New York, USA, Oct. 14, 2022 (GLOBE NEWSWIRE) — Companion Animal Healthcare Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Companion Animal Health Market by Product, Diagnostic Tests, End-Users, and Region – Forecast till 2030”, the market will acquire a valuation of USD 44,643.33 million by 2030, also procuring a CAGR of close to 8.80% between 2022 and 2030.
Companion Animal Healthcare Market Synopsis
Companion animals are domesticated animals whose emotional, physical, social and behavioral needs are readily catered to a lot like the members at home. These animals have a close relationship and connection with humans. These animals help elderly patients, allowing them to gain significant levels of dopamine that helps them fight the distress they face. Owing to this, health of companion animals has become a vital part of the global veterinary industry. Companion animals are properly brought up to care for the old-age people and improve their mental health.
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|Market Size in 2030||USD 44643.33 Million|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Product, Diagnostic Tests and End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Market Drivers||Advances in animal health medicines and vaccines|
|Rising demand of animal healthcare products|
Companion Animal Healthcare Market Competitive Landscape:
The important companies in the companion animal healthcare market include
- Zoetis Animal Healthcare (U.S.)
- Merial (France)
- Elanco Animal health (U.S.)
- Bayer Animal Health (Germany)
- Merck and Co. Inc. (U.S.)
- Ceva Animal Healthcare (U.K)
- Virbac Animal Healthcare (France)
- Vetoquinol S.A. (France)
- Perrigo Company plc (Ireland)
- Boehringer Ingelheim (Germany)
Market USP Covered:
The animal health market has covered significant grounds in recent years, in response to the mounting consumption rate of protein food along with the drastic surge in zoonotic as well as food-borne disorders. The exponential rise in various animal diseases is compelling companies to focus on developing promising drugs and vaccines, which should have a tremendous impact on the global industry.
The thriving business landscape is encouraging the players to foster their efforts to reduce the number of food-borne disease cases along with pathogen contamination risks. This is yet another factor that can have a remarkable effect on the companion animal health market in the years to come.
Some major innovations in the global market include the surging use of information management systems, vaccine banks, animal owner mobile technology, and more. Players’ increasing focus on technical innovations has been a game-changer for the companion animal health market in recent years. The escalating number of vets in emerging regions, coupled with the rising availability of the latest treatment lines and drugs in the market will also elevate the business growth rate in the future.
The lack of strict standardization and significant costs of animal testing procedures can limit the expansion rate of the companion animal healthcare market.
Also, the low awareness level about correct dosages of drugs as well as the fluctuations in the availability of key raw materials that raise the price of the final products can further restrain the worldwide market.
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COVID 19 Analysis
The companion animal healthcare market has been significantly affected by the COVID-19 outbreak. Given the pandemic scenario, numerous countries had to go under lockdown, to control the rising cases. Owing to this, the demand and supply chain has been disrupted, which has affected the worldwide market. The infrastructural projects, manufacturing units, industries, and various operations had to be put on hold owing to the pandemic situation.
The volatile costs of raw materials and the challenges brought on by the COVID-19 pandemic have restricted the growth rate of the market. On the bright side, the situation is getting back to normal, which means that the market in the future will see better growth.
Companion Animal Healthcare Market Segmentation
The key products considered in the report for the companion animal healthcare industry are pharmaceuticals, vaccines and feed additives.
Nutritional feed additives as well as medicinal feed additives are the two major feed additives. The types of nutritional feed additives include minerals, vitamins, and proteins, while the types of medicinal feed additives are enzymes, hormones, probiotics, prebiotics, and immune-modulators. Pharmaceutical products are anti-inflammatories, anti-infectives, and antibiotics.
The vaccines segment is driven by the rise in innovations, mounting awareness levels of animal health, rising spending by government bodies as well as associations, huge consumption of animal protein, such as meat, milk, fish, and eggs, along with escalating healthcare expenditure with respect to companion animals.
By Diagnostic Test
Depending on diagnostic tests, the worldwide market has been considered for molecular diagnostics, immunodiagnostic tests, diagnostic imaging, and other tests.
The molecular diagnostics segment is in the lead since this test allows the medical professional to accurately detect the genome of the pathogen present in the sick animal.
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The top market end-users are veterinary clinics, home care providers, coupled with veterinary hospitals.
The veterinary hospitals & clinics category has secured the top position in the market, thanks to the substantial number of sick animals that are received by this medical setting. The huge number of medical procedures conducted at these facilities from general check-ups to laboratory tests and vaccinations and surgery also foster the segmental growth.
Companion Animal Healthcare Market Regional Insights
Considering the high consumption rate and large-scale production of animal protein along with the escalating emphasis on food safety, the American market is all set to take the lead over the following years. Rapid surge in pet ownership combined with the mounting need for effective medicines to treat animals will further favor the American market. The companion animal health industry in the region also benefits from the soaring awareness level among people regarding the latest treatment lines as well as the presence of a flourishing healthcare sector.
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The APAC market should gain at the fastest rate in the next few years, thanks to the expedited rate of pet adoption, and the emergence of animal welfare programs in China, Japan, and China. Sizeable R&D spending by affluent players specializing in companion animal health and their rising focus on the development of generic therapeutics at reasonable prices would translate into substantial business growth in the years ahead.
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