Dublin, Aug. 28, 2023 (GLOBE NEWSWIRE) -- The "Companion Animal Healthcare Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The global Companion Animal Healthcare market is on a trajectory of significant expansion, with its value scaling from USD 18,157.98 million in the current year to a projected USD 5.66 billion by 2028. This impressive growth is forecasted to be driven by a Compound Annual Growth Rate (CAGR) of 9.39% over the forecast period.
Navigating Through Pandemic Challenges to Fuel Market Expansion
The outbreak of the COVID-19 pandemic unleashed a ripple effect that reverberated through the animal healthcare landscape, causing a surge in animal testing and veterinary care costs.
Supply chain disruptions, coupled with shortages of veterinary medicines, cast a shadow over several countries. Lockdowns, export restrictions, and the heightened demand for COVID-19 treatments added to the complexities.
Despite these challenges, the market experienced momentum due to sustained investments in research and development. In a notable instance, Merck Animal Health bolstered its vaccine production capacity, catalyzing growth prospects.
Key Drivers and Growth Catalysts
- Pet Adoption and Mental Health Nexus: The pandemic and the rise of work-from-home scenarios witnessed a surge in pet adoptions, which was not only an emotional response but also a proactive step toward tackling depression and anxiety induced by social isolation. This led to a substantial increase in pet ownership, as seen in Germany, with cats gaining prominence.
- Battle Against Cancer: The alarming surge in cancer incidences among companion animals, particularly dogs, is providing a growth impetus to the market. Government and private health initiatives, especially in the realm of cancer treatment, are contributing to market expansion.
- Tech-Driven Healthcare: The marriage of technology and pet care is evident in the proliferation of pet monitoring and tracking products. The advent of pet monitoring devices that ensure animal well-being by monitoring activities and health indicators is propelling market growth. For instance, Tractive's GPS-based tracking device for cats and Petlibro's Camera Monitoring Automatic Pet Feeder are emblematic of this trend.
Trends Reshaping the Landscape
- Vaccines Pave the Way: The vaccines segment is anticipated to emerge as a significant growth driver within the companion animal healthcare market. Factors such as rising zoonotic and chronic diseases, increasing awareness about animal health, and governmental investments are poised to propel the vaccine segment to new heights.
- North America's Dominance: The North American region is expected to maintain its supremacy in the companion animal healthcare market. The surge in pet adoption, robust spending on pet care, and the presence of key market players are bolstering the region's stronghold. Awareness about pet healthcare and services is pervasive among pet owners in the region.
Competition and Industry Dynamics
The competitive landscape of the companion animal healthcare market is marked by the dominance of industry heavyweights, including:
- Elanco Animal Health
- Boehringer Ingelheim Animal Health
- Virbac
- Brilliant Bio Pharma
- Zoetis Inc.
- Phibro Animal Health Corporation
- IDEXX LABORATORIES INC
- Merck & Co., Inc
- Norbrook
- Ceva Sante Animale
Collaboration, innovation, and mergers continue to shape the industry, facilitating the development and launch of advanced products.
For more information about this report visit https://www.researchandmarkets.com/r/q7wx3j
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