Companion Animal Healthcare Market Size, Trends and Insights By Product (Feed Additives, Pharmaceuticals and Vaccines), Diagnostic Tests (Diagnostic Imaging, Immunodiagnostic Tests, Molecular Diagnostics, others), End Users, Global Forecast till 2023
Companion Animal Healthcare Market Outlook:
Global Companion Animal Healthcare Market is set to grow from USD 14 Billion in 2016 to USD 20 Billion at a 9.6% CAGR during the forecast period, says Market Research Future (MRFR). 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.
Various factors are propelling the companion animal healthcare market growth. 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. 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.
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An increase in the expenditure on companion animals coupled with advancements in medicines and vaccinations have fueled the demand in the market. The companion animal healthcare market resonates strong growth opportunities presently, and the rising per capita income of the population is likely to have a positive influence on the expansion of the 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 companion animal healthcare market over the next couple of years.
Companion Animal Healthcare 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. The feed additives segment is again segmented into medicinal feed additives and nutritional feed additives. The nutritional feed additives segment is further segmented into vitamins, minerals, and proteins, and medicinal feed additives are further segmented into probiotics and prebiotics, immune-modulators, enzymes, hormones, and others. The pharmaceutical products segment is further segmented into anti-inflammatories, antibiotics, and anti-infectives. Of these, the pharmaceutical products segment will have the largest share in the market over the forecast period. This is owing to the rising prevalence of food-borne diseases, brucellosis as well as other zoonotic diseases which are hazardous to animals.
Based on diagnostic tests, the companion animal healthcare market is segmented into molecular diagnostics, immunodiagnostic tests, diagnostic imaging, and others. Of these, the diagnostics imaging segment will dominate the market over the forecast period. This is owing to rising zoonotic infections that is boosting the need for establishing point-of-care testing and diagnostics laboratories.
Based on end users, the companion animal healthcare market is segmented into home care, veterinary clinics, and veterinary hospitals. Of these, the veterinary clinics and veterinary hospitals will lead the market over the forecast period. This is owing to the accessibility of a huge variety of diagnostic options.
Companion Animal Healthcare Market Regional Outlook:
By region, the global companion health care animal market has been segmented into Americas, Europe, Asia Pacific, and the Middle East & Africa. Americas is the largest market for companion animal healthcare and is forecasted to exhibit significant growth over the assessment period. The wide range of product offerings for animal healthcare coupled with a great emphasis on the pet health is set to aid market proliferation in the region.
Europe is the second largest regional companion animal healthcare market. The factors projected to favor the market expansion during the forecast period include tax benefits from governments, rising pet ownership, etc.
The increasing awareness about the animal cruelty is set to provide an impetus to the growth of the Asia Pacific companion animal healthcare market. Meanwhile, the Middle East & Africa is expected to register slow growth rate while exhibiting immense opportunities for expansion.
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Companion Animal Healthcare Market Competitive Dashboard:
Some of the key players profiled in the companion animal healthcare market report are 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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