Major Key Companion Animal Health Market SWOT Analysis

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Market scope

Market Research Future (MRFR) studied the global Companion Animal Health market in 2021 for the review period 2027. According to MRFR analysis, the Companion Animal Health market is expected to register a CAGR of approximately 9.6% over the forecast period. By 2023, the global companion animal health market is expected to reach $20 billion.

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Drivers and Restraints Impacting the Companion Animal Health Market

The growing adoption of animals as pets or companions is expected to support the growth of the pet health market. Growing concern among pet owners regarding their pet’s health is creating the need for effective healthcare solutions, which, in turn, can drive the market expansion. The expansion of residential space is driving the demand for pets. At the same time, increasing people’s incomes may incentivize preference for pet health solutions that can support the growth of the market. Pets are often the protectors of their owners. They help prevent theft and create a safe environment. Dogs and cats are the most commonly adopted pets and play a crucial role in the lives of their owners and provide a sense of responsibility and belonging.

Animal health products include vaccines and other pharmaceutical solutions that are solely dedicated to animal health and welfare. These solutions provide nutrition to pets and the increase in their demand and affordability over the past decades has allowed pet owners to spend more and more on better and healthier lifestyles.

Rising importance of companion animal health owing to increasing number of people with pets and pressing need for effective animal health and vaccination solutions may influence the global animal health products market . The increase in the quality of care offered to these animals has significantly increased sales, which, in turn, can support the market increase.

The companion animal healthcare market is expected to grow at a steady pace. Ongoing trends in pet adoption, and the most trending is the adoption of pets by the growing number of nuclear families, may increase the need for animal health drugs and vaccines, and other types of medical treatments that can help the market grow. in the years to come.

Companion Animal Health Market Key Players

Boehringer Ingelheim (Germany), Zoetis Animal Health (USA), Elanco Animal Health (USA), Merial (France), Merck and Co., Inc. (USA), Bayer Animal Health (Germany), Virbac Animal Health (France), Ceva Animal Healthcare (UK), Perrigo Company plc (Ireland) and Vetoquinol SA (France), among others, are reputable companies in the global companion animal health market listed by the MRFR .

Companion Animal Health Market Segment Study

The segment study of the global companion animal health market is based on vaccines, feed additives and pharmaceuticals.

The feed additive-based segments of the pet health market are medicinal feed additives and nutritional feed additives. The nutritional food additives segment includes vitamins, proteins and minerals, among others. The Medicinal Food Additives segment includes immunomodulators, hormones, probiotics, enzymes and prebiotics, among others.

The pharmaceutical segments of the global pet health market are anti-infectives, anti-inflammatories and antibiotics.

The diagnostic testing-based segments of the companion animal health market include immunodiagnostic testing, diagnostic imaging, and molecular diagnostics, among others.

Segments of the companion animal healthcare market based on end users include veterinary hospitals, home care, and veterinary clinics, among others.

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Companion Animal Health Market Regional Analysis

In the Americas, the pet health market may hold the market share. The Americas market research is done for both North America and South America. Growing awareness of animal health solutions, accessibility of a wide selection of animal health products, increased focus on food safety, and an increase in the number of people with pets are driving this market. the prohibition of occurrences of animal diseases also has an effect on the expansion of this market. The methods of collaboration, merger and acquisition applied by the major market players are driving this market in North America. After the Americas, Europe is the second largest market for pet health. while Asia-Pacific positive growth during this market. Rising awareness of animal cruelty and animal ideologies are a number of key issues driving the expansion of this market in Asia Pacific. The market is showing slow growth in the Middle East and Africa. The Middle East and Africa market for pet care also presents strong growth opportunities due to economic improvement and strong increase in disposable income.

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This press release was published on openPR.

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