The global Companion Animal Healthcare Market was valued at USD 16.2 Billion in 2020 and is anticipated to grow at USD 24.04 Billion till 2027 recording a CAGR of 5.8% during the forecast period 2021-2027. The report provides in-depth analysis of the impact of COVID-19 on the market, along with revised market numbers due to the effects of the coronavirus.
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Companion animal healthcare market is anticipated to grow positively during the forecast years because of the high rates of pet ownership, novel developments in animal healthcare medicines as well as services, growing life expectancy for companion animals and huge increase in the count of products to treat different companion animals aliments and advances in animals healthcare services as well as medicines. In addition, there are a few other factors, which are impelling the market growth over the forecast years such as increase in per pet expenses and pets are hugely become the part of families in numerous emerging and developed countries prompting the key stakeholder to go for best products. On the other hand, reducing compliance to the treatment because of the challenges of the products and growing treatment failures because of the drug resistance are anticipated to hamper the revenue growth of the market.
Companion animal healthcare market is categorized based on geographical basis into leading regions such as North America, Latin America, Europe, Middle East, Africa and Asia Pacific. U.S in North America is dominating the market and accounts for the largest market share in North America. Europe records considerable share in global companion animal healthcare market. The significant factor impelling the market in Europe includes increasing product launching like vaccine against Leishmania Infantum, the causal agent of canine leishmaniosis crucial breakthrough to fight with zoonotic illness. Upsurge in markets in Asia pacific and Latin America is impelling the next growth phase for the companion animal products due to the increased medicalization and growing awareness amid caregivers about peat health.
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A few of the major key players of the animal healthcare market are Boehringer Ingelheim Gmbh, Zoetis Inc., Elanco, Merck & Co. Inc., Bayer Animal Health, Virbac SA, Ceva Sante Animale, Vetoquinol SA and Koninklijke DSM N.V.
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