New York, U.S., Oct. 14, 2022 (GLOBE NEWSWIRE) — Companion Animal Health Market Overview
According to a comprehensive research report by Market Research Future (MRFR), “pet health market by Product, Diagnostic Tests, End Users and Region – Forecast to 2030the market will acquire a valuation of USD 44,643.33 million by 2030, also yielding a CAGR of almost 8.80% between 2022 and 2030.
Companion Animal Health Market Synopsis
Companion animals are domesticated animals whose emotional, physical, social, and behavioral needs are easily met, just like members in the home. These animals have a close relationship and bond with humans. These animals help elderly patients, allowing them to acquire significant levels of dopamine that help them combat the distress they are facing. As a result, companion animal health has become a vital part of the global veterinary industry. Pets are raised properly to care for the elderly and improve their mental health.
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|Market size in 2030||$44,643.33 million|
|Year of reference||2021|
|Forecast units||Value (USD billion)|
|Report cover||Revenue forecasts, competitive landscape, growth factors and trends|
|Segments Covered||By product, diagnostic tests and end user|
|Geographical areas covered||North America, Europe, Asia-Pacific and Rest of the World (RoW)|
|Key Market Drivers||Advances in Medicines and Vaccines for Animal Health|
|Growing demand for animal health products|
Competitive Landscape of Companion Animal Health Market:
Significant companies in the pet healthcare market include
- Zoetis Animal Healthcare (USA)
- Merial (France)
- Elanco Animal Health (USA)
- Bayer Animal Health (Germany)
- Merck and Co. Inc. (USA)
- Ceva Animal Healthcare (UK)
- Virbac Animal Health (France)
- Vétoquinol SA (France)
- Perrigo Company plc (Ireland)
- Boehringer Ingelheim (Germany)
Covered USP market:
The animal health market has covered significant ground in recent years, in response to the growing consumption of protein feeds and the drastic increase in zoonotic and foodborne diseases. The exponential increase in various animal diseases is forcing companies to focus on the development of promising drugs and vaccines, which are expected to have a huge impact on the global industry.
The thriving business landscape encourages players to step up their efforts to reduce the number of cases of foodborne illnesses as well as the risks of contamination from pathogens. This is yet another factor that can have a remarkable effect on the pet healthcare market in the coming years.
Some major innovations in the global market include the increasing use of information management systems, vaccine banks, pet owner mobile technology, and more. The growing interest of players in technical innovations has been a game-changer for the companion animal health market in recent years. The growing number of veterinarians in emerging regions coupled with the growing availability of latest treatment lines and drugs in the market will also increase the growth rate of the business in the future.
The lack of strict standardization and high costs of animal testing procedures may limit the rate of expansion of the companion animal health market.
In addition, the low level of awareness about the correct dosages of drugs as well as the fluctuations in the availability of major raw materials which increase the price of the end products may further restrain the global market.
Browse the in-depth (80-page) Pet Health market research report: https://www.marketresearchfuture.com/reports/companion-animal-healthcare-market-1168
COVID 19 analysis
The companion animal health market has been significantly affected by the COVID-19 outbreak. Considering the pandemic scenario, many countries had to quarantine themselves to control the increase in cases. As a result, the demand and the supply chain have been disrupted, which has affected the global market. Infrastructure projects, manufacturing units, industries and various operations had to be put on hold due to the pandemic situation.
Raw material cost volatility and challenges posed by the COVID-19 pandemic have limited the market growth rate. On the bright side, the situation is returning to normal, which means that the market in the future will see better growth.
Companion Animal Health Market Segmentation
The major products considered in the report for the pet health industry are pharmaceuticals, vaccines, and feed additives.
Nutritional food additives as well as medicinal food additives are the two main food additives. Types of nutritional food additives include minerals, vitamins, and proteins, while types of medicinal food additives are enzymes, hormones, probiotics, prebiotics, and immunomodulators. Pharmaceuticals are anti-inflammatories, anti-infectives and antibiotics.
Vaccines segment is driven by increase in innovations, growing awareness of animal health, increase in spending by government and association bodies, huge consumption of animal protein, such as meat, milk, fish and eggs, as well as increased health care costs. towards pets.
By diagnostic test
According to diagnostic tests, the global market has been considered for molecular diagnostics, immunodiagnostic tests, diagnostic imaging and other tests.
The molecular diagnostics segment is in the lead since this test allows the healthcare professional to accurately detect the genome of the pathogenic agent present in the sick animal.
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By end users
The major end users of the market are veterinary clinics, home care providers, coupled with veterinary hospitals.
The category of veterinary hospitals and clinics has secured first place in the market, thanks to the large number of sick animals that are received by this medical environment. The large number of medical procedures carried out in these establishments, from general examinations to laboratory tests, vaccinations and surgery, also promote segmental growth.
Companion Animal Health Market Regional Overview
Given the high consumption rate and large-scale production of animal protein along with the growing emphasis on food safety, the US market is poised to take the lead in the coming years. The rapid increase in the number of pet owners, combined with the growing need for effective drugs to treat animals, will further favor the US market. The companion animal health industry in the region is also benefiting from the growing awareness among the people of the latest lines of treatment as well as the presence of a thriving health sector.
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The APAC market is expected to grow at the fastest rate over the next few years, driven by the accelerating pace of pet adoption and the emergence of animal welfare programs in China, Japan, and China. Significant R&D spending by wealthy companion animal health players and their growing interest in developing generic drugs at reasonable prices would result in substantial business growth in the coming years.
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