|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
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The companion animal healthcare market is expected to witness a CAGR of approximately 7.2% over the forecast period of 2022-2027.
The COVID-19 pandemic is expected to have a significant impact on the market. Due to the lockdown and stay-at-home orders that were enacted across the world to prevent the spread of COVID-19, many people bought pets to give them companionship at their homes. According to a research article by Rens van Dobbenburgh et al., published in BMJ Journal 2020, with regards to companion animals, in the United Kingdom, pet adoption has gone up, most likely due to the fact that many people are now working from home, so have more time to look after a pet. Also, the Society for the Prevention of Cruelty to Animals, Los Angeles, reported that the rate of adoption doubled in June 2020, with daily adoptions numbering 10 to 13 per day. The rising adoption of pets may drive the growth of the companion animal healthcare market in the longer term. This has created a demand for healthcare amongst pet owners. In many countries and regions, veterinary services were deemed 'essential', and there were increased visits to veterinary centers. For example, as per an article published on HealthforAnimals in 2020, World Veterinary Association (WVA), and local veterinary associations, Europe had declared veterinary services as ‘essential,’ in the same way as human healthcare services and therefore many veterinarians have been continuing to practice in current COVID-19 situation as well. European Medicines Agency (EMA) also designed and implemented to few guidelines to make sure the availability of veterinary medicines in the European market. Thus, the abovementioned factors will increase the market growth in the future.
Certain factors that are responsible for the growth of the companion animal healthcare market are increasing pet adoption across the world, rising government initiatives for animal health, and growing technological advancements in animal healthcare. A significant rise in the adoption of pet animals, including dogs, and cats, has been observed in recent years. The developed countries represent a significantly large share in companion animal ownership, owing to the favorable economic conditions and several other factors. For example, according to the 2019-2020 National Pet Owners Survey conducted by the American Pet Products Association (APPA), 67% of households, or about 85 million families in the United States, owned a pet. The increase in pet ownership is expected to boost demand for veterinary services leading to market growth. The increase in efforts by organisations is also expected to have a significant impact on the market. In June 2020, in the United States, Animal Welfare Organizations launched Human Animal Support Services (HASS), a new animal welfare organizational model, which will implement a new range of services for pets and people in 12 pilot cities, helping keep more animals in their homes and communities and reducing the number entering the shelter system through programs and resources. Product launches are another factor in market growth. For instance, in April 2021, Boehringer Ingelheim launched PREVEXXION RN and PREVEXXION RN+HVT+IBD in European Union countries and the United Kingdom against Marek’s disease. Similarly, in February 2021, Ceva Santé Animale and National Research Institute for Agriculture, Food signed an agreement to work against COVID-19 and Avian influenza in France. Furthermore, in December 2020, Zoetis canine dermatitis product, CYTOPOINT (lokivetmab), was extended to include the treatment of pruritus associated with allergic dermatitis, in addition to the original claim of clinical manifestations of atopic dermatitis in dogs. Thus, such product launches are likely to increase the market growth.
However, the use of counterfeit medicines and increasing costs of animal testing and veterinary care are expected to hinder the market growth.
Scope of the Report
Companion animals provide companionship to human beings, as well as guard their houses and offices. Currently, the various types of health diseases in animals have increased the demand for vaccines and diagnostic tests. This surge in demand is primarily due to the need to treat and cure a variety of diseases associated with the health of cats and dogs.
The Companion Animal Healthcare Market is segmented by Product Type (Therapeutics (Vaccines, Parasiticides, Anti-Infectives, Medical Feed Additives, and Other Therapeutics), and Diagnostics (Immunodiagnostic Tests, Molecular Diagnostics, Diagnostic Imaging, and Other Diagnostics)), Animal Type (Dogs, Cats, and Other Animal Types), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The report offers the value (in USD million) for the above segments.
|By Product Type|
|By Animal Type|
|Other Companion Animals|
Key Market Trends
Vaccines are Expected to Grow at a Significant Rate in the Therapeutics Segment
The vaccines segment is expected to be driven by innovations in vaccines, growing awareness of animal health, increasing investments by government bodies and associations, increasing demand for animal protein, including milk, meat, eggs, and fish, and rising healthcare expenditure for companion animals. Vaccines are comprised of viruses, bacteria, or other disease-causing organisms that have been killed or altered so that they cannot cause any disease, thus, boosting immunity. New advanced vaccines have been manufactured containing genetically engineered components derived from those disease agents. The increasing initiatives by various governments in different regions have improved animal healthcare and led to the increasing demand for veterinary vaccines. For instance, in June 2020, the Federation of Veterinarians of Europe, in partnership with the European Union, announced new legislation on veterinary medicines that will be applicable in all European countries from January 2022. In September 2019, Boehringer Ingelheim broke ground at its strategic vaccine production center for veterinary vaccines. The company will invest around EUR 200 million into this high-tech complex, located near Lyon, France. In May 2020, Merck & Co., Inc., launched the NOBIVAC Myxo-RHD PLUS vaccine that can reduce mortality and clinical signs of three common viral diseases in pet rabbits. These factors are expected to lead to market growth during the forecast period.
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North America Dominates the Market and Expected to do the Same in the Forecast Period
The North American region is an important and high revenue generating market. The market in this region is rapidly growing owing to the changing perception of pet treatment and the high-income levels in the region. The United States is the largest market in the North America region. The United States is expected to retain its significant market share, owing to factors, like rising pet adoption and the increasing per capita animal healthcare expenditure. Additionally, the rise in the prevalence of various animal diseases and injuries has been identified as the major factor, fueling the market growth. According to the American Pet Products Association survey, from 2019-2020 around 63.4 million households own dogs, 42.7 million own cats, 5.7 million own birds, 5.4 million own small animals, and 1.6 million own horses among others. This puts the total US pet industry expenditures around USD 75.38 billion in 2019-2020. Similarly, as per the data provided by America Veterinary Medical Association, in March 2020, approximately USD 29.3 billion was spent in the country on veterinary care and services. Thus, with the increased awareness and expenditure regarding animal health, the market is expected to show significant growth in the future. Similarly, the expansion of key market players is expected to increase market growth. For instance, in August 2020, Bayer completed the sale of its Animal Health business unit to the United States-based company, Elanco Animal Health Incorporated. These companies had entered a definitive agreement to this effect in August 2019 and the sale is expected to boost Elanco's presence in the North America region. Thus, the abovementioned factors are expected to fuel the market growth in the region.
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The market for companion animal healthcare is moderately consolidated and is majorly dominated by a few players, such as Zoetis Inc., Merck & Co Inc., Elanco, Virbac, etc. The largest share of the market is captured by these global players. However, there are few companies that are penetrating the market currently and are expected to hold a substantial share in the market.
- In January 2022, Zoetis received the European Commission (EC) marketing authorization for Apoquel chewable tablets (oclacitinib) for dogs for the treatment of clinical manifestations of pruritus associated with allergic dermatitis in dogs and the treatment of clinical manifestations of atopic dermatitis in dogs at least 12 months of age.
- In January 2022, Elanco received the US Food and Drug Administration (FDA) approval of Zorbium. ZORBIUM is a brand-new long-acting drug used to treat postoperative pain brought on by surgical operations in cats. One transdermal dose of ZORBIUM can offer pain relief for up to four days.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increase in Pet Adoption
4.2.2 Rise in the Number of Initiatives by Governments and Animal Welfare Associations
4.2.3 Advanced Technology in Animal Healthcare
4.3 Market Restraints
4.3.1 Use of Counterfeit Medicines
4.3.2 Increasing Costs of Animal Testing and Veterinary Care
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value – USD million)
5.1 By Product Type
5.1.1 By Therapeutics
184.108.40.206 Medical Feed Additives
220.127.116.11 Other Therapeutics
5.1.2 By Diagnostics
18.104.22.168 Immunodiagnostic Tests
22.214.171.124 Molecular Diagnostics
126.96.36.199 Diagnostic Imaging
188.8.131.52 Other Diagnostics
5.2 By Animal Type
5.2.3 Other Companion Animals
5.3.1 North America
184.108.40.206 United States
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
5.3.4 Middle East and Africa
188.8.131.52 South Africa
184.108.40.206 Rest of Middle East and Africa
5.3.5 South America
220.127.116.11 Rest of South America
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 Elanco Animal Health
6.1.2 Boehringer Ingelheim Animal Health
6.1.4 Vetoquinol SA
6.1.5 Zoetis Inc.
6.1.6 Phibro Animal Health Corporation
6.1.7 IDEXX LABORATORIES INC
6.1.8 Merck & Co., Inc
6.1.10 Ceva Sante Animale
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Global Companion Animal Healthcare Market market is studied from 2019 - 2027.
What is the growth rate of Global Companion Animal Healthcare Market?
The Global Companion Animal Healthcare Market is growing at a CAGR of 7.2% over the next 5 years.
Which region has highest growth rate in Global Companion Animal Healthcare Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Companion Animal Healthcare Market?
North America holds highest share in 2021.
Who are the key players in Global Companion Animal Healthcare Market?
Zoetis, Elanco, Merck & Co., Boehringer Ingelheim Animal Health, Virbac are the major companies operating in Global Companion Animal Healthcare Market.