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Global Companion Animal Health Market by Product Type - Vaccines, Pharmaceuticals, Feed Additives, Diagnostics in Dogs, Equine, Cats Animal Type
A newly released Companion Animal Health Market analysis report by Persistence Market Research shows that global sales of the Companion Animal Health Market in 2022 were held at US$ 20.8 Billion. With a CAGR of 10.6% from 2022 to 2033, the market is projected to reach a valuation of around US$ 62 Billion by 2033. Veterinary Hospitals and Clinics is expected to be the highest revenue-generating segment, projected to grow at a CAGR of over 10.4% between 2023 and 2033.
Global Companion Animal Health Market (2023)
US$ 22.7 Billion
Global Companion Animal Health Market CAGR (2023 – 2033)
Global Companion Animal Health Market (2033)
US$ 61.6 Billion
U.S. Companion Animal Health Market CAGR (2023 – 2033)
Key Companies Profiled
As per the Companion Animal Health Market research by Persistence Market Research - a market research and competitive intelligence provider, historically, from 2018 to 2022, the market value increased at around 8.7% CAGR.
Companion animals assist their owners in both physical and emotional ways. Companion animals assist individuals in accomplishing health goals such as stress reduction and blood pressure reduction and were regularly maintained as companions by most people.
Some of the reasons expected to drive market expansion during the projected period include an increase in the number of individuals owning pets, changing lifestyles, and rising disposable income.
Furthermore, with the increase in the number of animals, the focus on animal health monitoring solutions across the world has also escalated. Furthermore, expanding activities by several governments throughout regions have improved animal health and increased interest in veterinary vaccinations.
With an increase in the prevalence of illnesses in animals and an increase in the animal population, there has been a greater emphasis on the development of medications for animal care. Every year, new animal ailments emerge, providing an opportunity for pharmaceutical businesses to market developed animal health solutions.
As a result, businesses are effectively sponsoring research and development for the treatment of novel and existing animal illnesses. Diseases such as Nipah infection, porcine, bluetongue, melioidosis, and respiratory and reproductive disorders are common these days, and they provide profitable potential for large market participants.
The market is also being driven by an increase in the prevalence of food-borne and zoonotic illnesses globally. This astonishing rise in illness incidence has led corporations to develop cutting-edge medications and vaccines.
The expansion of the Companion Animal Health Market is also driven by the expanding size of veterinary facilities, increased urbanization, and swelled demand for animal health products. The desire for companion animals has risen as people's lives have changed.
The increased frequency of zoonotic illnesses, rising demand for pet insurance with rising animal health spending, and activities by different government agencies and animal groups are driving growth in this industry.
However, the limited number of novel antibiotics, growing pet care expenses, and rising vaccine storage costs are likely to hinder market expansion throughout the projection period.
Increased illness outbreaks in cattle, as well as canine problems, are driving up sales of animal vaccinations. Furthermore, government investment in research and development by several nations is favorably affecting the demand for animal vaccines.
The present COVID-19 pandemic is thought to be the result of zoonotic viral transmission. Given that the new coronavirus originates in bats, vets are highlighting the need of immunising animal populations against the virus as well. The crisis has significantly expanded the industry's growth opportunities. Furthermore, a recent outbreak of COVID in mink farms across Europe has underlined the need for animal vaccinations to be introduced.
Animal vaccine manufacturers are concentrating on raising knowledge about the necessity of animal immunization. Because the food sector relies significantly on animals for milk and meat, vaccination demand is projected to rise.
Which Region is projected to Offer the Largest Opportunity for Companion Animal Health Market?
In 2022, North America is expected to have a significant market share by the end of 2033. People in North America also have a high rate of adoption of companion animals. Furthermore, humans are becoming more ready and spending more money on animal health. This, combined with the availability of many hospitals and clinics and a rising pool of veterinarians, is boosting the Companion Animal Health industry. Increased research and development, agency funding, and initiatives to raise public awareness in the field of veterinary health management will drive market growth.
U.S. Companion Animal Health Market Analysis
The market in the United States is expected to reach a valuation of US$ 20 Billion by the end of 2033 due to an increase in the number of pet animals over the last few years.
According to the Society for the Prevention of Cruelty to Animals in Los Angeles, companion animal adoption nearly increased in June 2020, with daily adoptions ranging from 10 to 13. The growing popularity of pets is helping the growth of the country's animal health business. The growing number of pet owners, technological developments, and the prevalence of zoonotic illnesses are expected to fuel market growth.
U.K. Companion Animal Health Market Analysis
The market in the U.K. is projected to expand at a CAGR of over 9% from 2023 to 2033, reaching a valuation of US$ 2.8 Billion by 2033. The market is expected to gross an absolute dollar opportunity of US$ 1.7 Billion.
Japan Companion Animal Health Market Analysis
In Japan, the market is projected to reach US$ 3.2 Billion by 2033. The market is expected to grow at a CAGR of 13% from 2023 to 2033, to gross an absolute dollar opportunity of US$ 2.3 Billion.
Why Veterinary Hospitals and Clinics are expected to generate significant revenue in Companion Animal Health Market?
Veterinary Hospitals and Clinics commanded significant revenue share and are expected to swell at a CAGR of over 10%, during the forecast period. This is due to different applications such as clinical toxicology tests, and therapy, and clinical pathology.
This category is being driven by the availability of a wide variety of diagnostic alternatives as well as treatments at veterinary hospitals. Furthermore, the growth in the prevalence of zoonotic illnesses caused by climate change and globalization is expected to increase the need for diagnostic techniques, which will aid in further development of the market.
Players in the market are constantly developing improved solutions as well as extending their product offerings. As the industry consolidates, large businesses are focusing on acquisitions and mergers to pursue profitable prospects. Leading players are also focusing on improving their commercialization activities by adhering to administrative requirements.
Some of the recent developments of key Companion Animal Health providers are as follows:
Similarly, recent developments related to companies in the Companion Animal Health Market have been tracked by the team at Persistence Market Research, which are available in the full report.
By Animal Type
By Product Type
By Distribution Channel
By End Use
The market was reported at US$ 20.8 billion in 2022.
The market is estimated to be valued at US$ 22.7 billion in 2023.
The market is expected to reach a valuation of US$ 61.6 Billion by 2033
The market registered a CAGR of 8.7% over the last 4 years
The market is projected to witness a CAGR of 10.6% from 2023 to 2033.
The market through Veterinary Hospitals & Clinics are expected to garner significant value share by 2023.