Companion Animal Healthcare Market is expected to reach USD 20 billion in 2023 from USD 14 billion in 2016 with a CAGR of approximately 9.6% during the forecast period from 2017-2023. Companion animals are pets which are kept for protection of a person, company, property or residence. These animals help to avoid theft and render safe environment. Dog and cats are the most popular pets. Companion animals play an important role in the lives of many, providing a sense of belonging and responsibility. Animal health products, especially feeds are the most widely used products for animal healthcare. With it the market for products, including pharmaceuticals and vaccines, which contribute significantly to the health and wellbeing of these animals. These products provide nutrition to animals. Companion animal ownership and expenditures have also been rising since past few decades. Pet owners are spending more per pet than ever before. Pet owners insist that their pets should lead the same healthy lifestyles as they do.
Companion Animal Healthcare Market Key Players:
Some of the prominent players at the forefront of competition in the global companion animal healthcare market includes 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) and others.
Companion animal healthcare market is gaining importance due to an increase in number of people having pets, emphasis on animal healthcare and vaccination as well as demand of animal healthcare products. Level of care provided to these animal has significantly improved driving the growth of this market. The market for companion animal healthcare is growing at a very intense pace. Rise in the income levels of individuals leveraging to the recent trends is leading to the increase in the number of pet (companion animal) adoption which ultimately leads to increase in the demand of companion animal healthcare. New trends of nuclear families and increasing average income among individuals have resulted in increased adoption of pets among middleclass families as well. Additionally, advances in animal health medicines and vaccines, increased types of medical treatment are fostering the market growth of Companion animal healthcare market.
Globally, companion animal healthcare market consists of four regions namely Americas, Europe, Asia Pacific and Middle East & Africa. America is the largest market for companion animal healthcare whose growth is attributed to wide range of products available of animal care, strict government rules and regulations and growing emphasis on animal health. The American Pet Products Association reports that overall household pet ownership has grown to 68% in 2016, up from 54% in 2009.
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Europe is the second largest market owing to rise in pet ownership due to some tax benefits from the government has boosted the growth of this market in the region.
Asia Pacific shows a steady and positive growth in this market, owing to increased awareness regarding animal cruelty has also influenced people awareness and ideologies towards animals is one of the major factor driving the growth of this market in Asia Pacific.
The market shows a slow growth in Middle East & Africa. Middle East & African market for companion animal healthcare also shows high growth opportunities due financial improvement and related increments in disposable income.
Global Companion animal healthcare market has been segmented on the basis product which include feed additives, pharmaceuticals and vaccines. Feed additives can be divided into categories namely nutritional feed additives and medicinal feed additives. Nutritional feed additives include proteins, minerals and vitamins and medicinal feed additives include hormones, enzymes, immune-modulators, probiotics and prebiotics and others. Pharmaceutical products mainly comprise of anti-infectives, antibiotics and anti-inflammatories.
The market is also segmented on the basis of diagnostic tests which include diagnostic imaging, immunodiagnostic tests, molecular diagnostics and other tests.
On the basis of end users, the market is segmented into veterinary hospitals, veterinary clinics and home care.
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