As per our report, the size of the global companion animal healthcare market was worth USD 15.3 Billion in 2019 and estimated to reach USD 20.7 Billion by the end of 2024, registering a CAGR of 6.26% during the forecast period.
The rising number of pets, growing government support and developments in the technology 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, which is accelerating the ownership across the world. The growth in pet ownership is undoubtedly a significant factor in boosting the market growth for the global companion animal healthcare market. According to the data published 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 Fishes) and further stated that the American is spending an amount of 50 billion USD per annum on pets.
Additionally, growing urbanized population, increasing prevalence to take care of animal health by providing quality food products is further lavishing the growth rate of the market. Rise in the scale of veterinary hospitals with the help of private and public organizations is also favouring market growth. The global companion animal healthcare market is additionally fuelled by the increasing investments in the pharmaceutical industries to improve the quality of the drugs and vaccines.
Increase in the disposable income and recent trend is leading to the rise in the number of a companion animal and growing pet insurance options in many countries are further propelling the demand of companion animal healthcare market.
The high cost of animal diagnosis of a product recall, rise in the complication issues and lack of standardization are slowly restraining the demand of the market. Also, less knowledge over the dosage levels of the drugs and fluctuations in the availability of the raw materials are raising the price of the final products are further hindering the growth of the global companion animal healthcare market.
RECENT MARKET DEVELOPMENTS
In April 2019, Vita animal health launched a new animal companion health supplement. This product is to support cardiovascular, joint and skin health-related problems in the cat, dogs, rabbits and horse.
In February 2018, BioCheck introduced Avian Influenza H5-H7-H9 multiplex, which helps to diagnose influenza in poultry.
Market Size Available
2018 to 2024
2019 to 2024
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 Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
North America, Europe, Asia Pacific, Latin America, Middle East and Africa
This research report on the global companion animal healthcare market segmented based on the type, production technologies and region.
Companion Animal Healthcare Market - By Product Type
Based on product type, the Nutritional feed additives segment held leading shares in the market in 2019. On the other hand, medicinal feed additives estimated to grow at an impressive CAGR due to the growing need for treatment options in the companion animals.
Vaccines segment is expected to perform in this market in the coming years competently. Increasing capital income in both developed and developing countries is lavishing the demand of the market for this segment. Rising incidences of various health disorders in companion animals is one of the factors fueling the demand vaccines in this market.
Companion Animal Healthcare Market - By Pharmaceutical Products
North America leads the global companion animal healthcare market with the rise in the expenditure over animals. The Asia Pacific is following North America in holding the most significant shares of the market by owing to the adoption of the latest technologies in the treatment procedures. Also, increasing support from the government with the upcoming constructional activities of the hospitals is escalating the demand of the market. Europe is anticipated to hit the highest CAGR in the coming years. The Middle East and Africa are deemed to have slight variations in the growth rate in foreseen years.
TOP COMPANIES IN THE MARKET
Key market participants leading 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. More significant investment in Research and Development to develop drugs would fetch companion animal healthcare companies’ lucrative profits in the coming 15-20 years.
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1.2 Feed Additives
5.1.5 Y-o-Y Growth Analysis, By Product
5.1.6 Market Attractiveness Analysis, By Product
5.1.7 Market Share Analysis, By Product
6. Geographical Analysis
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
6.1.4 Market Attractiveness Analysis
6.1.5 Market Share Analysis
6.2 North America
6.1.2 United States
6.3.6 South Korea
6.5 Latin America
6.4.5 Rest of Latin America
6.6 Middle East & Africa
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8.Market Leaders' Analysis
8.1 Pfizer Animal health Ltd
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Merck & Co Inc.
8.3 Sanofi Aventis Animal Health
8.4 Zoetis Inc.
8.5 Boehringer Ingelheim GmbH
8.6 Elanco Products Company
8.7 Bayer AG
8.8 Novartis animal Health Inc.
8.9 Virbac SA
8.10 Ceva Sante Animale
8.11 Vetoquinol SA
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10.Market Outlook and Investment Opportunities
a) List of Tables
b) List of Figures