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:
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Merck & Co., Inc.
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Ceva
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Vetoquinol S.A.
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Zoetis
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Boehringer Ingelheim International GmbH
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Elanco
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Virbac
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IDEXX Laboratories, Inc.
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Indian Immunologicals Ltd.
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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
Report Attributes | Report Details |
Report Title | Companion Animal Health Market Research Report |
By Animal Type | Dogs, Cats |
By Product | Diagnostics, Pharmaceuticals |
By Companies | Merck & Co Inc, Vetoquinol SA, Virbac, Indian Immunologicals Ltd, Boehringer Ingelheim International GmbH, Elanco, IDEXX Laboratories Inc, Zoetis, Agrolabo SpA, Ceva |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 208 |
Number of Tables & Figures | 146 |
Customization Available | Yes, the report can be customized as per your need. |
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:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of Companion Animal Health Market.
- Historical data and forecast.
- Estimations for the forecast period 2028.
- Developments and trends in the market.
1. Dogs
2. Cats
7. By Product:1. Diagnostics
2. Pharmaceuticals
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- 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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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.
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Companion Animal Health Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Companion Animal Health Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Companion Animal Health Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Companion Animal Health Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Companion Animal Health Market Size & Forecast, 2018-2028
4.5.1 Companion Animal Health Market Size and Y-o-Y Growth
4.5.2 Companion Animal Health Market Absolute $ Opportunity
Chapter 5 Global Companion Animal Health Market Analysis and Forecast by Animal Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Animal Type
5.1.2 Basis Point Share (BPS) Analysis by Animal Type
5.1.3 Absolute $ Opportunity Assessment by Animal Type
5.2 Companion Animal Health Market Size Forecast by Animal Type
5.2.1 Dogs
5.2.2 Cats
5.3 Market Attractiveness Analysis by Animal Type
Chapter 6 Global Companion Animal Health Market Analysis and Forecast by Product
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Product
6.1.2 Basis Point Share (BPS) Analysis by Product
6.1.3 Absolute $ Opportunity Assessment by Product
6.2 Companion Animal Health Market Size Forecast by Product
6.2.1 Diagnostics
6.2.2 Pharmaceuticals
6.3 Market Attractiveness Analysis by Product
Chapter 7 Global Companion Animal Health Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Companion Animal Health Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Companion Animal Health Analysis and Forecast
9.1 Introduction
9.2 North America Companion Animal Health Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Companion Animal Health Market Size Forecast by Animal Type
9.6.1 Dogs
9.6.2 Cats
9.7 Basis Point Share (BPS) Analysis by Animal Type
9.8 Absolute $ Opportunity Assessment by Animal Type
9.9 Market Attractiveness Analysis by Animal Type
9.10 North America Companion Animal Health Market Size Forecast by Product
9.10.1 Diagnostics
9.10.2 Pharmaceuticals
9.11 Basis Point Share (BPS) Analysis by Product
9.12 Absolute $ Opportunity Assessment by Product
9.13 Market Attractiveness Analysis by Product
Chapter 10 Europe Companion Animal Health Analysis and Forecast
10.1 Introduction
10.2 Europe Companion Animal Health Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Companion Animal Health Market Size Forecast by Animal Type
10.6.1 Dogs
10.6.2 Cats
10.7 Basis Point Share (BPS) Analysis by Animal Type
10.8 Absolute $ Opportunity Assessment by Animal Type
10.9 Market Attractiveness Analysis by Animal Type
10.10 Europe Companion Animal Health Market Size Forecast by Product
10.10.1 Diagnostics
10.10.2 Pharmaceuticals
10.11 Basis Point Share (BPS) Analysis by Product
10.12 Absolute $ Opportunity Assessment by Product
10.13 Market Attractiveness Analysis by Product
Chapter 11 Asia Pacific Companion Animal Health Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Companion Animal Health Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Companion Animal Health Market Size Forecast by Animal Type
11.6.1 Dogs
11.6.2 Cats
11.7 Basis Point Share (BPS) Analysis by Animal Type
11.8 Absolute $ Opportunity Assessment by Animal Type
11.9 Market Attractiveness Analysis by Animal Type
11.10 Asia Pacific Companion Animal Health Market Size Forecast by Product
11.10.1 Diagnostics
11.10.2 Pharmaceuticals
11.11 Basis Point Share (BPS) Analysis by Product
11.12 Absolute $ Opportunity Assessment by Product
11.13 Market Attractiveness Analysis by Product
Chapter 12 Latin America Companion Animal Health Analysis and Forecast
12.1 Introduction
12.2 Latin America Companion Animal Health Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Companion Animal Health Market Size Forecast by Animal Type
12.6.1 Dogs
12.6.2 Cats
12.7 Basis Point Share (BPS) Analysis by Animal Type
12.8 Absolute $ Opportunity Assessment by Animal Type
12.9 Market Attractiveness Analysis by Animal Type
12.10 Latin America Companion Animal Health Market Size Forecast by Product
12.10.1 Diagnostics
12.10.2 Pharmaceuticals
12.11 Basis Point Share (BPS) Analysis by Product
12.12 Absolute $ Opportunity Assessment by Product
12.13 Market Attractiveness Analysis by Product
Chapter 13 Middle East & Africa (MEA) Companion Animal Health Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Companion Animal Health Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Companion Animal Health Market Size Forecast by Animal Type
13.6.1 Dogs
13.6.2 Cats
13.7 Basis Point Share (BPS) Analysis by Animal Type
13.8 Absolute $ Opportunity Assessment by Animal Type
13.9 Market Attractiveness Analysis by Animal Type
13.10 Middle East & Africa (MEA) Companion Animal Health Market Size Forecast by Product
13.10.1 Diagnostics
13.10.2 Pharmaceuticals
13.11 Basis Point Share (BPS) Analysis by Product
13.12 Absolute $ Opportunity Assessment by Product
13.13 Market Attractiveness Analysis by Product
Chapter 14 Competition Landscape
14.1 Companion Animal Health Market: Competitive Dashboard
14.2 Global Companion Animal Health Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Merck & Co Inc
14.3.2 Vetoquinol SA
14.3.3 Virbac
14.3.4 Indian Immunologicals Ltd
14.3.5 Boehringer Ingelheim International GmbH
14.3.6 Elanco
14.3.7 IDEXX Laboratories Inc
14.3.8 Zoetis
14.3.9 Agrolabo SpA
14.3.10 Ceva