As per the research report, the size of the Middle East and Africa Companion Animal Healthcare Market is valued at USD 1.21 Billion in 2023 and estimated to reach USD 1.62 Billion by the end of 2028 with a growing potential of 6.05 %, during the forecast period 2023 to 2028.
A significant increase in pet adoption is driving the companion animal health care market. Also, love and affection towards animals increase the adoption rate, driving the need for companion animal health care.
Increasing the funding and initiative by the government and non-government organizations in the research processes and animal health is encouraging market growth.
In Addition, the increase in the vaccine session for the animals, as the bites from dogs, cats, and other companion animals cause various types of diseases, and the condition is more likely to be transferred to humans and can be fatal, so the regular vaccination is essential for both. Therefore, the growing need for preventive vaccination is increasing the growth in the market.
However, increasing awareness about animal healthcare is rising demand for animal health care insurance. In Addition, the growing need and demand for nutritious food and medicinal food are expected to propel the market growth.
Increasing new advancements and developments in technology in healthcare to design a wide range of innovative concepts and methods that would be convenient for the treatment and other procedures are the other factors responsible for the growth of the companion healthcare market.
The increase in the high costs of animal testing with the rise in the costs of veterinary expenses, which is due to the increase in the prices of drugs and pharmaceuticals products, is restricting the market growth. Also, new developments and advancements in technology are becoming more expensive with the latest medical equipment.
However, stringent government policies with strict rules and regulations for the approval process make the sales of the drugs and pharmaceutical products hinder the growth of the companion animal healthcare market.
This research report on the MEA Companion Animal Healthcare Market has been segmented and sub-segmented into the following categories:
By Product Type:
Geographically, the MEA is expected to share the companion animal health market share during the forecast period. The market growth is likely to increase the popularity and affection for adopting companion animals in the region. In Addition, growing awareness about animal healthcare treatments, favorable reimbursement policies, and improving healthcare facilities contribute to the MEA regional market growth.
The South Africa Companion Animal Health Care Market is also expected to have lucrative growth in the market due to increasing awareness about the importance of animal health care. In Addition, various types of diseases that can be transmitted to humans increase the demand for market growth.
The UAE Companion Animal Health Care Market is expected to have impressive growth in the market. An increase in the new developments and advancements in technology with the change in the demand for nutritional food is driving the market's growth. Moreover, supportive government policies are promoting Animal healthcare.
The Saudi Arabia Companion Animal Health Care Market is projected to witness a considerable share in the companion animal health care market share due to the increase in the fundings and initiatives from government and non-government firms in the research activity to develop new drugs and medications for the animals. Also, an increase in healthcare insurances in the country is likely to expand the market growth.
KEY MARKET PLAYERS:
The leading companies leading in the MEA Companion Animal Healthcare Market profiled in the report are Bayer HealthCare Pharmaceuticals LLC, Boehringer Ingelheim, Elanco, Merck & Co., Merial, Virbac, Zoetis.,
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