The companion animal healthcare market in North America is predicted to be worth USD 5.80 billion in 2022 and USD 7.82 billion by the end of 2027, with a 6.18 percent growth potential during the forecast period.
Companion animals assist humans by providing companionship and providing security for their homes or offices. The industry is rising due to various animal diseases and their transmission to humans via their products and friendship. Therefore, the corporations emphasize research and technical improvement to develop better pharmaceutical and vaccine products for already diagnosed conditions and those that are yet to be interpreted.
Some of the industry's most prominent mergers and acquisitions in the companion animal healthcare business have occurred to gain expertise in producing new active pharmaceutical ingredients/drugs. The market for branded generic medications has a lot of potentials, and most blockbuster drugs are now off-patent. Therefore, more significant investment in drug development research and development would bring profitable revenues to companion animal healthcare enterprises in the coming years.
The incidence of zoonotic and food-borne diseases would be a potential risk to the health of pet animals; increasing pet/companion ownership, developing pet healthcare concerns, and rising desire for improved nutrition are all driving the companion healthcare industry.
Regulatory bodies' restrictions have a negative influence on antibiotic sales, growing costs, and increased laws on animal testing have prevented several healthcare companies from manufacturing more advanced treatments, which will slow the market's growth. In addition, the price of final products rises due to a lack of knowledge about medicine dose levels and volatility in raw material availability, further impeding the global companion animal healthcare market growth.
This research report on the North America Companion Animal Healthcare Market has been segmented and sub-segmented into the following categories:
By Product Type:
North America dominated the companion animal healthcare market. The market had a revenue of over 37% in 2020. A growing pet population, demand for quality and affordable pet care, and increasing pet care spending are anticipated to drive market growth. In addition, many existing companies in the market focus on promoting investment opportunities in the animal healthcare industry, many of which are situated in the United States, the North American companion animal healthcare market is expected to lead the worldwide market.
Also, a growing trend among customers for pets is driving demand for animal healthcare in North America. American Pet Products Association claims that the total home pet ownership has climbed to a large amount. Furthermore, the growing demand for pet health insurance in the United States will likely bolster this case.
The United States companion animal healthcare market held the largest share of the Companion Animal healthcare market. The market growth is driven by the number of people who own and spend money on domestic animals has gradually increased over the last few decades. As the number of individuals who own pets grows, so does the importance of animal health and vaccination and the demand for animal health products.
The increased pet population and expenditure and the humanization of pets are responsible for this growth. According to the Canadian Animal Health Institute, 58 percent of households in Canada will own at least one cat or dog in 2020. (CHAI). According to 2018 to 2020, the country's pet population is rising, with the dog population increasing from 7.6 million to 7.7 million.
According to CAHI, the percentage of pets receiving medical care climbed significantly in 2020. In addition, the number of visits to the veterinarian by cats increased in the months following the start of the Covid-19 pandemic.
KEY MARKET PLAYERS
Companies playing a dominant role in the North America Companion Animal Healthcare Market profiled in this report are Bayer HealthCare Pharmaceuticals LLC, Boehringer Ingelheim, Elanco, Merck & Co., Merial, Virbac, Zoetis.,
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