Global Companion Animal Health Market by Animal Type (Dogs, Cats), by Product (Diagnostics, Pharmaceuticals) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global companion animal health market was worth USD 18.67 billion in 2020. It is projected to grow at a 9.2% compound annual growth rate (CAGR), between 2021 and 2028. Market growth is expected to be driven by both the private and government sectors' increased efforts to promote companion animal health during the forecast period. Multi-organizations have collaborated to create the One Health Initiative. These organizations include the World Organization for Animal Health, Food and Agriculture Organization, WHO, WHO, American Veterinary Medical Association and others. It is designed to protect public health by preventing and controlling zoonotic disease vectors while protecting animal health. It involves the implementation of appropriate policies at all levels, including national, regional and global.

The industry was affected by the Covid-19 pandemic. The difficult circumstances presented challenges for companies, and they had to adjust to them. Many market players took advantage of the opportunity to increase their profits and market share. Vetoquinol S.A. reported a 12% increase in sales for 2020 compared to the prior year. Its essentials, which include veterinary drugs as well as non-medical products, drove this growth.

The increasing humanization of pets is driving an increase in pet health and wellbeing. According to Animal Medicines Australia, Australia spent more than USD 2.65 billion on animal health services in 2019. The trend is expected to continue in the future. General health checks, pathology & laboratory tests, vaccinations and illness or injury were the top reasons for veterinarian visits.

Another factor driving market growth is the increasing availability and adoption pet insurance. OneDegree, a Hong Kong insurance company, launched Pawfect Care, a portfolio of pet insurance plans. The company found that only 3 percent of Hong Kong's pet cats and dogs were insured, despite the high veterinary care costs. According to the company, pet owners will continue to opt for pet insurance over time.

Information on Animal Types

With a more than 40% revenue share, the segment of dogs animals dominated the market in 2020. According to Holland Insurance Company Pty. According to Holland Insurance Company Pty. Ltd., India's pet-dog population is increasing at an alarming rate due to urbanization and the growing popularity of dogs as pets for millennials. The market is expected to grow due to increased awareness about pet insurance and the importance of animal care.

The highest expected CAGR for the cats segment will be between 2021 and 2028. In some countries, like Canada, cats are being adopted more than dogs. Many companies are also focusing on expanding their product range for cats due to their greater sensitivity to disease than other pets.

Product Insights

In 2020, the market was dominated primarily by the pharmaceuticals segment. The segment accounted to more than 50% of total revenue. The diagnostics segment will see the greatest CAGR, with more than 10% expected between 2021 and 2028. The increasing prevalence of diseases in pets will drive R&D to develop new diagnostic products and tests, which should boost the segment's growth.

Market players also play a role in expanding their product range through R&D, product launches and other strategic initiatives. Zoetis created Vetscan Imagyst, a diagnostic platform, in September 2020 to expand its pet diagnostics offerings. IDEXX Laboratories specializes in pet healthcare and veterinary diagnostics. They also offer a wide range of services and devices for companion animals.

Distribution Channel Insights

The hospital pharmacy segment had a maximum revenue share of 57% in 2020. This segment will continue to grow at a steady rate of CAGR between 2021 and 2028. It is due to factors such as ease of access and higher volumes of prescriptions filled by these outlets. E-commerce, on the other hand is expected to grow at the fastest rate during the forecast period.

These platforms offer many benefits, including convenience that eliminates the need for patients to buy medicines from hospitals or retail pharmacies and consistent supplies of drugs because they can be preordered. Covid-19's rapid digitization and adoption by its users will only fuel the segment's growth.

End-use Insights

Due to the large number of patients treated by clinics and hospitals, the veterinary hospitals and clinics segment had the highest revenue share at over 81% in 2020. It will continue to be dominant through the forecast period. This segment is also growing due to the number of procedures performed at these facilities, including laboratory tests, general health checks-ups, surgery and vaccinations.

Point-of-Care/In-House Testing is expected to grow at the fastest rate between 2021 and 2028. This is due to an increase in testing for pets with a range of illnesses and health conditions. The most common veterinary PoC tests are cCRP and fibrinogen, hemoglobin (pancreatic), phenobarbital (SAA), serum Amyloid A, T4 tests, and cCRP.

Regional Insights

North America accounted for the highest revenue share, with more than 37% in 2020. This is due to an increase in pet ownership and pet spending, as well as the humanization of animals. According to the Canadian Animal Health Institute, 58% households owned at least one dog or cat in Canada in 2020. According to data for 2018-2020, the country has seen an increase in pet population. The dog population grew from 7.6 million people to 7.7 millions. According to CAHI, the percentage of pets that received medical care increased significantly in 2020. In the months after the Covid-19 pandemic, the number of visits to the veterinary clinic for felines increased.

Asia Pacific will be the fastest growing region market between 2021 and 2028. This is due to factors such as pet ownership rising, awareness about pet care and treatment. Nationthailand's 2019 report shows that Thailand's pet animal population has increased, with the majority of pets being dogs. Insurance companies in India have started offering pet insurance. This is due to the growing demand for affordable and quality pet care, and an understanding of the unique needs of pet owners, particularly those who own rare or exotic breeds. This will likely drive regional market growth. Bajaj Allianz and New India Assurance are just a few of the major players in pet insurance.

Market Share Insights & Key Companies

To capture more market share, market players concentrate on product development, mergers and acquisitions, as well as expanding distribution channels. Companies want to maintain a competitive edge while also delivering economic value for customers and satisfying unmet needs. To expand its PoC diagnostics, Heska purchased Scil animal care in April 2020. Heska purchased CVM Diagnostico Veterinario S.L. and CVM Ecografia S.L. in January 2020. Heska acquired CVM Diagnostico Veterinario, S.L. and CVM Ecografia, S.L. in January 2020 to expand its pet-animal diagnostics business in Spain. The following are some of the major players in the global market for companion animal health:

• Merck & Co., Inc.

• Ceva

• Vetoquinol S.A.

• Zoetis

• Boehringer Ingelheim International GmbH

• Elanco

• Virbac

• IDEXX Laboratories, Inc.

• Indian Immunologicals Ltd.

• Agrolabo S.p.A

Up Market Research published a new report titled “Companion Animal Health Market research report which is segmented by Animal Type (Dogs, Cats), by Product (Diagnostics, Pharmaceuticals), By Players/Companies Merck & Co Inc, Vetoquinol SA, Virbac, Indian Immunologicals Ltd, Boehringer Ingelheim International GmbH, Elanco, IDEXX Laboratories Inc, Zoetis, Agrolabo SpA, Ceva”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Companion Animal Health Market Report Segments:

The market is segmented by Animal Type (Dogs, Cats), by Product (Diagnostics, Pharmaceuticals).

Companion Animal Health Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Companion Animal Health Market

Overview of the regional outlook of the Companion Animal Health Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Companion Animal Health Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Companion Animal Health Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Dogs

                2. Cats

                1. Diagnostics

                2. Pharmaceuticals

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Companion Animal Health Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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• Correctly Positioning New Products
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Reasons to Purchase the Companion Animal Health Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.