According to the report, the size of the Companion Animal Healthcare Market is estimated to be USD 15.3 Billion in 2019 and predicted to rise to USD 20.7 Billion by 2024 with a CAGR of 6.26%.
The “Global Companion Animal Healthcare Market Analysis – By Product Type (Feed Additives, Pharmaceuticals, Vaccines), By Pharmaceutical Products (Ectoparasiticides, Endectocides, Antibiotics, Anti-inflammatories, Medicines for curing reproductive problems) & By Region - Global Industry Analysis on Size, Share, Growth, Trends & Forecast | 2019 – 2024” report published by Market Data Forecast provides a detailed account of the Market Trends via Customized Research presented as Strategic Analyses, Company Profiles, Competitive Landscape etc.
Companion animals are the animals which serve man by giving companionship and guarding their houses or offices. Various types of diseases in animals and their transfer to humans via their product consumption and companionship are escalating the market globally
Research analysts at Market Data Forecast predicted that the market is primarily driven by factors such as Growing incidence of zoonotic and foodborne diseases will be a potential concern to the health of pet animals, increasing pet/companion ownership, growing healthcare concerns of pets, rising demand for improved nutrition. Increasing pet/companion ownership, growing healthcare concerns of pets, rising demand for improved nutrition are the restraints that are hindering the growth of the Companion Animal Healthcare market.
The growing prevalence of zoonotic and foodborne diseases will be a potential concern for pet animals ' health. Brucellosis is growing in many countries like the U.S. and induces abortion in animals. Increasing pet/companion ownership, growing pet health care concerns, increasing demand for enhanced nutrition, are the major driver of market growth. The key factors leading to the escalating adoption of companion animals are the various human health benefits of keeping animals and the recent trend of pet humanization.
By opportunities to achieve efficiency and creativity in food production, government animal welfare authorities and policymakers promote farmers. Such organizations are active in developing veterinary health promotion recommendations, which are expected to contribute over the forecast period to the growth of the Companion Animal Health industry.
Also, with the rise in the animal population and the increase in the occurrence of animal diseases, an increased emphasis has been put on the production of animal care medicines. Every year, a number of animal diseases emerge that offer medicine-producing companies the opportunity to introduce advanced animal health products.
The APAC region in the global market is a potential market that is significant and large. During the forecast period, Western saturated economies compare with Asian countries showing higher growth potential. In addition, the market has seen steady growth in the area over the past several years due to the changing perception of pet treatments and the increasing nuclear family structure.
The area has a diverse array of markets. The consumers in Australia and Japan are more conscious of the items and have a high-quality pet owner. The pet owners' buying behavior and social culture make them stand out from most of the region's other countries.
The rapidly emerging markets are the Indian, Chinese, and Indonesian markets, with great growth potential over the forecast period. The major economies like Taiwan, Malaysia, and South Korea are few perfect destinations for pet care firms.
Major players that are influencing Global Companion Animal Healthcare Market are Pfizer Animal health Ltd, Merck & Co Inc., Sanofi Aventis Animal Health, Zoetis Inc., Boehringer Ingelheim GmbH, Elanco Products Company, Bayer AG, Novartis Animal Health Inc., Virbac SA, Ceva Sante Animale, Vetoquinol SA.
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