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The global market for companion animal healthcare reached a value of about USD 24.21 billion in 2023. The market is further expected to grow at a CAGR of about 9.2% in the forecast period of 2024-2032 to reach a value of around USD 53.45 billion by 2032, owing to the increase in the number of people having pets.
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The demand for companion animals has been on the rise to deal with anxiety and other issues, especially since the lockdowns were imposed and people were compelled to stay at home to avoid the virus's transmission. North America has been one of the leading regions in the global companion animal healthcare market. It is expected to be a significant regional market throughout the forecast period owing to the increasing investment in the healthcare industry, increasing acceptance of drug items, and rising expenditure on diagnostic testing, vaccines, and animal feeds for companion animal health. The growth can be attributed to the increased pet population and expenditure, along with the increase in the humanisation of pets. For instance, from 2018 to 2020, the dog population in Canada grew significantly, increasing from 7.6 million to 7.7 million. The region's large share can be attributed to the well-established base of animal health industries, high adoption of companion animals, rising incidence of parasitic infections, growing pool of veterinarians, and growing expenditure on animal health. The increasing number of research activities, funding, public awareness efforts in the field of veterinary health management and improving animal health reforms are also predicted to propel the market expansion.
Asia Pacific is expected to be the fastest-growing companion animal healthcare market due to the region's changing perception of pet treatment and the growing nuclear family system. The growth of the regional market can be attributed to the increasing trend of pet adoption in countries such as India, Bangladesh, China, and Singapore, among others. India is one of the most lucrative markets for developing the market. The government is also putting a lot of effort into creating the veterinary healthcare infrastructure, thus presenting several lucrative business opportunities for developing the local market. The Australian and Japanese markets are more aware of pet products and have quality-conscious pet owners, propelling the regional market growth.
A companion animal can be a cat, dog, or other animal. It gives a person emotional or mental support. These are not just pets and should not be treated as such. While pets provide emotional support, the owner does not require them for medical or emotional reasons.
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Based on product type, the market is divided into:
The different types of animals in the market are:
The regional markets for companion animal healthcare can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.
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The rising prevalence of having a companion animal has also augmented the demand for their healthcare. These animals, like others, might also carry diseases that are likely to be transmitted to humans. Dog and cat bites can result in various infections in humans; thus, they need proper healthcare, including vaccination. Pet diseases include neoplasia, distemper, parvovirus, leukaemia, panleukopenia, and viral rhinotracheitis. Many diseases are fatal even with effective medication, so most pet owners have their animals vaccinated regularly. Vaccination becomes necessary for both pets and humans to safeguard against such diseases. As a result, key market participants are developing vaccinations to protect animals against specific viruses and conditions and keep humans safe. Also, increasing government and private sector initiatives to promote animal health is estimated to bolster the market expansion over the forecast period. The One Health Initiative is one such example of a multi-organisational collaborative initiative. These include the World Organisation for Animal Health (OIE), Food and Agriculture Organisation (FAO), and the American Veterinary Medical Association.
Further, increasing availability and adoption of pet health insurance is another factor expected to propel market growth. For instance, in April 2020, the OneDegree insurance start-up in Hong Kong launched the Pawfect Care portfolio of pet insurance plans. The company opted to begin with pet insurance because, even though there are over 500,000 pet dogs and cats in Hong Kong, only about 3% of them have medical insurance, despite the high expense of veterinary treatment. Other factors propelling the growth of the companion animal healthcare market include the increasing pet adoption worldwide, growing penetration of e-commerce platforms promoting online pharmacies, and growing technological advancements in animal healthcare.
The report gives a detailed analysis of the following key players in the global companion animal healthcare market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Product Type |
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Breakup by Animal Type |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the global market for companion animal healthcare attained a value of nearly USD 24.21 billion.
The market is projected to grow at a CAGR of 9.2% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach USD 53.45 billion by 2032.
The major drivers of the market include the increasing pet adoption worldwide, growing penetration of e-commerce platforms promoting online pharmacies, growing technological advancements in animal healthcare, and increasing availability and adoption of pet health insurance.
The increasing frequency of diseases among animals and increasing government and private sector initiatives to promote animal health are the key industry trends propelling the market growth.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
Based on product type, the market is divided into therapeutics and diagnostics. Therapeutics are further divided into vaccines, parasiticides, anti-infectives, and medical feed additives, while diagnostics are divided into immunodiagnostic tests, molecular diagnostics, and diagnostic imaging, among others.
The different types of animals in the market are cats and dogs, among others.
The major players in the industry are Merck & Co., Inc., Zoetis Inc., AbbVie Inc., Virbac Group, Boehringer Ingelheim International GmbH, Others.
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