As per our research report, the global companion animal healthcare market size was valued at USD 16.26 billion in 2022, and this value is further estimated to be growing at a CAGR of 6.26% from 2022 to 2027.
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Companion animals are domesticated or domestically produced animals that have had their physical, emotional, behavioral, and social needs assessed so that they can be easily met as house pets or in close daily relationships with people. Companion animals are raised for the care of the elderly and allow for an increase in dopamine levels, which aid in the mental wellness of the individuals. This raises the need for people to assist animals.
COVID-19 had a negative influence on the healthcare business. The pandemic caused a shortage of resources and a decrease in the manufacturing of many animal health products. Because of the widespread belief that animals can spread the illness to humans, the number of homeless pets has risen dramatically. COVID-19 has also disrupted the supply chain, causing a global shortage of animal health products such nutritional feed and immunizations. Many manufacturers in the animal health business have been left with a considerably decreased workforce, which has had a negative impact. Various market participants responded to the necessity and demand for COVID-19 testing kits for animals by launching their own solutions to assist veterinarians. Furthermore, the spread of the virus has had a substantial impact on animal consultation and treatment due to travel restrictions and, in many cases, the closure of veterinary hospitals.
The worldwide companion animal healthcare market is being driven by the rising prevalence of animal diseases and an increase in the number of veterinary practitioners. Given the increasing demand, healthcare establishments are storing up on animal-related health supplies. The market is being driven ahead by an increase in companion animal ownership, an increase in the occurrence of zoonotic diseases, a growing need for pet insurance as animal health spending rises, and various government agencies and animal welfare organizations. The popular nuclear family trend has accelerated pet ownership around the world, and this tendency is projected to continue during the forecast period. Over the years, the tendency of imbuing pets with human qualities has prompted health and safety concerns among pet owners. Consumers’ willingness to spend more money on their dogs is increasing because of the expanding human-animal bond.
The development and availability of animal healthcare products such as animal feeds, oral chews, and other similar products are expected to enhance the market in the future. Furthermore, the worldwide companion animal healthcare market is expected to gain traction in the coming years because of ongoing efforts by market players in terms of strategic alliances, product launches, and other growth strategies. To gain a larger part of the market, market players focus on new product development, mergers and acquisitions, and distribution channel growth. Increased pet popularity around the world, expanding government initiatives for animal health, and growing technical developments in animal healthcare are all factors driving the companion animal healthcare market forward.
The global companion animal healthcare market is likely to be hampered by a lack of zoonotic disease surveillance and diagnostics in developing economies. The restricted number of novel antibiotics, rising pet care expenses, and rising vaccine storage costs, on the other hand, are likely to restrain market expansion throughout the forecast period. The market for companion animal healthcare may encounter several challenges, including as costly equipment manufacture and maintenance costs, as well as concerns about product recalls.
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SEGMENTS COVERED UNDER THIS REPORT:
By Product Type:
- Feed Additives
- Nutritional Feed Additives
- Amino Acids
- Medicinal Feed Additives
- Immune Modulators
- Feed Acidifiers
- Nutritional Feed Additives
By Pharmaceutical Products:
- Medicines for curing reproductive problems
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
KEY MARKET INSIGHTS:
The large share in North America can be attributed to the region’s well-established animal health sectors, high adoption of companion animals, rising parasite infection rates, large number of hospitals and clinics, growing pool of veterinarians, and increasing animal health expenditure. The increasing number of research activities, funding, and public awareness efforts in the field of veterinary health management are also predicted to fuel market expansion.
The APAC region is a large and promising market. In contrast to Western mature markets, Asian countries are predicted to have stronger development potential during the forecast period. Furthermore, due to the changing perspective of pet treatment and the developing nuclear family arrangement in the region, the market has been steadily growing for several years. A diverse range of markets exists in the region. The Australian and Japanese markets are more aware of pet products and have pet owners who are concerned about quality. Pet owners stand out from the rest of the region because of their purchasing habits and social culture. India, China, and Indonesia are all quickly developing markets with a lot of promise.
The companion animal healthcare market in Europe, on the other hand, is expected to increase dramatically in the future years. The market in Europe is expected to increase as the number of pet owners grows and the desire for minimally invasive diagnosis for animal healthcare grows.
Bayer HealthCare AG, Bioniche Animal Health Canada, Sanofi Animal Health, Inc., Biogenesis Bago SA, Heska Corporation, Indian Immunologicals Ltd., Boehringer Ingelheim GmbH, Zoetis, Novartis Animal Health, Inc., Merck & Co. Inc. and Protein Sciences are some of the notable companies in the global companion animal healthcare market profiled in this report.
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