The global Companion Animal Health market gathered revenue around USD 20.67 billion in 2021 and market is set to grow USD 45.9 billion by the end of 2030 and is estimated to expand at a modest CAGR of 9.20% during the prediction period 2022 to 2030.
Growth Factors:
A rise in the initiatives by the government and private sectors to help promote animal health is anticipated to drive market growth during the forecast period. The One Health Initiative is one such collaborative effort undertaken by multiple organizations. These include the World Organization for Animal Health (OIE), Food and Agriculture Organization (FAO), WHO, the American Veterinary Medical Association, and others. It is aimed at protecting public health via the prevention and control of zoonotic pathogens by safeguarding animal health. It is carried out through the implementation of appropriate policies at national, regional, and global levels.
The Covid-19 pandemic had a notable impact on the industry. Companies had to adapt to the challenging circumstances while facing operational and logistics hurdles. However, many market players leveraged the opportunity to increase profits and market share. For example, Vetoquinol S.A.reported an overall increase in 2020 sales compared to the previous year. This growth was driven by its essentials comprising veterinary drugs and non-medical products.
Driven by the increasing humanization of pets, the expenditure on pet health and wellness is also on the rise. In 2019, in Australia, more than USD 2.6 billion was spent on animal health services as per Animal Medicines Australia. This trend was estimated to continue in the near future. The top reasons cited for veterinary visits were general health checkups, pathology & lab tests, vaccinations, illness or injury, X-ray & imaging, hospitalization, and others.
This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the Companion Animal Health market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Companion Animal Health market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.
Report Coverage
| Report Scope | Details |
| Market Size | USD 45.9 billion by 2030 |
| Growth Rate | CAGR of 9.20% From 2022 to 2030 |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Report coverage | Growth Factors, Revenue Status, Competitive Landscape, and Future Trends |
| Segments Covered | Animal type, product, distribution channel, end-use Region Type |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
| Companies Mentioned | Merck & Co., Inc.; Ceva; Vetoquinol S.A.; Zoetis; Boehringer Ingelheim International GmbH; Elanco; Virbac; IDEXX Laboratories, Inc.; Indian Immunologicals Ltd.; Agrolabo S.p.A. |
COVID-19 Impact Assessment on Market Landscape
The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.
Companion Animal Health market Report empowers readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.
Regional Insights
North America held the largest revenue share of more than 38.3% in 2021. This growth is attributed to the increased pet population and pet expenditure along with the humanization of pets. For instance, 58% of households in Canada owned at least one cat or dog in 2020, as per the Canadian Animal Health Institute (CAHI). The country is witnessing an upward trend in the pet population as per the data from 2018 to 2020 wherein the dog population rose from 7.9 million to 7.9 million. The percentage of pets receiving medical care also increased notably in 2020 according to CAHI. Feline vet visits increased in the months following the start of the Covid-19 pandemic.
Asia Pacific is estimated to be the fastest-growing regional market from 2022 to 2030 due to factors, such as rising pet ownership and awareness about pet health & treatment. For instance, as per a 2019 report by Nationthailand, Thailand’s pet animal population is on the rise, with dogs dominating the pet population. In India, insurance companies have begun offering pet insurance, driven by the demand for quality & affordable pet care and a growing understanding of the needs of modern-day pet parents, especially those owning rare and foreign breeds. This is likely to propel the regional market growth. Bajaj Allianz, New India Assurance, Vetina Pawtect, and Oriental Insurance are some of the key players offering pet insurance in the country.
Competitive Rivalry
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
Some of the prominent players in the Companion Animal Health Market include: Merck & Co., Inc.; Ceva; Vetoquinol S.A.; Zoetis; Boehringer Ingelheim International GmbH; Elanco; Virbac; IDEXX Laboratories, Inc.; Indian Immunologicals Ltd.; Agrolabo S.p.A.
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2030 and covers subsequent region in its scope:
By Geography
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Highlights of the Report:
Research Methodology
In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Companion Animal Health market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the Companion Animal Health market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Companion Animal Health markets more accurate and reliable.
Secondary Research
It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.
The secondary research sources referred in the process are as follows:
Primary Research
Primary research includes face-to face interviews, online surveys, and telephonic interviews.
Industry participants involved in this research study include:
Key Points Covered in Companion Animal Health Market Study:
Cross-segment Market Size and Analysis for Mentioned Segments
Additional Company Profiles
(Upto 5 With No Cost)
Additional Countries (Apart
From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers