourth of the market. So, the companies are focusing more on their research and advancement in developmental activities to produce better pharmaceutical and vaccine products for their existing and newly diagnosed diseases. Therefore, more significant research and development investment in developing drugs would fetch substantial growth to the companion animal health market participants.

RECENT MARKET DEVELOPMENTS:

• In November 2022, A significant animal health pharmaceutical firm and the animal health biotechnology company Vetigenics announced a second discovery cooperation for utilizing the VETIGENICS CANIBODYTM Platform. The goal is to cooperatively identify and create new therapeutic antibodies to treat companion animal chronic illnesses. The all-canine, best-in-class phage display technology from Metagenics has specific benefits over other strategies. It is a patented process that creates CANIBODIES, or single chain variable fragments (scFvs), which are 100% canine in origin and structure since they are extracted from canine genetic material.
• In November 2022, According to Dr. K. Anand Kumar, the managing director of Indian Immunologicals, "In the p" st three decades, thirty new infections have been found, and 75% of them are from animals. Zoonoses are responsible for one billion instances of disease and millions of fatalities. Given the preceding context, there is a clear connection between human and animal health. The market opportunity is without a shadow of a doubt. The Indian Federation of Animal Health Companies (INFAH) estimates that the country'scountry'sealthcare business will be worth around Rs 7,000 crore in 2021–22.
• In November 2022, Phibro Animal Health Corporation (Nasdaq: PAHC) ("Phibro" "r the "Company" today "reported financial results for the first quarter ended September 30, 2022, and reaffirmed its financial outlook for net sales and adjusted earnings per share (EPS) for the year ending June 30, 2023. Despite hurting the adjusted EBITDA generated by our Animal Health division this quarter, the firm successfully addressed labor and logistical issues with one of our crucial suppliers.
• In November 2022, Relief Services for Veterinary Practitioners and Animal Care TechnologTechnologies'ill be acquired mainly by Patterson Companies, Inc. (Nasdaq: PDCO), according to an announcement made today (RSVP and ACT). Founded in 1992, RSVP and ACT is a privately held business. With the addition of RSVP and ACT workers to the Patterson Veterinary staff, the purchased firm will be incorporated into the company's-company's operations.
• In April 2019, Vita animal health launched a new animal companion health supplement. This product supports cardiovascular, joint, and skin health-related problems in cats, dogs, rabbits, and horses.
• In February 2018, BioCheck introduced Avian Influenza H5-H7-H9 multiplex, which helps to diagnose influenza in poultry.