As per our report, the size of the global companion animal healthcare market was worth USD 16.26 Billion in 2021 and estimated to reach USD 22.02 Billion by the end of 2026, registering a CAGR of 6.26% during the forecast period 2021 to 2026.
Companion animals are pets kept for the safety of a person, company, property, or home. Such animals help to deter theft and to create a healthy environment. The most common pets are dogs and cats. In many lives, service animals play an essential part, offering a sense of belonging and obligation. The most widely used products for animal health are animal health products, mainly feed. Many people value companion animals in their lives because they have a sense of identity and responsibility.
The most commonly used products for animal healthcare are animal health products, which mainly include. The drug market, which provides for pharmaceuticals and vaccines, contributes to these species' health and well-being. Animals get nutrients from these things. Ownership and spending on companion animals have risen steadily over the last few decades. Animal owners are paying more money per pet than they do in the past. Imbuing pets with human traits has raised health and safety issues among pet owners over the years. Consumers' ability to spend more money on their pets increases due to the rising human-animal relationship.
The rising number of pets, growing government support, and technology developments 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 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 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 Fishes) and further stated that the American is spending an amount of 50 billion USD per annum on pets.
Additionally, the growing urbanized population, increasing prevalence of animal health care by providing quality food products further lavish the market's growth rate. The rise in the scale of veterinary hospitals with private and public organizations is also favoring the market growth. The global companion animal healthcare market is additionally fuelled by the increasing investments in the pharmaceutical industries to improve the quality of drugs and vaccines.
An increase in disposable income and recent trends leads to the rise in the number of companion animals and growing pet insurance options in many countries, further propelling the demand of the 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 market demand. Also, less knowledge over the dosage levels of the drugs and fluctuations in the availability of the raw materials raise the price of the final products, further hindering the growth of the global companion animal healthcare market.
Impact of COVID-19 on the global companion animal healthcare market:
The COVID-19 epidemic began spreading worldwide in the early years of 2021, infecting millions of people and causing major governments worldwide to declare it a public health emergency. The emerging COVID-19 outbreak has harmed many markets. The outbreak of Coronavirus disease (COVID-19) served as a major constraint on the animal medicine industry, as trade restrictions disrupted supply chains, and demand fell due to government lockdowns around the world. However, since the shock was a 'big short' event unrelated to ongoing or fundamental weaknesses in the industry or the global economy, it is estimated that the animal medicine market will recover over the forecast period. Pet insurance penetration rates are below 1% in developed economies such as the United States but around 20% in Western European countries such as the United Kingdom. The pet insurance market in the United States is projected to rise at a compound annual growth rate of 14% over the forecast period, from $1 billion in 2018 to $2 billion in 2022, owing to growing customer awareness and companion animal owners' rising disposable income. As pet insurance becomes more widely available, the number of visits to veterinary vets will rise, bolstering veterinary healthcare to treat various diseases. As a result, the companion animal healthcare market is forecasted to have progressive growth during the forecast period.
Market Size Available
2021 to 2026
2021 to 2026
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 are estimated to grow at an impressive CAGR due to the growing need for companion animals' treatment options.
The vaccine 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 market demand for this segment. Rising incidences of various health disorders in companion animals fuel the demand for vaccines in this market.
Companion Animal Healthcare Market - By Pharmaceutical Products:
Companion Animal Healthcare Market – By Region:
Geographically, the North American companion animal healthcare market is predicted to lead the global market owing to many existing players in the market who focus on promoting investment opportunities in the animal healthcare industry, many of which are located in the United States. The demand for North American animal healthcare is being driven by a growing trend among consumers for pets. According to the American Pet Products Association, total household pet ownership increased to 68% in 2016, up from 54% in 2009. In addition, the increasing need for pet health insurance in the United States is likely to support this argument. Over the past few decades, the number of people who own and spend money on domestic animals has slowly increased. When the number of individuals who own pets increases, so does the emphasis on animal healthcare and vaccination and the demand for animal healthcare products.
The European market is the second-largest market, owing to an increase in pet ownership due to government tax relief, which has fueled the market's growth in the region.
The Asia Pacific follows North America to hold the most significant shares of the market due to adopting the latest technologies in treatment procedures. Also, increasing support from the government with the upcoming constructional activities of the hospitals is escalating the demand of the market. Furthermore, due to the evolving understanding of pet care and the increasing nuclear family system in the area, the market has been steadily growing for several years. The area boasts a wide range of markets. The Australian and Japanese markets are more aware of pet products and have pet owners concerned about quality. Pet owners stand out from the rest of the region because of their buying patterns and social culture. Indian, Chinese, and Indonesian markets are rapidly developing markets with significant growth potential in the near future.
The Middle East and Africa are deemed to have slight variations in the growth rate in foreseen years.
KEY MARKET PLAYERS;
A few of the prominent companies dominating 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 focus 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.
MAJOR HAPPENINGS IN THIS MARKET IN THE RECENT PAST:
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
6.2.1 United States
6.4.6 South Korea
6.5 Latin America
6.5.5 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