Companion Animal Health Market Size, Share, Growth Analysis, By Animal Type(Dog, Cats, Equine), By Product(Therapeutics, Diagnostics), By Distribution Channel(Retail, E-Commerce, Hospital Pharmacies), By End User(In House Testing, Veterinary Hospitals, Clinics), By Region - Industry Forecast 2024-2031

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.

• 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.

• 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 

• 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.

• Lack of standardization of the market, the exorbitant products along with high price of diagnosis are majorly restraining the market