New York, Jan. 19, 2023 (GLOBE NEWSWIRE) -- Persistence Market Research, a market research, and competitive intelligence provider, analyses that the demand for Companion Animal Healthcare is expected to witness steady growth. According to the study, the global Companion Animal Healthcare Market was valued at US$ 20.8 Billion in 2022, and it is expected to expand at a CAGR of 10.6% from 2023 to 2033.
The market is also being driven by an increase in the prevalence of food-borne and zoonotic illnesses globally. This astonishing rise in illness incidence has led corporations to develop cutting-edge medications and vaccines.
The expansion of the Companion Animal Health Market is also driven by the expanding size of veterinary facilities, increased urbanization, and swelled demand for animal healthcare products. The desire for companion animals has risen as people's lives have changed.
In 2022, North America is expected to have a significant market share by the end of 2033. People in North America also have a high rate of adoption of companion animals.
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Furthermore, humans are becoming more ready and spending more money on animal health. This, combined with the availability of many hospitals and clinics and a rising pool of veterinarians, is boosting the Companion Animal Healthcare industry. Increased research and development, agency funding, and initiatives to raise public awareness in the field of veterinary health management will drive market growth.
Historically, the acceptance of animal healthcare products at veterinary clinics and by pet owners in India and China has been lower than in developed markets such as the United States and certain European countries. Because of an increase in companion animal population and rising animal health expenditure, India and China offer significant development potential for animal health firms in the Asia Pacific.
Many international players are also concentrating their efforts in these nations in order to expand their presence and assure long-term revenue growth. Pet health and wellness spending is increasing as pets become more humanized. The rising availability and use of pet health insurance is another factor driving market expansion.
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Competitive Analysis
Players in the market are constantly developing improved solutions as well as extending their product offerings. As the industry consolidates, large businesses are focusing on acquisitions and mergers to pursue profitable prospects. Leading players are also focusing on improving their commercialization activities by adhering to administrative requirements.
Some of the recent developments of key Companion Animal Healthcare providers are as follows:
- In December 2020, Neogen Corporation introduced Igenity Canine Wellness, a DNA screening tool for preventative care for veterinarians. Such advancements will aid the company's growth in the animal genetic testing market.
- In September 2020, Virbac purchased several Tilapia vaccines from Ictyogroup with plans to distribute and promote them globally.
- In July 2020, Zoetis acquired Fish Vet Group. The acquisition allowed Zoetis to expand its geographical footprint while also improving diagnostics and testing skills in major aquaculture markets across the world.
- In January 2020, Layn Corporation introduced TruGro MAX, a natural ingredient for animal feed that delivers significant antioxidant support.
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More Valuable Insights Available
Persistence Market Research, in its new offering, presents an unbiased analysis of the Companion Animal Healthcare market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights by Animal Type (Dogs, Equine, Cats, Other animal types), by Product Type (Vaccines, Pharmaceuticals, Feed Additives, Diagnostics, Other product types), Distribution Channel (Retail, E-commerce, Hospital Pharmacies), by End Use (PoC/In-housing testing, Veterinary Hospitals and Clinics, Other End uses) across key regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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