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Focus on companion animal health is gradually increasing, which has resulted in the development of new therapeutic agents, food additives, vaccines, and diagnostics techniques specifically for companion animal health. Proper management of companion health is important for preventing the spread of diseases, promoting animal health and welfare, and public health.
Companion health comprises of the products for the diagnosis, treatment, vaccination, and nutrition of the animals. The number of pet owners is increasing, which is boosting the demand for companion animal healthcare products. According to the American Pet Products Association, a total of 393 Mn pets were owned in the U.S. during 2017-2018, which is expected to favor the companion animal healthcare market growth.
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Global companion animal healthcare market growth is being driven by the rising prevalence of animal diseases, increasing number of veterinary practitioner, improving health reimbursement, and advancements in diagnostics imaging techniques. Furthermore, increased availability of various companion animal healthcare accessories such as oral chews, animal feeds, growth promoters, new product launches, strategic collaborations between major players are also fuelling the global companion animal healthcare market.
However, high cost of animal diagnosis and episodes of product recalls are the major factors that can hinder the growth in the global companion animal healthcare market.
The major companies covered in the global companion animal healthcare market report include Bayer AG, Heska, Zoetis, Intervet Inc. (Merck Animal Health), Ceva, Boehringer Ingelheim International GmbH, Vetoquinol S.A., Elanco, and Virbac.
By Animal Type
By Product Type
· North America (USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico and Rest of Latin America)
· Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
As per the current companion animal healthcare market trends, canine segment among the animal type is anticipated to hold larger market share in the global companion animal healthcare market owing to increasing number of dog owners, easy availability of dog care products, high penetration of vaccines and pharmaceutical drugs.
Geographically, the global companion animal healthcare market, has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The companion animal healthcare market is anticipated to expand in North America during the forecast period owing to the rapid adoption and penetration of drugs products, diagnostic tests, vaccines, and animal feeds for companion animal health. In Europe, the growing demand for minimally invasive diagnostic test and increase in number of pet owners are projected to augment the companion animal healthcare market by the end of 2026. In Asia Pacific and Latin America, rising prevalence of animal diseases and proactive government measures to prevent disease outbreaks are anticipated to fuel the companion animal healthcare market growth during the forecast period. Companion animal healthcare market in the Middle East and Africa region is in the initial stage, however, improving animal health reforms and rising concern for companion animal health are expected to propel the growth of the market.
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