Companion Animal Healthcare Market by Animal Types (Horse, Dogs, Cats, and Others), Product Types (Diagnostics and Therapeutics), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

The global companion animal healthcare market size is anticipated to expand at a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to increased pet adoption, rising government efforts for animal health, and expanding technical breakthroughs in animal healthcare globally.

Companion animals are those categories of animals widely adopted as pets for owners’ comfort and company despite they are useful for protecting from any intruders in the house. Companion animal healthcare refers to several products that are essential for ensuring good environment for animal health. Many services and solutions are available to diagnose, treat, vaccinate, and feed animals for their healthy growth by preventing or minimizing risk associated with various diseases. The trend of popular nuclear family has increased pet ownership throughout the world. The tendency of imbuing dogs with human qualities has raised health and safety concerns among pet owners over the years. Consumers' willingness to spend more money on their pets especially dogs is increasing as a result of the expanding amicable human-animal relationship. Currently, the need for vaccinations and diagnostic tests become a common phenomenon due to wide prevalence of various types of animal health illnesses. The necessity to treat and rising owners’ preference to cure disorders of their cats and dogs present key aspects for the market expansion.

The COVID-19 pandemic had shattered the global economy and affected the livelihood of a vast number of people throughout the world in the recent past. Countries from all across the world were facing to slip out of the global crisis and restore their normal economic life. The pandemic posed a negative impact on the market.

Market Trends, Drivers, Restraints, and Opportunities

• Favorable government policies encouraging the adoption of indigenous companion animals especially dogs is a key factor expected to drive the market during the forecast period.
• Wide availability of veterinary pharmaceuticals and non-medical items for healthy growth of pets is projected to propel the market expansion.
• Growing awareness regarding pet health and high wellness expenses for pets among a large number of owners present another key factors boosting the market. 
• Lack of understanding of drug dose levels and volatility in raw material availability in the market has resulted in increased final product prices. This is a key hurdle that can hinder the market expansion.
• Increasing easy accessibility to pet health insurance is likely to create lucrative opportunities for the market growth during the forecast period.

Scope of the Report

The report on the global companion animal healthcare market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Dogs segment to expand at a considerable CAGR

On the basis of animal types, the companion animal healthcare market is segmented into horse, dogs, cats, and others. The dogs segment is projected to expand at a considerable CAGR during the forecast period due to rising millennials' preference for keeping dogs as pets. On the other hand, the cats segment is anticipated to account for a major market share during the forecast period as in certain nations, such as Canada, cats are becoming more popular pets and are chosen over dogs.

Therapeutics segment to hold a significant share of the market

In terms of product types, the market is bifurcated into diagnostics and therapeutics. The therapeutics segment is expected to hold a significant share of the market owing to increasing awareness among owners for proper treatment of various diseases of their pets. However, the diagnostics segment is projected to account for significant market share in the coming years as the increased frequency of different diseases in pets is likely to stimulate research and development for better diagnostic tests and products.

North America is anticipated to constitute a key market share

In terms of regions, the companion animal healthcare market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period owing to the increased pet population and expenditure as well as the humanization of pets. However, the market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period due to rising number of pet ownership and increasing knowledge among owners for their pet health.

Segments

Segments Covered in the Report
The global companion animal healthcare market has been segmented on the basis of
Animal Types

• Horse
• Dogs
• Cats
• Others

Product Types

• Diagnostics
• Therapeutics

Regions

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• Bayer AG
• Elanco
• Virbac
• Zoetis Inc.

Competitive Landscape

Key players competing in the global companion animal healthcare market are Bayer AG; Elanco; Virbac; and Zoetis Inc. Market players are constantly focusing on new product development, mergers and acquisitions, and distribution channel growth. Companies are motivated by the desire to preserve a competitive advantage by providing economic solutions for animal healthcare systemto consumers and meeting unmet requirements. Heska, for example, acquired Scil animal care in April 2020 to expand its line of PoC tests.