Companion Animal Health Market Size Growing at 9.3% CAGR, Set to Reach USD 43.4 Billion By 2030

Acumen Research and Consulting recently published report titled “Companion Animal Health Market Forecast, 2022 – 2030”

LOS ANGELES, March 08, 2023 (GLOBE NEWSWIRE) — The Global Companion Animal Health Market Size accounted for USD 19.6 Billion in 2021 and is projected to occupy a market size of USD 43.4 Billion by 2030 growing at a CAGR of 9.3% from 2022 to 2030.

Companion Animal Health Market Research Report Highlights and Statistics

• The Global Companion Animal Health Market Size in 2021 stood at USD 19.6 Billion and is set to reach USD 43.4 Billion by 2030, growing at a CAGR of 9.3%
• The market for companion animal health has seen significant growth in recent years, driven by factors such as increasing pet ownership and advancements in veterinary care.
• The increasing availability of advanced veterinary care services and the development of new treatments and drugs have fueled the growth of the market for companion animal health.
• The rise of e-commerce and online sales channels has made it easier for pet owners to access veterinary products and services, further driving the growth of the market for companion animal health.
• The companion animal health industry is expected to continue to grow in the coming years, driven by increasing pet ownership, advancements in veterinary care, and the rising availability of veterinary products and services through online channels.
• North America is a significant market for companion animal health products, followed by Europe. Asia-Pacific is expected to grow at the highest rate due to increasing pet ownership and rising awareness about animal health.
• Pet ownership has been increasing globally, with the US having the highest pet ownership rate, followed by Europe and Asia. In the US, over 60% of households have at least one pet.

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Companion Animal Health Market Report Coverage:

Market	Companion Animal Health Market
Companion Animal Health Market Size 2021	USD 19.6 Billion
Companion Animal Health Market Forecast 2030	USD 43.4 Billion
Companion Animal Health Market CAGR During 2022 – 2030	9.3%
Companion Animal Health Market Analysis Period	2018 – 2030
Companion Animal Health Market Base Year	2021
Companion Animal Health Market Forecast Data	2022 – 2030
Segments Covered	By Animal Type, By Product, By Distribution Channel, By End-Use, And By Geography
Companion Animal Health Market Regional Scope	North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Key Companies Profiled	Agrolabo S.p.A., Bayer AG, Boehringer Ingelheim International GmbH, Ceva, Elanco, IDEXX Laboratories, Inc., Indian Immunologicals Ltd., Merck& Co., Nutreco N.V. Inc., Norbrook, Vetoquinol S.A., Virbac, and Zoetis.
Report Coverage	Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis

Companion Animal Health Market Overview:

The market for Companion Animal Health is an ever-expanding sector, driven by the increasing prevalence of pet ownership and the growing demand for advanced veterinary care. This market encompasses a diverse range of products and services designed to maintain the health and well-being of companion animals such as dogs, cats, and other household pets. The market includes a plethora of innovative products such as veterinary vaccines, pharmaceuticals, feed additives, parasiticides, and cutting-edge instruments.

The North American and European regions are established markets for companion animal health, however, the Asia-Pacific region is expected to experience significant growth due to the rapidly increasing pet ownership and rising awareness about animal health. The advent of e-commerce and online sales channels has significantly facilitated access to veterinary products and services, further propelling the growth of the market for Companion Animal Health.

The Companion Animal Health industry not only caters to the basic healthcare needs of companion animals but also encompasses a wide array of specialized applications such as dermatology, oncology, cardiology, and dentistry, among others. The market continues to evolve and adapt to the changing needs of pet owners and their pets, incorporating the latest advancements in veterinary care and technology to provide top-notch products and services.

The Companion Animal Health industry is poised for continued growth, driven by the increasing demand for advanced veterinary care and the growing prevalence of pet ownership.

Trends in the Companion Animal Health Market:

• Increasing Pet Ownership: The trend of pet ownership is on the rise globally, which is driving the growth of the companion animal health industry.
• Advancements in Veterinary Care: New treatments, drugs, and technologies are continuously being developed, which is helping to improve the health and well-being of companion animals.
• Rise of E-commerce: The growth of online sales channels has made it easier for pet owners to access veterinary products and services, boosting the growth of the companion animal health market.
• Personalized Care: The trend towards personalized care and treatments for companion animals is growing, with pet owners seeking customized solutions for their pet’s health needs.
• Telemedicine: The use of telemedicine in veterinary care is growing, providing pet owners with remote access to veterinary services and consultations.
• Focus on Preventive Care: The trend towards preventive care is increasing, with pet owners focusing on maintaining the health and well-being of their pets through regular check-ups and vaccinations.
• Advanced Diagnostics: Advances in diagnostic technologies are allowing for earlier detection and treatment of health issues in companion animals.

Companion Animal Health Market Dynamics:

• Importance of Nutritional Supplements: The trend towards using nutritional supplements to support the health of companion animals is growing, fueling the demand for these products.
• Focus on Natural and Holistic Products: The growing demand for natural and holistic products for companion animals is driving the growth of the companion animal health industry.
• Development of Innovative Products: The continuous development of innovative products for companion animals, such as veterinary vaccines, pharmaceuticals, and feed additives, is driving the growth of the companion animal health market.
• Growing Demand for Pet Insurance: The trend towards purchasing pet insurance is increasing, with pet owners seeking financial protection for their pet’s health and well-being, fueling the growth of the companion animal health market.
• Importance of Mental Health: The growing recognition of the importance of mental health for companion animals is driving the growth of the companion animal health market, with a focus on products and services designed to support the emotional well-being of pets.
• Increasing Awareness of Environmental Health: The trend towards environmentally friendly and sustainable products for companion animals is growing, reflecting the increasing awareness of the impact of pet products on the environment, driving the growth of the companion animal health industry.
• Growing Prevalence of Lifestyle Diseases in Pets: The increasing prevalence of lifestyle diseases in companion animals, such as obesity and diabetes, is driving the demand for veterinary products and services, fueling the growth of the companion animal health market.

Growth Hampering Factors in the Market for Companion Animal Health:

• Availability of Counterfeit Products: The availability of counterfeit and substandard products can lead to a decrease in consumer trust and demand for veterinary products, hampering the growth of the market.
• Lack of Reimbursement: The lack of reimbursement for veterinary products and services can make them unaffordable for pet owners, limiting demand and hampering the growth of the companion animal health market.
• Difficulty in Diagnosis: The difficulty in accurately diagnosing health issues in companion animals can lead to a decrease in demand for veterinary products and services, hampering the growth of the companion animal health market.
• Resistance to Vaccination: Resistance to vaccination among pet owners can limit the growth of the companion animal health market, as vaccinations are a critical aspect of preventive care for companion animals.
• Ethical and Social Concerns: Ethical and social concerns, such as the use of animal testing for veterinary products, can lead to a decrease in demand for veterinary products and services, hampering the growth of the companion animal health market.
• Limited Access to Veterinarians: The limited availability of veterinarians, particularly in rural areas, can make it difficult for pet owners to access veterinary products and services, hampering the growth of the companion animal health market.

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Market Segmentation:

Type Of Distribution Channel

• Retail
• Ecommerce
• Hospital Pharmacies

End User

• Point-of-Care Testing/In-house Testing
• Clinics and Veterinary Hospitals
• Others

Companion Animal Health Market Overview by Region:

North America’s Companion Animal Health market share is the highest globally, with a high level of pet ownership and strong demand for veterinary products and services. The region is home to a number of major veterinary pharmaceutical companies and is a leading producer of veterinary vaccines and treatments. North America is also the birthplace of the telemedicine trend, with a growing number of pet owners using remote consultation services for their companion animals.

The Asia-Pacific region’s Companion Animal Health Market share is also huge and is growing at the fastest rate, with a rapidly increasing pet ownership and strong demand for veterinary products and services. The region is home to a number of emerging veterinary pharmaceutical companies and is a leading producer of veterinary vaccines and treatments. The Asia-Pacific region is also characterized by a growing trend towards pet insurance, with a growing number of pet owners seeking coverage for veterinary expenses.

Europe is another key market for Companion Animal Health, with a high level of pet ownership and increasing demand for veterinary products and services. The region is home to several major veterinary pharmaceutical companies and is a leading producer of veterinary vaccines and treatments. The European market is also characterized by a growing trend towards alternative therapies, such as acupuncture and homeopathy, for the treatment of companion animals.

The South American and MEA regions have a smaller Companion Animal Health market share, however it is expected to grow at a steady pace.

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Companion Animal Health Market Key Players:

The Companion Animal Health Market is highly competitive and includes a number of major players. Some of the leading companies in the market include Zoetis,Elanco, Merck Animal Health, Bayer Animal Health, Boehringer Ingelheim Animal Health, Ceva Sante Animale, Virbac, Nutreco, Dechra Pharmaceuticals, Vetoquinol, CEVA Logistics, Heska Corporation, Henry Schein Animal Health, IDEXX Laboratories, Neogen Corporation, MIDIS Group, Prado & Sigaud, Aventix, WALTHAM, and Antelliq. These companies offer a range of veterinary products and services, including vaccines, pharmaceuticals, diagnostics, and surgical products. They compete on factors such as product quality, innovation, and customer service.

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