Companion Animal Healthcare Market Overview

An increase in the expenditure on companion animals coupled with advancements in medicines and vaccinations have fueled the demand in the market. The 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 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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Key Players

Leading players profiled in the companion animal healthcare market report include Boehringer Ingelheim (Germany), Perrigo Company plc (Ireland), Vetoquinol S.A. (France), Bayer Animal Health (Germany), Elanco Animal Health (US), Merial (France), Virbac Animal Healthcare (France), Ceva Animal Healthcare (UK), Merck and Co., Inc. (US), and Zoetis Animal Healthcare (US), among others. Key players have acquired several strategies to gain a competitive edge in the market. This include product launch, expansion, partnership, collaboration, and acquisition.

Companion Animal Healthcare Market Segmentation

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.

Companion Animal Healthcare Market Regional Analysis

Based on the region, the companion animal healthcare market report covers the latest trends and growth opportunities across the Asia Pacific, Europe, the Americas, and the Middle East and Africa. Of these, the Americas will spearhead the market over the forecast period. This is owing to the availability of a huge variety of animal health products.

The companion animal healthcare market in Europe is predicted to have the second-largest share in the market over the forecast period. This is due to an increase in pet ownership on account of tax benefits offered by the government.

The companion animal healthcare market in the APAC region is predicted to have a positive and steady growth over the forecast period. This is owing to the rising awareness about animal cruelty that has influenced people awareness as well as ideologies towards animals.

The companion animal healthcare market in the Middle East and Africa is predicted to have a steady growth over the forecast period. This is owing to high growth opportunities on account of financial improvement and an associated increase in disposable income.

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