As per our report, the size of the global companion animal healthcare market was worth USD 22.25 Billion in 2023 and is estimated to reach USD 31.94 Billion by the end of 2028, registering a CAGR of 7.5% during the forecast period.
The companion animal healthcare market refers to the industry that provides medical care, products, and services for pets, such as dogs, cats, birds, and small mammals, that are kept primarily for companionship. This market includes veterinary services, pet medications, pet food and nutrition, diagnostics and imaging, and other related products and services. The companion animal healthcare market is an important segment of the larger animal healthcare industry, including livestock and other production animals.
Impact of covid-19 on the global companion animal healthcare market:
Around the world, the COVID-19 pandemic impacted 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 for 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.
Increasing Pet/Companion Animal Ownership is propelling the market growth.
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.
The growing incidence of foodborne and zoonotic diseases is accelerating the growth rate of the companion animal healthcare market.
Zoonotic diseases (FBZD) constantly threaten public health, socio-economic development, and international trade. Through foods contaminated with pathogenic microorganisms such as bacteria, more than 200 known diseases are transmitted to humans, infecting their toxins, viruses, and parasites. The World Health Organization's initiative to estimate the global burden of zoonotic diseases reported 31 zoonotic diseases are caused by food poisoning, affecting more than 600 million animals and accounting for an estimated 10,000 deaths. The burden of illness is highest in Africa (43%), followed by Southeast Asia (24%) and the Eastern Mediterranean (16%). Foodborne zoonotic illness has been rising due to several factors, including pathogen behavior, rapid population growth, and increased global trade in foods and farm animals from countries where appropriate microbiological safety procedures are not followed and implemented. Preventing illness and mortality from food-derived zoonotic disorders remains a significant public health challenge. Thus, Zoonotic diseases and rising food poisoning propel the global companion healthcare market.
The growing adoption of technological advancements boosts the companion animal healthcare market.
Advancements in technology have revolutionized radiography in both human and veterinary healthcare. Techniques used for humans are finding a place in veterinary healthcare. This helps veterinarians treat tumors, examine internal organs, unblock blood vessels, and treat diseases. The latest innovation in imaging and treatment technologies has led to more accurate, less invasive, and faster diagnoses, improving pet outcomes.
In the last few years, the introduction of various new treatments, development of diagnostic tools, innovative veterinary disciplines, identification of disease roots, and establishment of proven genetic testing have been hallmarks of improved animal health. These technological advancements help pets live longer, healthier lives and create a need for more specialized studies. Hence, technological advancements in animal healthcare will boost the future growth of the companion animal healthcare market.
In addition, 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 companion animals. In addition, 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, increased government spending on R&D is projected to 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.
Restrictions by regulatory bodies on the sales of antibiotics hamper the companion animal healthcare market.
Antimicrobial resistance is a global public health issue exacerbated by antibiotic usage worldwide. Antibiotic overuse is linked to an increased risk of side effects, more frequent re-attendance, and the medicalization of self-limiting diseases. Hence, certain restrictions are framed by the regulatory bodies on the sales of antibiotics. For instance, PAMTA is the Preservation of Antibiotics for Medical Treatment Act (H.R. 1549/S. 619). The bill's stated purpose is to decrease the development of antibiotic-resistant bacteria in humans by eliminating the "nontherapeutic" use of antibiotic drugs. Banning or severely restricting antimicrobials in animals may negatively impact the veterinarian's ability to protect animal health and prevent suffering from disease, leading to poor companion animal healthcare.
In addition, the high cost of animal diagnosis of a product recall, rise in complication issues, and lack of standardization are 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.
Introducing Veterinary Therapeutic Diets
Veterinary therapeutic diets are formulated to help modify a particular disease process in cats and dogs or help support animals during a specific life stage. With increased pet food marketing and advertising, especially for "specialty" foods, pet owners may have varying perceptions about selecting a pet food and may be unclear about the difference between a veterinary therapeutic diet and an OTC food. Veterinary therapeutic diets can be necessary for the nutritional management of various diseases. Thus, introducing veterinary therapeutic diets will enhance the growth of the companion animal healthcare market.
Market Size Available
2022 to 2028
2023 to 2028
By Type, Production Technologies, and Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges; PESTLE Analysis; Porter's Analysis, Competitive Landscape; Analyst Overview of Investment Opportunities
North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa
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:
Based on product type, the pharmaceuticals segment held a significant market share of 46.04% of the global companion animal healthcare market in 2022, with a growth rate of 7.55% during the forecast period.
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 Companion Type:
Based on Companion Type, the Dogs segment accounted high market share with 51.94% in 2022, owing to the growing dog population and ownership rate, the rising prevalence of zoonotic diseases and other skin allergies in dogs, and rising canine healthcare costs. In addition, the growing number of pet insurers worldwide contributes to this segment's size. On the other hand, the Cats segment is anticipated to grow at a high CAGR of 8.3% during the forecast period. This surge is due to, in certain nations, such as Canada, cats becoming more popular and being chosen over dogs. Furthermore, because cats are more susceptible to infections than other pet animals, several companies are focusing on expanding their cat product line.
Companion Animal Healthcare Market - By Region:
Geographically, the North American companion animal healthcare market accounted for a promising share in the global companion animal healthcare market in 2022 with the largest market share of 46.83%, owing to the region's well-established animal health sectors, an increase in the number of pet adoptions, increased pet expenditure, 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 accounted for a substantial share of the global in 2022 due to the adoption of the latest technologies in treatment procedures and increasing support from the governments with the upcoming constructional activities of the hospitals.
The Asia Pacific companion animal healthcare market is anticipated to register the highest CAGR of 9.63% during the forecast period. China is expected to witness a high CAGR, followed by India during the forecast period. The increasing number of pet adoption and the evolving awareness of pet care are the main factors resulting in the growth of animal health care in these regions.
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 and COMPETITIVE LANDSCAPE:
The global companion animal healthcare market is highly competitive, with many companies competing for market share. Several factors, including the level of fragmentation, product innovation, pricing strategies, and marketing efforts, influence competitive rivalry in the market.
A few of the notable players in the global companion animal healthcare market profiled in the report are MSD, 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. Apart from these major players, many other companies operate in the companion animal healthcare market, including regional and local players. Additionally, many startups and emerging companies are developing innovative products and technologies for the market.
The companion animal healthcare market is very competitive, with major players accounting for about three fourth of the market. So, the companies focus 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 healthcare market participants. Additionally, companies invest in marketing and promotional activities to build brand awareness and promote their products to veterinary professionals and pet owners.
MSD Animal Health is one of the major participants of the companion animal healthcare market and operates its business in four segments, namely, pharmaceutical, animal health, alliances, and healthcare services. Some of the company’s animal health care products are Mometamax, Nobivac DHPPI vaccine, Bravecto, Panacur Small Animal Oral Suspension, and various similar products. The company acquired a major player in animal health, which will allow the company to grow in the future. The company also recently launched new products of infusionO2n for fish and is also focusing on the health awareness of animals. As a result, the company has a good growth opportunity in the future.
RECENT MARKET DEVELOPMENTS:
The global companion animal healthcare market size was valued at USD 20.7 billion in 2022.
An analysis on how has the COVID-19 impacted the companion animal healthcare market is included in this report.
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 are a few of the major participants in the companion animal healthcare market.
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 2500
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: firstname.lastname@example.org