USD 19.10 billion
Companion Animal Health Market Size, Share, Growth Analysis, By Product Type (Vaccines, Pharmaceuticals), By Animal Type (Dog, Cat), By Distribution Channel, By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25R2002 |
Region:
Global |
Published Date: December, 2024
Pages:
165
|Tables:
116
|Figures:
77
Companion Animal Health Market Insights
Global Companion Animal Health Market size was valued at USD 19.10 billion in 2022 and is poised to grow from USD 20.40 billion in 2023 to USD 34.53 billion by 2031, growing at a CAGR of 6.80% during the forecast period (2024-2031).
During the projected period, market expansion is anticipated to be fueled by an increase in measures taken by the public and private sectors to support the promotion of animal health. One such multi-organizational cooperation initiative is the One Health Initiative. These organisations include the American Veterinary Medical Association (AVMA), Food and Agriculture Organization (FAO), World Organization for Animal Health (OIE), and others. By preserving animal health, it aims to preserve public health by preventing and controlling zoonotic infections. It is carried out through putting into effect the proper policies at the national, regional, and international levels. The practise of giving pets human traits throughout time has raised concerns among pet owners about their creatures' health and safety. The expanding human-animal attachment, which determines consumers' willingness to spend more money on their pets, is the cause of this increase. Furthermore, this argument is anticipated to be supported by the increased demand for pet health insurance in the US.
US Companion Animal Health Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
The dogs
Fastest Growth
The cats
Growth Rate
6.80% CAGR
Companion Animal Health Market ($ Bn)
Country Share for North America Region (%)
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Companion Animal Health Market Segmental Analysis
Global Companion Animal Health Market is segmented by Product Type, Animal Type, Distribution Channel, End User, and region. Based on Product Type, the market is segmented into Vaccines, Pharmaceuticals, Feed Additives, Diagnostics, and Others. Based on Animal Type, the market is segmented into Dog, Cat, Horse, and Other Companion Animals. Based on Distribution Channel, the market is segmented into Retail, E-commerce, and Hospital pharmacies. Based on End User, the market is segmented into Veterinary Hospitals & Clinics, Diagnostics Laboratories, Research Institutes & Universities, and Home-care Settings. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Companion Animal Health Market Analysis by Animal Type
Due to expanding urbanisation, increased knowledge of pet health insurance, and growing importance of animal health, the dogs sector held the highest market share in 2021 with a revenue share of more than 40%. According to Holland Insurance Company Pty. Ltd., urbanisation and millennials' preference for dogs as pets are to blame for India's pet dog population's exponential growth. Additionally, it is projected that growing consumer knowledge of pet insurance and the value of animal health would accelerate market expansion.
And from 2022 to 2028, the cats segment is likewise predicted to have the highest CAGR. In other nations, like Canada, cats are becoming more and more popular as pets and are chosen above dogs. Because cats are more susceptible to disease than other types of pets, many businesses are also concentrating on expanding their product lines for them.
Companion Animal Health Market Analysis by Distribution Channel
The hospital pharmacy segment had the highest revenue share of more than 55 % in 2021. Due to factors like simple accessibility and a higher volume of prescriptions filled by these outlets, the segment will maintain its leadership position while rising at a consistent CAGR from 2022 to 2028. E-commerce, on the other hand, is anticipated to experience the quickest rate of growth among all distribution channel segments throughout the projection period.
This increase can be attributed to the advantages that these platforms provide, including convenience (which eliminates the need to buy pharmaceuticals from retail or hospital pharmacies) and a steady supply of medications due to the ability to preorder these drugs. It is anticipated that Covid-19's growing healthcare digitization and users' adoption of it would contribute to the segment's continued expansion.
Companion Animal Health Market By Product Type
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Companion Animal Health Market Regional Insights
Due to the increasing pet population, rising investment in the healthcare sector, and the presence of top healthcare service providers, North America held the greatest revenue share of more than 40% in 2021 and is anticipated to hold the lead during the forecast period. Additionally, the rise of the animal healthcare market in this region is projected to be fueled by technology advancements, increase in pet ownership, and increase in the frequency of zoonotic diseases.
Due to factors including increasing pet ownership and expanding public awareness of pet health & treatment, the Asia Pacific region is anticipated to have the quickest rate of growth in the market from 2022 to 2028. Major players in the animal healthcare industry are believed to have contributed to this region's quick expansion through their ongoing investments in research and development as well as their efforts to supply branded and generic medications at competitive prices. Pet owners in Australia and Japan are more conscientious of quality and more aware of pet items. They differ from the majority of the other countries in the region in terms of their purchasing habits and social cultures..
Companion Animal Health Market By Region
- Largest
- Fastest
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Companion Animal Health Market Dynamics
Companion Animal Health Market Driver
- The primary element influencing the market is the increase in artificial intelligence use, which has made diagnosis possible and will drive the industry.
- The market would be driven by the increase in companion animal adoption in the United States.
- In the upcoming years, it is projected that the sector would rise due to the increased availability of insurances to protect against accidents. It is projected that the industry will prosper due to the rise in cancer cases, primarily in dogs.
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Increasing scale of veterinary hospitals and doctors, increasing urbanization, and increasing demand for animal healthcare products are driving the growth of the Companion Animal Health Market.
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One of the most vital drivers of the market is development and increasing investment in pharmaceuticals industry to improve the quality of drugs and vaccine
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Furthermore driver includes, inclination of society towards nuclear family, increased government supports and initiatives to promote veterinary care products and investment of government in R&DS to develop the market
Companion Animal Health Market Restraint
- The idea that viruses can be transferred from animals to humans has caused a sharp increase in the number of abandoned pets. COVID-19 has also undermined the supply chain and led to a global shortage of items for animal health, including feed and vaccines.
- The companion animal health market is predicted to be hampered by a rigorous government policy that limits the entry of raw materials from China.
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Lack of standardization of the market, the exorbitant products along with high price of diagnosis are majorly restraining the market
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Companion Animal Health Market Competitive Landscape
The existence of several international players defines the global market. To increase their market share, businesses use a variety of techniques, including partnerships, agreements, regional growth, mergers, acquisitions, and new product creation. In our companion animal health market reports, some of the leading companion animal health manufacturers are as follows: Zoetis Animal Healthcare (US), Merial (France), Elanco Animal health (US), Bayer Animal Health (Germany), Merck and Co.Inc. (US), Ceva (France), Vetoquinol (France), Virbac (France), IDEXX Laboratories, Inc. (US), Indian Immunologicals Ltd. (India).
Top Players in the Global Companion Animal Health Market
- Boehringer Ingelheim International GmbH
- Zoetis Inc.
- Merck & Co., Inc.
- Elanco Animal Health Incorporated
- IDEXX Laboratories, Inc.
- Thermo Fisher Scientific Inc.
- Biomerieux SA
- Virbac
- Norbrook Laboratories Limited
- Neogen Corporation
- Fujifilm Holdings Corporation
- Indical Bioscience GmbH
- Shenzhen Mindray Animal Medical Technology Co., Ltd.
- Bionote
- Skyla Corporation
- Euroimmun Medizinische Labordiagnostika Ag
- Urit Medical Electronic Co., Ltd
- Nova Biomedical
- Fassisi Gmbh
- Alvedia
- Agrolabo S.P.A
Companion Animal Health Market Recent Developments
- In September 2022,Zoetis announced the Completion of its Acquisition of Jurox, a Leading Provider of Livestock and Companion Animal Products. It Provides future growth opportunities, manufacturing capacity, and insights into the Australian animal health market. Along with this , it will also aid in Strengthening Zoetis’ anaesthetic portfolio with addition of Alfaxan®, a leading anaesthetic for companion animals.
- In September 2021, In order to enter the global animal health generics market, Aurobindo Pharma has agreed to invest Rs 420 crore to purchase up to 51 percent of Cronus Pharma Specialties.
- IHS Markit Connect recognized SolensiaTM as the Best New Companion Animal Product for 2022 in its annual Animal Health Awards.Solensia is the first and only antibody therapy that alleviates feline osteoarthritis pain for a whole month. Solensia’s mAb therapy administered in the veterinary clinic targets Nerve Growth Factor (NGF), a key driver in feline OA pain.
Companion Animal Health Key Market Trends
- Personalized sessions based on the skin/fur, size, and condition of the pet are offered by grooming centers/spas, daycare facilities, and fine dining establishments that welcome pets. These establishments also offer customised blankets, toys, and leashes to increase the comfort and security of the animal. Additionally, India is home to several start-up businesses that provide services like innovative online pet ownership services, veterinary guidance, pet-friendly vacation planning, or boarding/home where pets are not left alone and can engage in a range of activities. There are further apps that help pet owners with training and monitoring the health of their animals.
- The market expansion is predicted to be fueled by the increasing usage of pet insurance. In Australia, 20% of Gen Y and 12% of baby boomer pet owners get pet insurance, according to The Holland Insurance Company Pty. Ltd. In nations like India, the pet insurance market is also slowly expanding. These elements are anticipated to boost demand for pet health goods and services, along with the humanization of pets and rising pet health concerns.
Companion Animal Health Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, by animal type, the dog segment is estimated to have the largest share of the market with more than 40% of the global revenue share. By distribution channel, the hospital pharmacy segment held the largest share of market. Region-wise, North America dominated the global market.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 19.10 billion |
| Market size value in 2031 | USD 34.53 billion |
| Growth Rate | 6.80% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Companion Animal Health Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Companion Animal Health Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Companion Animal Health Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Companion Animal Health Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Companion Animal Health Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Companion Animal Health Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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