Given the debilitating impact of COVID-19 (Coronavirus) on Companion Animal Healthcare Market, companies are on the lookout for starting production lines. Get an inside look at the market prospects and its future decisions in light of the pandemic and other such unforeseen circumstances.
Companion Animal Healthcare Market Analysis
The global companion, animal healthcare market, is predicted to touch USD 20 billion at a 9.6% CAGR over the forecast period (2017-2023), as per the latest Market Research Future (MRFR) report. Companion animals are used for amusement, company, extrovert display, psychological support, and other functions which humans require for sharing with animals. A yearly veterinary checkup is one of the finest means of keeping the pet healthy.
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Various factors are propelling the companion animal healthcare market growth. These factors, as stated by the MRFR report, include growing pet adoption across the world, increasing government initiatives for animal health, growing advancements in technology in animal healthcare, and increasing nuclear families that have accelerated the trend of pet ownership. Additional factors pushing market growth include growing investments made by key players for developing advanced pet care solutions, increasing awareness about animal cruelty, advances in animal vaccines and health medicines, and increased types of medical treatment.
Companion Animal Healthcare Market Segmentation
The Market Research Future report provides a wide segmental analysis of the companion animal healthcare market based on end users, diagnostic tests, and product.
Based on product, the companion animal healthcare market is segmented into vaccines, pharmaceuticals, and feed additives. The feed additives segment is again segmented into medicinal feed additives and nutritional feed additives. The nutritional feed additives segment is further segmented into vitamins, minerals, and proteins, and medicinal feed additives are further segmented into probiotics and prebiotics, immune-modulators, enzymes, hormones, and others. The pharmaceutical products segment is further segmented into anti-inflammatories, antibiotics, and anti-infectives. Of these, the pharmaceutical products segment will have the largest share in the market over the forecast period. This is owing to the rising prevalence of food-borne diseases, brucellosis as well as other zoonotic diseases which are hazardous to animals.
Based on diagnostic tests, the companion animal healthcare market is segmented into molecular diagnostics, immunodiagnostic tests, diagnostic imaging, and others. Of these, the diagnostics imaging segment will dominate the market over the forecast period. This is owing to rising zoonotic infections that is boosting the need for establishing point-of-care testing and diagnostics laboratories.
Based on end users, the companion animal healthcare market is segmented into home care, veterinary clinics, and veterinary hospitals. Of these, the veterinary clinics and veterinary hospitals will lead the market over the forecast period. This is owing to the accessibility of a huge variety of diagnostic options.
Companion Animal Healthcare Market Regional Analysis
Based on the region, the companion animal healthcare market report covers the latest trends and growth opportunities across the Asia Pacific, Europe, the Americas, and the Middle East and Africa. Of these, the Americas will spearhead the market over the forecast period. This is owing to the availability of a huge variety of animal health products.
The companion animal healthcare market in Europe is predicted to have the second-largest share in the market over the forecast period. This is due to an increase in pet ownership on account of tax benefits offered by the government.
The companion animal healthcare market in the APAC region is predicted to have a positive and steady growth over the forecast period. This is owing to the rising awareness about animal cruelty that has influenced people awareness as well as ideologies towards animals.
The companion animal healthcare market in the Middle East and Africa is predicted to have a steady growth over the forecast period. This is owing to high growth opportunities on account of financial improvement and an associated increase in disposable income.
Companion Animal Healthcare Market Key Players
Leading players profiled in the companion animal healthcare market report include Boehringer Ingelheim (Germany), Perrigo Company plc (Ireland), Vetoquinol S.A. (France), Bayer Animal Health (Germany), Elanco Animal Health (US), Merial (France), Virbac Animal Healthcare (France), Ceva Animal Healthcare (UK), Merck and Co., Inc. (US), and Zoetis Animal Healthcare (US), among others. Key players have acquired several strategies to gain a competitive edge in the market. This include product launch, expansion, partnership, collaboration, and acquisition.
December 2018: August Equity has acquired Hallmarq Veterinary Imaging Ltd., a specialist in advanced diagnostics for equine as well as companion animals.
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