The global Companion Animal Health Market size is anticipated to reach USD 37.49 billion by 2028, according to a new report by Grand View Research, Inc. The market is anticipated to grow at a CAGR of 9.2% from 2021 to 2028. Merck & Co., Inc., Ceva, Vetoquinol S.A., Zoetis are some of the key players in this industry. Growing pet adoption, rising cases of acute & chronic health conditions in pets, and availability of pet insurance are the factors responsible for the growth of this market.
Growing investments and strategic initiatives by
market players to develop advanced solutions for pet care is another
key contributor to the growth of the market. For instance, in February 2020,
Boehringer Ingelheim received approval for Aservo Equihaler, which is its first
therapy for severe equine asthma.
Furthermore, the rising adoption of pet insurance is
anticipated to fuel the market growth. As per The Holland Insurance Company
Pty. Ltd., 20% of GenY and 12% of baby boomer pet owners have pet insurances in
Australia. The pet insurance industry is also growing steadily in countries,
such as India. These factors, combined with the humanization of pets and increasing
pet health concerns, are expected to increase the demand for pet health
products and services.
The market was impacted by the Covid-19 pandemic.
Market participants had to face several challenges, such as demand slowdown,
supply chain disruptions, and operational hurdles, due to the changing norms
and restrictions. The pandemic created working capital pressures across the
commercial value chain. However, the growing attachment of pet owners to their
pets during this pandemic resulted in increased spending on pet healthcare.
This has positively impacted the industry development.
The market is highly competitive and companies are
undertaking various business strategies to sustain the heavy competition. As
per its March 2020 press release, Ceva, a French global veterinary health
company, focused on its inventory planning to ensure continuous product
availability during the pandemic. The pre-availability of several months of
safety stocks of the company’s strategic vaccines and pharmaceutical products
created an added buffer to combat any supply chain interruptions.
Related Press Release@ Companion Animal Health Market Report
Companion Animal Health Market
Report Highlights
- The pharmaceuticals product segment held the largest revenue share
in 2020. Ongoing advancements and research in drug formulations is the key
growth-driving factor for the segment
- The diagnostics segment is expected to grow at an exponential rate
owing to increasing cases of zoonotic infections, which is likely to boost
the need for the establishment of diagnostic laboratories and Point-of-Care
(PoC) testing
- The veterinary hospitals & clinics end-use segment accounted
for the largest share in 2020
- This growth can be credited to an increasing number of hospitals
and clinics and the availability of a wide range of treatments and
diagnostic options for pets in these healthcare settings
- North America led the market in 2020 owing to the presence of major
players and increasing prevalence of acute & chronic diseases in pets
- Asia Pacific is expected to be the fastest-growing regional market
during the forecast period due to rising pet ownership and pet health
concerns
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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