Global Companion Animal Health Market

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


Report ID: SQMIG25R2002 | Region: Global | Published Date: July, 2036
Pages: 165 | Tables: 116 | Figures: 77

Companion Animal Health Market Insights

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).

During the projected period, market expansion is anticipated to be fueled by an increase in measures taken by the public and private sectors to support the promotion of animal health. One such multi-organizational cooperation initiative is the One Health Initiative. These organisations include the American Veterinary Medical Association (AVMA), Food and Agriculture Organization (FAO), World Organization for Animal Health (OIE), and others. By preserving animal health, it aims to preserve public health by preventing and controlling zoonotic infections. It is carried out through putting into effect the proper policies at the national, regional, and international levels. The practise of giving pets human traits throughout time has raised concerns among pet owners about their creatures' health and safety. The expanding human-animal attachment, which determines consumers' willingness to spend more money on their pets, is the cause of this increase. Furthermore, this argument is anticipated to be supported by the increased demand for pet health insurance in the US.

US Companion Animal Health Market  is poised to grow at a sustainable CAGR for the next forecast year.

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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 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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Global Companion Animal Health Market

Product ID: SQMIG25R2002

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