About This Report

Companion Animal Health Market, by Animal Type (Cats, Dogs, and Equine), By Product Type (Vaccines, Feed Additives, Pharmaceuticals, Diagnostics, Parasiticides, and Others), By Distribution Channel (Retail, E-commerce, and Hospital Pharmacies & Clinics), and by Region (North America, South America, Europe, Asia Pacific, The Middle East, and Africa) - Size, Share, COVID Impact Analysis, Growth, Outlook, and Opportunity Analysis, 2020 - 2028

Companion animal health is the term used to describe the general wellbeing and physical state of pets, such as dogs, cats, birds, and other animals kept primarily as companions. Both the owners' and the pets' quality of life depend greatly on the welfare of companion animals. Various aspects of companion animal health, including socialisation, mental health, and physical health, are covered. A balanced diet, and preventative medical procedures like immunisations and parasite control are necessary to maintain physical health. The state of an animal's mind can be improved by engaging in enrichment activities like play, training, and socialisation with both people and other animals. Socialisation and human-animal connections are also good to mental health and general wellbeing.

In 2020, the Companion Animal Health market was valued at US$ YY million, and it is anticipated to be around US$ YY million by 2027. Over the forecast period, the market is expected to grow at a CAGR of YY%.

Increase in pet ownership, and the advancements in the technology are the main drivers, but the high cost of pet health care is a restraint

The increasing trend of pet ownership around the world is one of the key factors driving the companion animal health industry. This is a result of people's rising awareness of the benefits of pet ownership, including companionship and emotional support. For instance, according to a survey by Euromonitor International, pet ownership is growing increasingly common among younger generations in China, with the percentage of households with pets rising from 20% in 2016 to 27% in 2020. Adding to this, During the pandemic, foster placements for pets in New York City increased by 70%, according to the American Society for the Prevention of Cruelty to Animals (ASPCA).
Moreover, the market for companion animal health is expanding as a result of the development of revolutionary innovations like wearable gadgets and telemedicine. Pet owners and veterinarians can monitor and diagnose ailments more precisely and effectively because to these technologies. In the veterinary field, telemedicine is gaining popularity. For instance, Companies like VetChat and TeleVet offer online consultations with veterinarians so pet owners may get expert guidance while relaxing in the comfort of their own homes. Access to veterinary treatment has been made easier for pet owners in rural areas and those who find it difficult to travel to a clinic due to this technology.
However, A significant barrier to the companion animal health business is the high expense of pet healthcare. This is due to the fact that many pet owners cannot afford the costs associated with preventive care and early detection of illnesses. For instance, the American Veterinary Medical Association (AVMA) reports that the cost of veterinary care for pets has been steadily growing over the last few years and that this trend will likely continue. An annual veterinary appointment may cost between $50 and $400, depending on the type of care provided. This might be a significant financial burden for many pet owners, in particular those with multiple animals.

Dogs segment is expected to account for significant market share by Animal type segment

The global Companion Animal Health market is mainly classified based on Animal Type, Product Type, and Distribution Channel. Animal Type is segmented into cats, dogs, and equine. Product type is classified into vaccines, feed additives, pharmaceuticals, diagnostics, parasiticides, and others. Distribution Channel is further classified into retail, E-commerce, and Hospital Pharmacies & Clinics.

By Anima type, Dogs holds the major market share worldwide due to the rising dog’s ownership, and increased spending on dogs’ healthcare. For instance, there are nearly 63 million dog-owning households in the United States alone, which makes it a significant market for companion animal health products, according to the American Pet Products Association (APPA). Dogs are typically regarded as members of the family, which increases the cost of their healthcare. A rising trend towards wellness and preventive care for dogs is also fuelling growth in the market for companion animal health products. The development of wearable technology gadgets that enable pet owners to follow their animal's health and activity levels in real-time, such as activity trackers and GPS collars. For instance, The T5 MINI, a new GPS-enabled dog tracking collar from Garmin that has been designed for smaller dogs. Additionally, FitBark, a business that makes fitness trackers for dogs, has secured $5.5 million in funding to broaden their range of products and boost up marketing initiatives.

Interesting Facts of Companion Animal Health Market

• Retail retains a significant market share in terms of distribution channels, followed by e-commerce and hospital pharmacies & clinics. However, the pandemic has increased pet product sales on the internet, which could mean a change in the distribution channel's market share in the years to come.
• In terms of product type, the vaccination segment commands the largest market share in the companion animal health sector. This is due to the fact that there is a strong demand for vaccines in the market and that they are crucial for preventing numerous infectious diseases in companion animals.
• The number of dog owners has been gradually rising in other continents including Europe and Asia Pacific, which is anticipated to fuel the demand for products for companion animals' health.

The companion animal health market is anticipated to expand significantly in the Asia Pacific region due to factors including an increase in pet ownership, more public awareness of animal healthcare, and improved healthcare infrastructure.

North America will account for the largest share of the Companion Animal Health industry

North America is expected to rule the companion animal health industry due to factors such a high rate of pet ownership, an advanced veterinary healthcare infrastructure, and an increase in demand for luxury pet healthcare products. For instance, in comparison to 35% in 1988, the Canadian Animal Health Institute (CAHI) found that around 57% of Canadian households in 2019 owned a pet. A strong regulatory framework for animal health products is also in place in the region, which has encouraged innovation and investment. The veterinary healthcare system in North America is well developed and includes veterinary clinics, hospitals, and research facilities that offer companion animals outstanding treatment. Modern medical technology and equipment are available in these facilities, enabling veterinarians to offer the latest treatments to animals.
Moreover, the luxury pet healthcare business is expanding as North American pet owners are becoming more ready to spend more money on the health and welfare of their animals. Personalised dietary regimens, regenerative medicine, and cancer therapies are a few examples of the products covered in this segment. As an illustration, Zoetis introduced a new line of nutrients, probiotics, and grooming items for dogs in 2021.

Global Companion Animal Health Market key Players:

Some of the major competitors in the global Companion Animal Health market include Agrolabo S.p.A, Bayer AG, Boehringer Ingelheim GmbH, Ceva Santé Animale, Dechra Pharmaceuticals, Elanco Animal Health Incorporated, IDEXX Laboratories, Inc., Merck & Co., Inc., Merial, Vetoquinol S.A., Virbac, Inc., and Zoetis Inc.
The Companion Animal Health industry is extremely competitive with aggressive market strategies of global and regional companies looking to strengthen market position through new product launches, collaborations, and facility expansions. The following are some recent market developments:

• In March 2022, Zoetis Inc. and Orivet Genetic Pet Care announced a partnership to create genetic tests for dogs and cats that will aid doctors in diagnosing and treating patients more effectively.
• MyVetIQ, a new digital platform that Boehringer Ingelheim stated would be live in December 2021, will help pet owners manage their pets' heath by offering individualised advice and insights.
• In September 2021, Merck Animal Health introduced the two new swine vaccinations, Porcilis Lawsonia and Porcilis PCV M Hyo.
• To increase its selection of companion animal products, Elanco Animal Health announced in July 2021 that it would purchase Kindred Biosciences, a veterinary biopharmaceutical business.
• Ethos Diagnostic Science, a firm that develops diagnostic testing for animals, was acquired by well-known animal health company Zoetis in 2019. Ethos Diagnostic Science's products include a wearable monitoring device that can detect early indicators of kidney sickness.

Frequently asked questions about global Companion Animal Health market

Q: What is the current size of the global Companion Animal Health market?
Ans: The Companion Animal Health market was valued at YY million US$ in 2020 and is projected to reach YY million US$ by 2027, at a CAGR of YY% during the forecast period.

Q: What are the major opportunities in Companion Animal Health industry?
Ans: Rising pet ownership rates, rising pet healthcare costs, and expanding demand for modern animal health products are all significant growth areas for the companion animal health sector.

Q: What is major growth driving factor for Companion Animal Health industry?
Ans: The increasing focus on pet wellness and preventive care, together with developments in veterinary medicine and technology, are the main growth-driving factors for the companion animal health sector.

Q: Which region is expected to have the largest share of the Companion Animal Health market?
Ans: North America is anticipated to have the greatest share of the companion animal health market due to factors including high pet ownership rates, an established veterinary healthcare system, and rising consumer demand for high-end pet healthcare goods.

Q: Which Product Type segment will dominate the Companion Animal Health market?
Ans: Pharmaceuticals are anticipated to dominate the companion animal health market by product type, driven by factors like the rising incidence of chronic diseases in pets and the growing availability of cutting-edge medications for animal health.