Various factors are propelling the Companion Animal Healthcare Market Trends. These factors, as stated by the MRFR report, include growing pet adoption across the world, increasing government initiatives for animal health, growing advancements in technology in animal healthcare, and increasing nuclear families that have accelerated the trend of pet ownership.
Latest reports Market Research Future (MRFR). The global companion, animal healthcare market, is predicted to touch USD 20 billion at a 9.6% CAGR over the forecast period (2017-2023), Companion animals are used for amusement, company, extrovert display, psychological support, and other functions which humans require for sharing with animals. A yearly veterinary checkup is one of the finest means of keeping the pet healthy.
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.
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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.
- Based on diagnostic tests, the companion animal healthcare market is segmented into molecular diagnostics, immunodiagnostic tests, diagnostic imaging, and others.
- Based on end users, the companion animal healthcare market is segmented into home care, veterinary clinics, and veterinary hospitals.
Additional factors pushing market growth include growing investments made by key players for developing advanced pet care solutions, increasing awareness about animal cruelty, advances in animal vaccines and health medicines, and increased types of medical treatment.
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.
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.
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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. 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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