Companion Animal Health Market worth $26.9 billion by 2027
The report "Companion Animal Health Market by Animal Type (Dogs, Cats), Product (Vaccines, Pharmaceuticals, Diagnostics), End User (Veterinary Hospitals & Clinics, Diagnostics Laboratories) - Global Forecast to 2027", is projected to reach USD 26.9 billion by 2027 from USD 19.2 billion in 2022 at a CAGR of 6.9% during the forecast period. The growth in this market is mainly attributed to increasing companion animal population, rising demand for pet insurance, growing animal health expenditure, and the increasing number of veterinary practitioners & their rising income level in developed countries. However, increasing pet care costs are expected to hinder market growth to a certain extent.
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In this report, the companion animal health market has been segmented on the basis of product type, animal type, end user, and region.
“Vaccine segment holds largest share in the companion animal health market in 2021”
The companion animal health market is segmented into vaccine, pharmaceuticals (OTC and Prescription), feed additives, diagnostics on the basis of products. The clinical biochemistry segment holds the largest share of the companion animal health market in 2021. Vaccine is an important product used for prevention of infectious and metabolic disorders in small animals.
“Dog segment holds the largest share of by animal type of companion animal health market”
The companion animal health market is segmented into dogs, cats, horses, and other companion animals based on the animal type. Companion animal health for dogs holds the largest share of of this market in 2021. The large share and high growth in this segment is attributed to factors such as the increasing dog population and ownership rate, an increasing prevalence of zoonotic diseases, and increase in adoption of canine pet insurnace in the US.
“The veterinary hospitals and clinics holds the largest share of companion animal health market in 2021”
The companion animal health market is segmented into veterinary hospitals & clinics, diagnostic laboratories, research institutes & universities,and home care settings based on the end user type. The veterinary hospitals & clinics segment holds the largest share of of this market in 2021. The large share of this segment can be attributed to a large number of animal as a patient visit in these hospitals and clinics. Rising awareness among pet owners regarding routine and preventive care is further expected to propel market growth.
“Asia Pacific region is is expected to witness the fastest growth during the forecast period”
On the basis of region, the companion animal health market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. The Asia Pacific region is projected to grow at a highest growth rate during the forecast period. Factors such as the rapidly increasing animal population, growing awareness about animal welfare, and the rising prevalence of zoonotic diseases are driving the growth of this regional market.
Key Market Players :
Key players in this market are adopting several organic and inorganic growth strategies (such as product launches, agreements, collaborations, acquisitions, and expansions). Some major players in this market are Boehringer Ingelheim International Gmbh, Zoetis Inc., Merck & Co., Inc., Elanco Animal Health Incorporated, Dechra Pharmaceuticals, Idexx Laboratories, Inc, Heska Corporation, Thermo Fisher Scientific Inc., Biomérieux SA, and Virbac.
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