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.
| Attributes | Details |
| Report Title | Companion Animal Healthcare Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
| Base Year | 2020 |
| Historic Data | 2018–2019 |
| Forecast Period | 2021–2028 |
| Segmentation | Animal Types (Horse, Dogs, Cats, and Others) and Product Types (Diagnostics and Therapeutics) |
| Regional Scope | Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
| Report Coverage | Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
| Key Players Covered in the Report | Bayer AG; Elanco; Virbac; and Zoetis Inc. |
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.
2. Assumptions and Acronyms Used
3. Research Methodology
4. Companion Animal Healthcare Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Companion Animal Healthcare Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Companion Animal Healthcare Market - Supply Chain
4.5. Global Companion Animal Healthcare Market Forecast
4.5.1. Companion Animal Healthcare Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Companion Animal Healthcare Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Companion Animal Healthcare Market Absolute $ Opportunity
5. Global Companion Animal Healthcare Market Analysis and Forecast by Region
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Region
5.2.2. Y-o-Y Growth Projections by Region
5.3. Companion Animal Healthcare Market Size and Volume Forecast by Region
5.3.1. North America
5.3.2. Latin America
5.3.3. Europe
5.3.4. Asia Pacific
5.3.5. Middle East and Africa (MEA)
5.4. Absolute $ Opportunity Assessment by Region
5.5. Market Attractiveness/Growth Potential Analysis by Region
5.6. Global Companion Animal Healthcare Demand Share Forecast, 2019-2026
6. North America Companion Animal Healthcare Market Analysis and Forecast
6.1. Introduction
6.1.1. Basis Point Share (BPS) Analysis by Country
6.1.2. Y-o-Y Growth Projections by Country
6.2. North America Companion Animal Healthcare Market Size and Volume Forecast by Country
6.2.1. U.S.
6.2.2. Canada
6.3. Absolute $ Opportunity Assessment by Country
6.4. Market Attractiveness/Growth Potential Analysis
6.4.1. By Country
6.4.2. By Product Type
6.4.3. By Application
6.5. North America Companion Animal Healthcare Demand Share Forecast, 2019-2026
7. Latin America Companion Animal Healthcare Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.1.3. Latin America Average Pricing Analysis
7.2. Latin America Companion Animal Healthcare Market Size and Volume Forecast by Country
7.2.1. Brazil
7.2.2. Mexico
7.2.3. Rest of Latin America
7.3. Absolute $ Opportunity Assessment by Country
7.4. Market Attractiveness/Growth Potential Analysis
7.4.1. By Country
7.4.2. By Product Type
7.4.3. By Application
7.5. Latin America Companion Animal Healthcare Demand Share Forecast, 2019-2026
8. Europe Companion Animal Healthcare Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Europe Average Pricing Analysis
8.2. Europe Companion Animal Healthcare Market Size and Volume Forecast by Country
8.2.1. Germany
8.2.2. France
8.2.3. Italy
8.2.4. U.K.
8.2.5. Spain
8.2.6. Russia
8.2.7. Rest of Europe
8.3. Absolute $ Opportunity Assessment by Country
8.4. Market Attractiveness/Growth Potential Analysis
8.4.1. By Country
8.4.2. By Product Type
8.4.3. By Application
8.5. Europe Companion Animal Healthcare Demand Share Forecast, 2019-2026
9. Asia Pacific Companion Animal Healthcare Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Asia Pacific Average Pricing Analysis
9.2. Asia Pacific Companion Animal Healthcare Market Size and Volume Forecast by Country
9.2.1. China
9.2.2. Japan
9.2.3. South Korea
9.2.4. India
9.2.5. Australia
9.2.6. Rest of Asia Pacific (APAC)
9.3. Absolute $ Opportunity Assessment by Country
9.4. Market Attractiveness/Growth Potential Analysis
9.4.1. By Country
9.4.2. By Product Type
9.4.3. By Application
9.5. Asia Pacific Companion Animal Healthcare Demand Share Forecast, 2019-2026
10. Middle East & Africa Companion Animal Healthcare Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Middle East & Africa Average Pricing Analysis
10.2. Middle East & Africa Companion Animal Healthcare Market Size and Volume Forecast by Country
10.2.1. Saudi Arabia
10.2.2. South Africa
10.2.3. UAE
10.2.4. Rest of Middle East & Africa (MEA)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Market Attractiveness/Growth Potential Analysis
10.4.1. By Country
10.4.2. By Product Type
10.4.3. By Application
10.5. Middle East & Africa Companion Animal Healthcare Demand Share Forecast, 2019-2026
11. Competition Landscape
11.1. Global Companion Animal Healthcare Market: Market Share Analysis
11.2. Companion Animal Healthcare Distributors and Customers
11.3. Companion Animal Healthcare Market: Competitive Dashboard
11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
11.4.1. Bayer AG
11.4.2. Elanco
11.4.3. Virbac
11.4.4. Zoetis Inc.