Companion Animal Health Industry Overview
The global companion animal health market size was valued at USD 18.67 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 9.2% from 2021 to 2028.
A rise in the initiatives by the government and private sectors to help promote animal health is anticipated to drive market growth during the forecast period. The One Health Initiative is one such collaborative effort undertaken by multiple organizations. These include the World Organization for Animal Health (OIE), Food and Agriculture Organization (FAO), WHO, the American Veterinary Medical Association, and others. It is aimed at protecting public health via the prevention and control of zoonotic pathogens by safeguarding animal health. It is carried out through the implementation of appropriate policies at national, regional, and global levels.
Gather more insights about the market drivers, restrains and growth of the Global Companion Animal Health market
The Covid-19 pandemic had a notable impact on the industry. Companies had to adapt to the challenging circumstances while facing operational and logistics hurdles. However, many market players leveraged the opportunity to increase profits and market share. For example, Vetoquinol S.A.reported an overall increase in 2020 sales compared to the previous year. This growth was driven by its essentials comprising veterinary drugs and non-medical products.
Driven by the increasing humanization of pets, the expenditure on pet health and wellness is also on the rise. In 2019, in Australia, more than USD 2.6 billion was spent on animal health services as per Animal Medicines Australia. This trend was estimated to continue in the near future. The top reasons cited for veterinary visits were general health checkups, pathology lab tests, vaccinations, illness or injury, X-ray imaging, hospitalization, and others.
Increasing availability and adoption of pet health insurance is another factor propelling the market growth. For instance, in April 2020, OneDegree insurance start-up in Hong Kong—launched Pawfect Care portfolio of pet insurance plans. The company estimated that only 3% of the pet dogs and cats population in Hong Kong was insured, even though veterinary care costs were high in the country. The company projected more and more pet owners would opt for pet health insurance in the coming years.
Browse through Grand View Research's Animal Health Industry Research Reports.
· Pet Care Market - The global pet care market size was valued at USD 148.10 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.1% from 2022 to 2030.The rising trend of pet humanization is expected to increase consumer spending in the household and pet care categories. People are also adopting cats, dogs, and other pets as they are easier to humanize and indulge than larger pets. They are willing to spend a lot of money to ensure that their pets have the best possible living experience. As a result, pet care products such as feeders, bowls, and waterers have also become prominent.
Animal Health Market - The global animal health market size was valued at USD 39.9 billion in 2021 and is expected to witness a compound annual growth rate (CAGR) of 10.0% from 2022 to 2030. The market is largely driven by a significant rise in demand for protein food and an increase in the incidence of zoonotic and food-borne diseases globally. This unprecedented rise in disease prevalence has triggered companies to produce advanced vaccines and pharmaceuticals.
· Companion Animal Health Market Segmentation
Grand View Research has segmented the global companion animal health market on the basis of animal type, product, distribution channel, end-use, and region:
Companion Animal Health Animal Type Outlook (Revenue, USD Million, 2016 - 2028)
· Dogs
· Equine
· Cats
· Others
Companion Animal Health Product Outlook (Revenue, USD Million, 2016 - 2028)
· Vaccines
· Pharmaceuticals
o OTC
o Prescription
· Feed Additives
· Diagnostics
· Others
Companion Animal Health Distribution Channel Outlook (Revenue, USD Million, 2016 - 2028)
· Retail
· E-commerce
· Hospital Pharmacies
Companion Animal Health End-use Outlook (Revenue, USD Million, 2016 - 2028)
· PoC/In-house Testing
· Veterinary Hospitals Clinics
· Others
Companion Animal Health Regional Outlook (Revenue, USD Million, 2016 - 2028)
o North America
o Europe
o Asia Pacific
o Latin America
o Middle East Africa (MEA)
Market Share Insights
· April 2020: Heska acquired Scil animal care to enhance its portfolio of PoC diagnostics.
· January 2020: Heska acquired CVM Diagnostico Veterinario, S.L., and CVM Ecografía, S.L. to expand its pet animal diagnostics business in Spain.
· September 2020: Zoetis launched Vetscan Imagyst—a diagnostic platform—to improve its pet diagnostics portfolio.
Key Companies profiled:
Some prominent players in the global companion animal health market include
- Merck Co., Inc.
- Ceva
- Vetoquinol S.A.
- Zoetis
- Boehringer Ingelheim International GmbH
- Elanco
- Virbac
- IDEXX Laboratories, Inc.
- Indian Immunologicals Ltd.
- Agrolabo S.p.A
Order a free sample PDF of the Companion Animal Health Market Intelligence Study, published by Grand View Research.
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