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Companion Animal Healthcare Market Research Report Information By Diagnostic (Tests Diagnostic Imaging, Immunodiagnostic Tests, and Molecular Diagnostics), By Product (Feed Additives, Pharmaceuticals and Vaccines), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2030
The companion animal healthcare market size was valued at USD 25.9 billion in 2022 and is projected to grow from USD 28.17 Billion in 2023 to USD 46.74 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 8.80% during the forecast period (2023-2030). The growing trend of pet adoption is likely to fuel demand in the companion animal healthcare market as it provides a sense of belongingness and responsibility to the people. The exponential geriatric population has accelerated the rate of pet adoption in the recent times. The trend is anticipated to perpetuate across the assessment period.
An increase in the expenditure on companion animals coupled with advancements in medicines and vaccinations have fueled the demand in the market. The market resonates strong growth opportunities presently, and the rising per capita income of the population is likely to have a positive influence on the expansion of the Companion Animal Healthcare Market.
The increasing inclination of the pet owners towards a healthy lifestyle of their companions is projected to catapult the companion animal healthcare market on an upward trajectory. The growing number of nuclear families has paved the way for a rise in pet adoption and expenditure among the middle-class families, which is prognosticated to favor the growth of the market over the next couple of years.
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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.
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.
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.
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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.
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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.
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