Companion Animal Healthcare Market Growth,to Display Significant Growth in Terms of Revenue Generation During Forecast Period, 2022 to 2030
Companion Animal Healthcare Market Overview
The global companion, animal healthcare market, is predicted to touch 44,643.33 million at a 8.80% CAGR over the forecast period, as per the latest Market Research Future (MRFR) report. 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.
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.
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.
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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 Analysis
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 health care animal 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 market. Meanwhile, the Middle East & Africa is expected to register slow growth rate while exhibiting immense opportunities for expansion.
Competitive Dashboard:
Some of the key players profiled in the 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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