Companion Animal Healthcare Market is expected to grow at approximately 9.6% CAGR and reach $20 billion by 2023, according latest Global Companion Animal Healthcare Market Analysis Report published by Market Research Future. Companion animals are pets which are kept for protection of a person, company, property or residence. Companion Animal Healthcare market is segmented by Product (Feed Additives, Pharmaceuticals and Vaccines), Diagnostic Tests (Diagnostic Imaging, Immunodiagnostic Tests, Molecular Diagnostics, others), End Users, and region.
Major Companion Animal Healthcare Companies covered in the market report include Zoetis Animal Healthcare (U.S.), Merck and Co., Inc. (U.S.), Ceva Animal Healthcare (U.K), Virbac Animal Healthcare (France), Merial (France), Elanco Animal Health (U.S.), Bayer Animal Health (Germany), Vetoquinol S.A. (France), Perrigo Company plc (Ireland), and Boehringer Ingelheim (Germany).
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Global Market Highlights:
Market Research Future (MRFR)’s latest study has revealed that the global companion animal healthcare market is poised to proliferate rapidly at a CAGR of 9.6% during the forecast period 2019 to 2023. The market is set to grow from USD 14 Bn in 2016 to USD 20 Bn in 2023. 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.
The major factors driving the market are increasing companion animal owner demands, increasing companion animal owner awareness, and expectations for companion animal care. Furthermore, companion animal healthcare products, including pharmaceuticals and vaccines, which contribute significantly to the health and wellbeing of these animals. Rise in the income levels of individuals leveraging to the recent trends is leading to the increase in the number of pet (companion animal) adoption which ultimately leads to increase in the demand of companion animal healthcare. New trends of nuclear families and increasing average income among individuals have resulted in increased adoption of pets among middleclass families as well. Increased awareness regarding animal cruelty has also influenced people awareness and ideologies towards animals. Additionally, advances in animal health medicines and vaccines, increased types of medical treatment are fostering the market growth of 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.
Companion Animal Healthcare Market Segments:
By product, the global Companion animal healthcare market has been segmented into feed additives, pharmaceuticals, and vaccines.
By diagnostic tests, the companion animal healthcare market is segmented into diagnostic imaging, immunodiagnostic tests, molecular diagnostics, and other tests.
By end-users, the global companion animal healthcare market has been segmented into veterinary hospitals, veterinary clinics, and home care.
Globally, America accounts for the largest market share. Rising awareness about companion animal health, availability of wide range of products for animal health, increase in focus on food safety and increase in number of people having pets drive this market. Alarming occurrences of zoonotic diseases also affect the growth of this market. Europe is the second largest market for companion animal healthcare. Increased awareness regarding animal cruelty and ideologies towards animals are some of the major factor driving the growth of this market in Asia Pacific.
The companion animal healthcare market shows a slow growth in Middle East & Africa. Middle East & African market for companion animal healthcare also shows high growth opportunities due financial improvement and related increments in disposable income.
TABLE OF CONTENTS:
- Report Prologue
2.2 Scope Of The Study
2.2.1 Research Objective
2.3 Market Structure
2.4. Market Segmentation
- Research Methodology
3.1 Research Process
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
3.5 Forecast Model
- Market Dynamics
4.5 Macroeconomic Indicators
- Market Factor Analysis
5.1 Value Chain Analysis
5.2 Porters Five Forces
5.3 Demand & Supply: Gap Analysis
5.4 Pricing Analysis
5.5 Investment Opportunity Analysis
5.6 Merger And Acquisition Landscape
5.7 Up-Coming Trends In Medical Tricorder Market
5.7.1 Market Trends
5.7.2 Technological Trends
- Global Companion Animal Healthcare Market By Product
6.1 Feed Additives
6.1.1 Nutritional Feed Additives
6.1.2 Medicinal Feed Additives.
- Global Companion Animal Healthcare Market By Diagnostic Tests
7.1 Diagnostic Imaging
7.2 Immunodiagnostic Tests
7.3 Molecular Diagnostics
- Global Companion Animal Healthcare Market By End Users
8.1 Veterinary Hospitals
8.2 Veterinary Clinics
8.3 Home Care
LIST OF TABLES:
Table 1 Companion Animal Healthcare Industry Synopsis, 2017-2023
Table 2 Global Companion Animal Healthcare Market Estimates And Forecast, 2017-2023, (USD Million)
Table 3 Global Companion Animal Healthcare Market By Region, 2017-2023, (USD Million)
Table 4 Global Companion Animal Healthcare Market By Products, 2017-2023, (USD Million)
Table 5 Global Companion Animal Healthcare Market By Diagnostic Tests, 2017-2023, (USD Million)
Table 7 Global Companion Animal Healthcare Market By End Users, 2017-2023, (USD Million)
LIST OF FIGURES:
FIGURE 1 Research Process Of MRFR
FIGURE 2 Top-Down & Bottom-Up Approach
FIGURE 3 Market Dynamics
FIGURE 4 Impact Analysis: Market Drivers
FIGURE 5 Impact Analysis: Market Restraints
FIGURE 6 Porter’s Five Forces Analysis
FIGURE 7 Value Chain Analysis
FIGURE 8 Global Companion Animal Healthcare Market Share, By Application, 2017 (%)
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