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The Companion Animal Health Market Size accounted for USD 21.3 Billion in 2022 and is estimated to achieve a market size of USD 52.7 Billion by 2032 growing at a CAGR of 9.6% from 2024 to 2032.
Companion Animal Health Market Highlights
Companion animals, such as dogs and cats, give important companionship while also acting as faithful guards of homes and businesses. These animals provide emotional support and camaraderie, which improves the lives of their human owners. However, intimate connection between companion animals and people might pose health hazards since some illnesses can be spread via close contact or the eating of animal products. Zoonotic illnesses, which may spread from animals to people, include rabies, salmonellosis, and toxoplasmosis. This rising worry has raised awareness about the importance of good pet ownership, which includes regular veterinarian care, vaccinations, and cleanliness measures.
Global Companion Animal Health Market Dynamics
Market Drivers
Market Restraints
Market Opportunities
Companion Animal Health Market Report Coverage
Market | Companion Animal Health Market |
Companion Animal Health Market Size 2022 | USD 21.3 Billion |
Companion Animal Health Market Forecast 2032 |
USD 52.7 Billion |
Companion Animal Health Market CAGR During 2024 - 2032 | 9.6% |
Companion Animal Health Market Analysis Period | 2020 - 2032 |
Companion Animal Health Market Base Year |
2022 |
Companion Animal Health Market Forecast Data | 2024 - 2032 |
Segments Covered | By Animal Type, By Product, By Distribution Channel, By End-Use, And By Geography |
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, Covid-19 Analysis, Regulation Analysis |
Companion Animal Health Market Insights
Humanizing pets has had a significant influence on consumer purchase decisions and trends in the companion animal sector. This shift in view has resulted in a greater emphasis on pet health and well-being, as more people see their dogs as family members. This trend is helping to boost the companion animal health market by encouraging pet owners to invest in high-quality veterinarian care, pet insurance, and other health-related products and services for their dogs. Attributing human features and feelings to dogs has become more common throughout time, raising concerns about their health and safety. Pet owners are increasingly prioritizing preventative care and wellbeing for their animals, just as they would for their human family members. The American Veterinary Medical Association's survey found that expenditure on pet health and veterinary care has increased in recent years. This shows an increasing devotion to pet care and emphasizes the human-animal link.
The global increase in pet ownership, driven by changing lifestyles and rising disposable money, is likely to continue throughout the projection period. Furthermore, the growing demand for pet healthcare insurance in the United States contributes to this shift in consumer behavior by providing financial security and access to high-quality treatment for companion animals. Other factors driving the growth of the companion animal health market include the widespread availability of online shopping and home delivery services for pet items, which provide convenience to pet owners. Advanced technology in animal healthcare, such as telemedicine and new therapies, is also helping to fulfill pet owners' changing requirements. Furthermore, measures by the government and animal welfare organizations to encourage responsible pet ownership and animal health help to drive market growth.
Companion Animal Health Market Segmentation
The worldwide market for companion animal health is split based on animal type, product, distribution channel, end-use, and geography.
Companion Animal Health By Animal Types
According to our companion animal health industry analysis, the dogs sub-segment accounted for more than 40% of the market in 2021 and is expected to maintain this trend in the coming years. The global affection for dogs, as well as the increasing adoption of dogs for security purposes, are the two major factors supporting the dog market share. Furthermore, rapidly increasing urbanization, raising awareness of pet health insurance, and the growing importance of animal health are all likely to support the industry's dog segment.
Companion Animal Health Products
According to our companion animal health market forecast, pharmaceuticals are expected to hold significant market share from 2024 to 2032. On the other hand, pharmaceuticals sub-segment is likely to attain significant growth rate during the companion animal health market forecast period. The increasing number of zoonotic diseases occurring in pets and the growth in research & development activities to diagnose these diseases will spur the diagnostics sub-segment.
Companion Animal Health Distribution Channels
According to distribution channel, hospital pharmacies held the largest market share in 2022 and are expected to continue to do so in the companion animal health industry forecast period. The hospital pharmacies sub-segment is being driven by rising ease of access, a higher volume of prescriptions filled by these medical outlets, and an increase in demand for animal healthcare products. Furthermore, the increasing popularity of e-commerce will allow the market to expand even further in the coming years.
Companion Animal Health End-Uses
The veterinary hospitals and clinics sub-segment dominates the end-use market, owing to the high volume of patients served. These businesses provide a wide range of services, including general health checkups, surgeries, and immunisations, to meet the different needs of companion animals. Clients are drawn to veterinary hospitals and clinics because of the comprehensive care they give, as well as their capacity to execute modern diagnostic and therapeutic techniques. Furthermore, these institutions frequently include specialised technology and skilled staff, allowing them to manage difficult situations effectively. As a result, the industry is expanding, fueled by the need for high-quality care and the rising tendency of treating dogs like family members.
Companion Animal Health Market Regional Outlook
North America
Europe
Asia-Pacific
Latin America
The Middle East & Africa
Companion Animal Health Market Regional Analysis
In terms of companion animal health market analysis, North America accounted for a considerable percentage of the worldwide, owing to the presence of important companies pursuing comprehensive growth strategies. These prominent market players have made significant investments in research and development (R&D), resulting in the launch of novel goods and services designed to fulfill the different demands of companion animals. This dedication to ongoing development and technical advancement has helped North America maintain its industry-leading position.
Another important aspect contributing to North America's supremacy is the increased frequency of chronic animal illnesses, which requires better medical care and treatment alternatives. The increased prevalence of chronic diseases in pets has encouraged veterinarians and healthcare professionals to implement cutting-edge technology such as diagnostics, therapies, and preventative measures. As a result, there is a greater emphasis on modernizing companion animal care and improving general well-being.
Companion Animal Health Market Players
Some of the top companion animal health companies offered in our report includes 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.
The companion animal health market size was valued at USD 21.3 billion in 2022.
The CAGR of companion animal health is 9.6% during the analysis period of 2024 to 2032.
The key players operating in the global market are including 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.
North America held the dominating position in companion animal health industry during the analysis period of 2024 to 2032.
Asia-Pacific region exhibited fastest growing CAGR for market of companion animal health during the analysis period of 2024 to 2032.
The current trends and dynamics in the companion animal health industry include increasing companion animal ownership, growing prevalence of zoonotic diseases, rising favorable government initiatives, and advances in veterinary technology and treatments.
The pharmaceuticals product held the maximum share of the companion animal health industry.
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