According to a new market report published by Credence Research, Inc., “Global Companion animal health market (By Animal Type (Dogs, Cats, Horses and Others (avian etc.)), By Products and Services (Pharmaceuticals, Animal Feed Additives, Diagnostics, Vaccines and Others. By End-user (Veterinary Clinics, Veterinary Hospitals, Homecare and Other Companion Animal health Centers) – Growth, Future Prospects and Competitive Landscape, 2019 – 2027”, the global Companion animal health market is expected to witness a growth of 6.0% CAGR during the forecast period from 2019 to 2027.
The global companion animal health market estimated for US$ 14.5 Bn in 2018 and expected to observe a huge growth, at a CAGR of 6.0% during the forecast period from 2019 to 2027. Pet adoption industry is booming as pet owners are increasing day by day, thereby increasing the demand for pet care products. According to the statistics provided by The American Pet Products Association in March 2019, suggests that pet care spending hiked by $3 billion. Reporting to $72.6 billion in 2018 compare to 69.6 billion in 2017. Moreover, spending on pet food holds major share in pet care industry, veterinary care being the second highest source in terms of spending in the pet care segment.
Manufactures are developing products using innovative technologies that are contributing to the growth of market. For instance, in July 2019, Sure Petcare launched a digital pet feeder. SureFeed is a microchip pet feeder. SureFeed monitors the feeding habits of the animal. Thereby, providing real updates to the owner’s mobile. Additionally, growing awareness among people created by organizations such as PETA towards animal health and safety is increasing the demand for companion animal health market.
The companion animal health market is segmented based on animal type, products and services, end-use vertical and geography. Based on animal type, dogs led the market in 2018 and is likely to dominate the market during the forecast period from 2019 to 2027. Adoption of more and more dogs creates demand for more dog health care products such as feed additives, vaccines and more. Further, based on geography, the companion animal health market was dominated by North America in 2018. The region is predictable to continue with its rule during the forecast period from 2019 to 2027. In North America, the U.S. dominates the companion animal health market. The top manufacturers such as Zoetis, Merck and Co. and others are dominating in the U.S. market, generating maximum revenue share in the North America region.
Major players in the companion animal health market include Zoetis, Jaguar Health, Elanco, Bayer AG, Merck & Co., Ceva, Boehringer Ingelheim International GmbH, Virbac, Vetoquinol S.A, Inc., Conklin Company Inc. and Nestle Purina Petcare among others. The major players are focusing on taking up strategies such as partnerships, product innovation, etc. to withstand and sustain in the market. For instance, in November 2019, Merck & Co. announced approval for Bravecto Plus by the U.S. Food and Drug Administration (FDA). Bravecto Plus is a topical solution for cats. Bravecto Plus eliminates the chances of parasites, ticks and fleas in cats both internally and externally.
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