Companion Animal Healthcare Market Outlook
According to a new report by Expert Market Research titled, “Companion Animal Healthcare Market Size, Share, Analysis, Report and Forecast 2023-2028″, the companion animal healthcare market is projected to grow at a CAGR of 9.2% between 2023 and 2028. Aided by the rising trend of pet ownership and the increasing focus on animal health, the market is expected to grow significantly by 2028.
Companion animal healthcare encompasses a broad range of products and services aimed at maintaining the health and wellbeing of pets, including dogs, cats, and other companion animals. These include pharmaceutical products such as vaccines, anti-infectives, and parasiticides, as well as therapeutic diets and health supplements. These products help companion animals live longer and lead better lives by preventing and treating a number of diseases and conditions.
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The rising trend of pet ownership is a key factor propelling the global companion animal healthcare market growth. There has been a significant shift towards a higher standard of care as pets are increasingly viewed as part of the family, which has increased demand for high-quality healthcare items for companion animals. Additionally, the growing acceptance of the psychological and health advantages of pet ownership has increased the prevalence of pets and the associated demand for pet healthcare.
The expanding applications of companion animal healthcare in different areas also contribute significantly to the companion animal healthcare market expansion. For instance, improvements in companion animal healthcare have led to the creation of novel vaccines and medicines in the pharmaceutical industry that can be used to prevent and treat a variety of diseases in pets. Additionally, the pet food industry is using therapeutic diets and nutritional supplements more frequently to support numerous aspects of pet health, including digestion, skin and coat health, and joint health.
Moreover, the growing demand for personalised pet care solutions has resulted in an increased focus on individualised treatment plans in companion animal healthcare. With advancements in diagnostic techniques and therapeutics, veterinary care is becoming increasingly tailored to the specific needs of individual pets, resulting in improved outcomes and enhanced pet health. This trend has further fuelled the growth of the companion animal healthcare market.
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Companion Animal Healthcare Market Segmentation
The market can be divided based on product type, animal type, and region.
Market Breakup by Product Type
- Medical Feed Additives
- Immunodiagnostic Tests
- Molecular Diagnostics
- Diagnostic Imaging
Market Breakup by Animal Type
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global companion animal healthcare companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Merck & Co., Inc.
- Zoetis Inc.
- AbbVie Inc.
- Virbac Group
- Boehringer Ingelheim International GmbH
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