Pets such as dogs and cats held for the safety of an individual, business, land, or residence are known as companion animals. These animals aid in the prevention of theft and have a secure atmosphere. Many people value companion animals because they give them a sense of belonging and obligation. The most widely used products for animal healthcare are animal health products, especially feeds. It also brings with it a demand for products such as pharmaceuticals and vaccines that benefit the health and well-being of these animals. The global companion animal healthcare market is being driven by an increasing number of pets, increased government funding, and technological advancements. Pets save lives by protecting people, property, and homes, resulting in an increase in pet ownership around the world, thus helping to drive the global companion animal healthcare industry forward. According to Pet Secure, the United States has the highest pet ownership rate of any country (with 69,929,000 dogs, 74,059,000 cats, 8,300,000 birds, and 57,750,000 fish) and spends USD 50 billion a year on pets. Also, as per the survey by People’s Dispensary for Sick Animals (PDSA) animal Wellbeing (PAW), 2019, over 50% of United Kingdom adults own a pet out of which over 24% of UK adults own cats, 26% of adults own dogs and over 2% of adults own rabbit. The ownership of cats in the UK increased to 10.9 million in 2019 from 10.3 million in 2017 and similarly dog ownership rose to 9.9 million in 2019 from 9.3 million in 2017. However, the high cost of animal diagnosis of a product recall and rise in the complication issues is expected to hamper the growth of the market.
Global Companion Animal Health Market is valued at approximately USD 18.43 Billion in 2019 and is anticipated to grow with a healthy growth rate of more than 9.60 % over the forecast period 2020-2027 and is estimated to reach USD 38.37 Billion by 2027.
The regional analysis of the global Companion Animal Health market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the presence of many existing players in the market focusing on promoting investment opportunities in the animal healthcare industry. Whereas Asia-Pacific is also anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027. Factors such as increasing support from the government with the upcoming construction activities of the hospitals would create lucrative growth prospects for the Companion Animal Health market across the Asia-Pacific region.
Major market players included in this report are Merck Animal Health, Ceva Santé Animale, Vetiquinol S.A, Zoetis, Boehringer Ingelheim GmbH, Bayer AG. Elanco, Nutreco N.V, Virbac, and DRE Veterinary.
The detailed segments and sub-segment of the market are explained below:
By Product Type: Therapeutics, Diagnostics
By Animal Type: Dogs, Cats, Other Companion Animals
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