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LOS ANGELES, March 08, 2023 (GLOBE NEWSWIRE) — The Global Companion Animal Health Market Size accounted for USD 19.6 Billion in 2021 and is projected to occupy a market size of USD 43.4 Billion by 2030 growing at a CAGR of 9.3% from 2022 to 2030.
Companion Animal Health Market Research Report Highlights and Statistics
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Companion Animal Health Market Report Coverage:
|Market||Companion Animal Health Market|
|Companion Animal Health Market Size 2021||USD 19.6 Billion|
|Companion Animal Health Market Forecast 2030||USD 43.4 Billion|
|Companion Animal Health Market CAGR During 2022 – 2030||9.3%|
|Companion Animal Health Market Analysis Period||2018 – 2030|
|Companion Animal Health Market Base Year||2021|
|Companion Animal Health Market Forecast Data||2022 – 2030|
|Segments Covered||By Animal Type, By Product, By Distribution Channel, By End-Use, And By Geography|
|Companion Animal Health Market Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Agrolabo S.p.A., Bayer AG, Boehringer Ingelheim International GmbH, Ceva, Elanco, IDEXX Laboratories, Inc., Indian Immunologicals Ltd., Merck& Co., Nutreco N.V. Inc., Norbrook, Vetoquinol S.A., Virbac, and Zoetis.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
Companion Animal Health Market Overview:
The market for Companion Animal Health is an ever-expanding sector, driven by the increasing prevalence of pet ownership and the growing demand for advanced veterinary care. This market encompasses a diverse range of products and services designed to maintain the health and well-being of companion animals such as dogs, cats, and other household pets. The market includes a plethora of innovative products such as veterinary vaccines, pharmaceuticals, feed additives, parasiticides, and cutting-edge instruments.
The North American and European regions are established markets for companion animal health, however, the Asia-Pacific region is expected to experience significant growth due to the rapidly increasing pet ownership and rising awareness about animal health. The advent of e-commerce and online sales channels has significantly facilitated access to veterinary products and services, further propelling the growth of the market for Companion Animal Health.
The Companion Animal Health industry not only caters to the basic healthcare needs of companion animals but also encompasses a wide array of specialized applications such as dermatology, oncology, cardiology, and dentistry, among others. The market continues to evolve and adapt to the changing needs of pet owners and their pets, incorporating the latest advancements in veterinary care and technology to provide top-notch products and services.
The Companion Animal Health industry is poised for continued growth, driven by the increasing demand for advanced veterinary care and the growing prevalence of pet ownership.
Trends in the Companion Animal Health Market:
Companion Animal Health Market Dynamics:
Growth Hampering Factors in the Market for Companion Animal Health:
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Type Of Distribution Channel
Companion Animal Health Market Overview by Region:
North America’s Companion Animal Health market share is the highest globally, with a high level of pet ownership and strong demand for veterinary products and services. The region is home to a number of major veterinary pharmaceutical companies and is a leading producer of veterinary vaccines and treatments. North America is also the birthplace of the telemedicine trend, with a growing number of pet owners using remote consultation services for their companion animals.
The Asia-Pacific region’s Companion Animal Health Market share is also huge and is growing at the fastest rate, with a rapidly increasing pet ownership and strong demand for veterinary products and services. The region is home to a number of emerging veterinary pharmaceutical companies and is a leading producer of veterinary vaccines and treatments. The Asia-Pacific region is also characterized by a growing trend towards pet insurance, with a growing number of pet owners seeking coverage for veterinary expenses.
Europe is another key market for Companion Animal Health, with a high level of pet ownership and increasing demand for veterinary products and services. The region is home to several major veterinary pharmaceutical companies and is a leading producer of veterinary vaccines and treatments. The European market is also characterized by a growing trend towards alternative therapies, such as acupuncture and homeopathy, for the treatment of companion animals.
The South American and MEA regions have a smaller Companion Animal Health market share, however it is expected to grow at a steady pace.
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Companion Animal Health Market Key Players:
The Companion Animal Health Market is highly competitive and includes a number of major players. Some of the leading companies in the market include Zoetis,Elanco, Merck Animal Health, Bayer Animal Health, Boehringer Ingelheim Animal Health, Ceva Sante Animale, Virbac, Nutreco, Dechra Pharmaceuticals, Vetoquinol, CEVA Logistics, Heska Corporation, Henry Schein Animal Health, IDEXX Laboratories, Neogen Corporation, MIDIS Group, Prado & Sigaud, Aventix, WALTHAM, and Antelliq. These companies offer a range of veterinary products and services, including vaccines, pharmaceuticals, diagnostics, and surgical products. They compete on factors such as product quality, innovation, and customer service.
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