Global Companion Animal Health Market

Global Companion Animal Health Market Size, Share, Growth Analysis, By Animal Type(Dog, Cats), By Product(Therapeutics, Diagnostics), By Distribution Channel(Retail, E-Commerce), By End User(In House Testing, Veterinary Hospitals) - Industry Forecast 2024-2031

Report ID: SQMIG25R2002 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 116 | Figures: 77

Global Companion Animal Health Market News

  • In September 2022,Zoetis announced the Completion of its Acquisition of Jurox, a Leading Provider of Livestock and Companion Animal Products. It Provides future growth opportunities, manufacturing capacity, and insights into the Australian animal health market. Along with this , it will also aid in Strengthening Zoetis’ anaesthetic portfolio with addition of Alfaxan®, a leading anaesthetic for companion animals.
  • In September 2021, In order to enter the global animal health generics market, Aurobindo Pharma has agreed to invest Rs 420 crore to purchase up to 51 percent of Cronus Pharma Specialties.
  • IHS Markit Connect recognized SolensiaTM as the Best New Companion Animal Product for 2022 in its annual Animal Health Awards.Solensia is the first and only antibody therapy that alleviates feline osteoarthritis pain for a whole month. Solensia’s mAb therapy administered in the veterinary clinic targets Nerve Growth Factor (NGF), a key driver in feline OA pain.
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Companion Animal Health Market size was valued at USD 21.59 billion in 2019 and is poised to grow from USD 23.4 billion in 2023 to USD 48.37 billion by 2031, growing at a CAGR of 8.4% in the forecast period (2024-2031).

The existence of several international players defines the global market. To increase their market share, businesses use a variety of techniques, including partnerships, agreements, regional growth, mergers, acquisitions, and new product creation. In our companion animal health market reports, some of the leading companion animal health manufacturers are as follows: Zoetis Animal Healthcare (US), Merial (France), Elanco Animal health (US), Bayer Animal Health (Germany), Merck and Co.Inc. (US), Ceva (France), Vetoquinol (France), Virbac (France), IDEXX Laboratories, Inc. (US), Indian Immunologicals Ltd. (India). 'Zoetis Animal Healthcare', 'Merck and Co.Inc. (US)', 'Boehringer Ingelheim GmbH', 'Elanco Animal Health Incorporated', 'Bayer AG', 'Vetoquinol S.A.', 'Dechra Pharmaceuticals PLC', 'Virbac SA', 'IDEXX Laboratories, Inc. ', 'Ceva Santé Animale', 'Kindred Biosciences, Inc.', 'Phirbo Animal Health', 'Norbrook Laboratories Limited', 'Vetiquinol SA', 'Neogen Corporation', 'PetIQ, Inc.', 'Huvepharma AD', 'Chanelle Pharma Group Limited', 'Kepro', 'Biogénesis Bagó'

The primary element influencing the market is the increase in artificial intelligence use, which has made diagnosis possible and will drive the industry.

Personalized sessions based on the skin/fur, size, and condition of the pet are offered by grooming centers/spas, daycare facilities, and fine dining establishments that welcome pets. These establishments also offer customised blankets, toys, and leashes to increase the comfort and security of the animal. Additionally, India is home to several start-up businesses that provide services like innovative online pet ownership services, veterinary guidance, pet-friendly vacation planning, or boarding/home where pets are not left alone and can engage in a range of activities. There are further apps that help pet owners with training and monitoring the health of their animals.

Due to the increasing pet population, rising investment in the healthcare sector, and the presence of top healthcare service providers, North America held the greatest revenue share of more than 40% in 2021 and is anticipated to hold the lead during the forecast period. Additionally, the rise of the animal healthcare market in this region is projected to be fueled by technology advancements, increase in pet ownership, and increase in the frequency of zoonotic diseases.

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