Selbyville, Delaware , June 01, 2021 (GLOBE NEWSWIRE) -- According to seasoned experts, global companion animal health market size was worth USD 18.43 billion in 2019 and is projected to record a y-o-y growth rate of 9.60% over the next seven years to amass USD 38.37 billion by the year 2027.
Besides, the documentation is prepared with the help of Porter’s Five Force Model and PEST analysis, in consort with opinions from industry experts, hence enlightening about the prevailing trends in the market space. Lastly, regional landscape, alongside competitive hierarchy are expounded in the report, offering insights about industry share held by different regions and revenue stake of several companies.
Surging trend of adoption & buying of companion animals, coupled with surging government funding towards technological advancement for improve animal healthcare are catalyzing the growth of global companion animal health market.
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According to a survey in 2019 by PDSA Animal Wellbeing (PAW), more than 50% of United Kingdom adults owned pets, wherein, 26% have dogs, 24% adults have cats, and 2% have rabbits. Dog as pet population in UK increased to 9.9 million in 2019 from 9.3 million in 2017, while cat parenting soared from 10.3 million in 2017 to 10.9 million in 2019.
It is to be noted that companion animals like dogs and cats prevent theft and create a secure atmosphere. Individuals are inclined towards pets as they provide a sense of belonging and obligation. In order to ensure the health & well-being of companion animals, various products are available, especially feed, pharmaceuticals, and vaccines, thereby stimulating worldwide companion animal health market outlook.
On the contrary, growing complication issues, high cost of animal diagnosis, and instances of product recalls are expected to be restraining the industry expansion in the near future.
Outlining market segmentations
Based on product type, global companion animal health industry is bifurcated into therapeutics, and diagnostics. Speaking of animal type, the market space is divided into dogs, cats, and others.
Regional spectrum
As per expert verbatim, North America acquired major portion of worldwide companion animal health market share in the recent past, owing to presence of major players in the region who are willing to invest in animal healthcare.
Asia Pacific market, on the other hand, is expected to record strong growth rate over 2020-2027. Governmental support for establishment of animal medical facilities is responsible for this regional growth.
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Global Companion Animal Health Market by Product Type (Revenue, USD Billion, 2017-2027)
·Diagnostics
·Therapeutics
Global Companion Animal Health Market by Animal Type (Revenue, USD Billion, 2017-2027)
·Cats
·Dogs
·Others
Global Companion Animal Health Market Regional Landscape (Revenue, USD Billion, 2017-2027)
Europe
·Germany
·France
·Italy
·Spain
·UK
·RoE
North America
·U.S.
·Canada
Asia Pacific
·India
·China
·Australia
·Japan
·South Korea
·RoAPAC
Latin America
·Mexico
·Brazil
ROW
Global Companion Animal Health Market Competitive Dashboard (Revenue, USD Billion, 2017-2027)
·Ceva Sante Animale
·Elanco Animal Health Incorporated
·C.H. Boehringer Sohn AG & Co. KG
·Virbac
- Zoetis Inc.
- Nutreco N.V.
- Vetoquinol
- Merck & Co. Inc.
- Bayer AG
- DRE Veterinary
Table of Content:
Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2018-2027 (USD Billion)
1.2.1. Companion Animal Health Market, by Region, 2018-2027 (USD Billion)
1.2.2. Companion Animal Health Market, by Product Type, 2018-2027 (USD Billion)
1.2.3. Companion Animal Health Market, by Animal Type, 2018-2027 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Companion Animal Health Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Companion Animal Health Market Dynamics
3.1. Companion Animal Health Market Impact Analysis (2018-2027)
3.1.1. Market Drivers
3.1.1.1. Rising number of pets
3.1.1.2. Growing government support and technological development
3.1.2. Market Challenges
3.1.2.1. High cost of animal diagnosis of a product recall
3.1.2.2. Rise in the compilation issues
3.1.3. Market Opportunities
3.1.3.1. Collaborative initiatives unifying clinical care
3.1.3.2. Introduction of initiatives to improve healthcare standards for animal
Chapter 4. Global Companion Animal Health Market Industry Analysis
4.1. Porter's 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter's 5 Force Model (2017-2027)
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
Chapter 5. Global Companion Animal Health Market, by Product Type
5.1. Market Snapshot
5.2. Global Companion Animal Health Market by Product Type, Performance - Potential Analysis
5.3. Global Companion Animal Health Market Estimates & Forecasts by Product Type 2017-2027 (USD Billion)
5.4. Companion Animal Health Market, Sub Segment Analysis
5.4.1. Therapeutics
5.4.2. Diagnostics
Chapter 6. Global Companion Animal Health Market, by Animal Type
6.1. Market Snapshot
6.2. Global Companion Animal Health Market by Animal Type, Performance - Potential Analysis
6.3. Global Companion Animal Health Market Estimates & Forecasts by Animal Type 2017-2027 (USD Billion)
6.4. Companion Animal Health Market, Sub Segment Analysis
6.4.1. Dogs
6.4.2. Cats
6.4.3. Other Companion Animals
Chapter 7. Global Companion Animal Health Market, Regional Analysis
Related Report:
Animal Healthcare Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 - 2027
The animal healthcare market is likely to register tremendous gains over the coming years owing to increasing adoption of pets, growing awareness regarding the benefits of nutritious foods among pet owners, and growing prominence of dogs as companion animals across the world. Additionally, rising R&D activities related to vaccine and drug development would also foster business growth.
Monitoring of animal health as well as preventing animal disease outbreaks is very important to the economy as well as the for the safety of the region's food supply.
Prevention of disease also promotes the wellbeing and health of both companion and farm animals while preventing their suffering. In addition, protecting animals from various types of diseases also prevents transmission, slowing down further spread of these ailments.
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