Dublin, Aug. 29, 2023 (GLOBE NEWSWIRE) -- The "Companion Animal Health Global Market Size, Share & Trends Analysis, 2023-2030" report has been added to ResearchAndMarkets.com's offering.
The global companion animal health market is poised for significant expansion, with a projected size of USD 42.4 billion by 2030, and an anticipated CAGR of 9.1% over the forecast period. This growth is propelled by various factors including research and development advancements, government initiatives, rising pet adoption rates, and the prevalence of chronic diseases in companion animals. However, the market has not been without its challenges, particularly during the COVID-19 pandemic, where concerns about disease transmission have impacted veterinary visits.
Impact of COVID-19 and Changing Dynamics
Despite the pandemic, the veterinary healthcare sector managed to operate, albeit with shifts in patient visits. A survey across the U.S., UK, France, and Brazil found that over a quarter of pet owners avoided or postponed veterinary visits due to fears of disease transmission. However, a majority (65%) reported no negative effects on access to medications and procedures. This illustrates the resilience of the industry, even during challenging times.
Pet Ownership Surge and Healthcare Demand
A significant rise in pet ownership has been a driving force in the market's growth. In the U.S., around 70% of households (approximately 90.5 million homes) own pets, particularly dogs and cats. This ownership trend is bolstered by an increasing demand for pet medicines and quality veterinary care. As pet ownership grows, so does the need for health maintenance and treatment, stimulating the market for companion animal medications.
Innovation and Technological Integration
The companion animal health market is marked by a surge in research and development activities, leading to innovations in surgery techniques and specialized medications. Major players are strategically integrating novel technologies to establish themselves as market leaders. For instance, Zoetis received FDA approval for Solensia, a monoclonal antibody treatment for osteoarthritis in cats, highlighting the ongoing effort to improve pet healthcare.
Addressing Pet Health Concerns
Across various countries, the prevalence of pet diseases has been on the rise. France, for instance, has seen an increase in pet diseases such as obesity, dental issues, skin allergies, osteoarthritis, and viral infections. This has driven the demand for medications and preventive care to ensure pets' health and well-being. The growth in pharmaceutical and vaccine demand, coupled with the presence of regulatory agencies assuring veterinary pharmaceutical safety, contributes to market expansion.
Segment Insights
- The pharmaceuticals segment, accounting for over 44% in 2022, is fueled by the introduction of medications to extend animal lifespans.
- The dominance of the dogs segment (over 40% share in 2022) can be attributed to increasing pet healthcare costs, especially in developed regions.
- Hospital pharmacies, with a share of over 47% in 2022, lead in distribution channels, due to the rising availability of veterinary clinics and hospital services.
- Hospitals and clinics constitute the dominant end-use segment (over 80% in 2022), reflecting the expansion of innovative infrastructure and a rising number of veterinarians.
- North America secured a 35.98% share in the overall market in 2022.
In summary, the global companion animal health market is poised for robust growth, fueled by a surge in pet ownership, advancements in veterinary care, and the pursuit of innovative solutions to address pet health concerns. The COVID-19 pandemic underscored the industry's resilience, and with increasing research, technological integration, and a focus on preventive care, the market is well-positioned to evolve and flourish.
Market Dynamics
- Driver Analysis
- Growing Companion Ownership
- Increasing Number of Government Initiatives
- Increasing Prevalence of Zoonotic Diseases
- Technological Advancements
- Restraint Analysis
- Increase in the Number of Counterfeit Drugs
- High Pet Care Cost
Key Topics Covered
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Companion Animal Health Market Variables, Trends, & Scope
Chapter 4. Companion Animal Health Market: Product Estimates & Trend Analysis
Chapter 5. Companion Animal Health Market: Animal Type Estimates & Trend Analysis
Chapter 6. Companion Animal Health Market: Distribution Channel Estimates & Trend Analysis
Chapter 7. Companion Animal Health Market: End-Use Estimates & Trend Analysis
Chapter 8. Companion Animal Health Market: Regional Estimates & Trend Analysis
Chapter 9. Competitive Landscape
Companies Mentioned
- Merck & Co. Inc.
- Ceva
- Vetoquinol S.A.
- Zoetis
- Boehringer Ingelheim GmbH
- IDEXX Laboratories, Inc.
- Elanco
- Indian Immunologicals Ltd.
- Virbac
- Agrolabo S.p.A.
- Norbrook
For more information about this report visit https://www.researchandmarkets.com/r/hb7x02
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