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"The companion animal healthcare market study is a comprehensive report with in-depth qualitative and quantitative research evaluating the current scenario and analyzing the year over year growth of 8.65% and CAGR 9.25% with USD 9.82 billion during the forecast period 2021 to 2026"
This companion animal healthcare market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers companion animal healthcare market segmentation by product (pharmaceuticals and diagnostics) and geography (North America, Europe, Asia, and the Rest of the World (ROW)). The companion animal healthcare market report also offers information on several market vendors, including Agrolabo Spa, Bayer AG, C. H. Boehringer Sohn AG, and Co. KG, Ceva Sante Animale, Chanelle Pharma Group, Dechra Pharmaceuticals Plc, Eco Animal Health Group Plc, Elanco Animal Health Inc., Endovac Animal Health, Heska Corp., IDEXX Laboratories Inc., Indian Immunologicals Ltd., Innovate, Kyoritsuseiyaku Corp., LABORATORIOS HIPRA SA, Merck and Co. Inc., Norbrook Laboratories Ltd., Vetoquinol SA, Virbac Group, and Zoetis Inc. Download for Full Vendor List
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Technavio categorizes the global companion animal healthcare market as a part of the global pharmaceuticals market. Our Technavio Research categorizes the global companion animal healthcare market belonging to the pharmaceuticals industry as With the market. Our Research Report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth in the forecast year.
The rising pet ownership is notably driving the companion animal healthcare market growth, although factors such as stringent regulatory approval processes for drugs may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the companion animal healthcare industry. The holistic analysis of the drivers will help deduce end goals and refine marketing strategies to gain a competitive edge.
Key Companion Animal Healthcare Market Driver
Rising pet ownership is one of the major drivers impacting the companion animal healthcare market growth. Growing pet ownership and humanization of pets are complementing the growth of the global companion animal healthcare market during the forecast period. Most pet owners believe that pets have a positive impact on their lives. Around 90% of dog owners, specifically, believe that their dogs make a huge contribution to their physical and mental health. According to the American Pet Products Association (APPA) 2020-2021 APPA National Pet Owners Survey, over 67% of American households, which equates to 84.9 million homes, own at least one pet in their house. Therefore, the increasing adoption of pets in households is driving the demand for animal healthcare units for check-ups on pet's health conditions, animal nutrition is propelling the growth of the global companion animal healthcare market during the forecast period.
Key Companion Animal Healthcare Market Trend
Rising awareness about pet insurance is one of the major trends influencing the companion animal healthcare market growth. Pet insurance can help support unexpected costs incurred by pet owners while providing the best veterinary care for pets. The marginal adoption of pet insurance is due to the rigid pet insurance policies, most of which cover only accidental injuries. Countries such as the US and Canada are looking for new insurance policies for pets, which can help them cover the medical expenses of their pets. The demand for pet insurance has increased in parts of APAC. The rise in demand for pet insurance is due to the increased availability of animal medical treatment and surgeries, improvement in technologies related to treatment, and the increasing age of pets leading to several health problems. The diagnostics and treatments for pet health problems are expensive, which increases the demand for pet insurance. Therefore, the growing popularity of pet insurance should help owners avail of proper medical treatment, thereby driving the growth of the global companion animal healthcare market during the forecast period.
Key Companion Animal Healthcare Market Challenge
Stringent regulatory approval processes for drugs are one of the major challenges impeding the companion animal healthcare market growth. The US FDA, the Canadian Food Agency, the European Medicines Agency, the Ministry of Agriculture, Forestry, and Fisheries (MAFF), and the Australian Pesticides and Veterinary Medicines Authority (APVMA) is among the major regulatory bodies that approve veterinary medicines. The Veterinary International Committee for Harmonization (VICH) also plays a vital role in bringing regulatory agencies from the US, Europe, and Japan together; it also harmonizes guidelines and technical standards for veterinary product registration. These regulatory authorities have established severe guidelines for the approval of veterinary pharmaceutical drugs. In nations such as Australia, Japan, and China, regulatory criteria for the authorization of novel veterinary pharmaceutical products, such as antimicrobials, antibiotics, vaccines, parasiticides, and other pharmaceutical products, are also highly stringent. All these factors are reducing the growth of the focused market during the forecast period.
This companion animal healthcare market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
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The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the companion animal healthcare market encompasses successful business strategies deployed by the key vendors. The companion animal healthcare market is fragmented and the vendors are deploying growth strategies such as M&A, distribution through partnerships, participation in medical trade shows, and product development through the use of advanced technologies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The companion animal healthcare market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our In-house experts produce extensive information on the value chain, and parent market of the companion animal healthcare Market which vendors can leverage to gain a competitive advantage during the forecast period. The Value Chain information provides an end-end understanding of product insight and profit also optimization and evaluation of business strategies. The players across the value chain include selective data and analysis from entire research findings as per the scope of the Report.
The value chain of the pharmaceuticals market includes the following core components:
The report has further elucidated other innovative approaches being followed by service providers to ensure a sustainable market presence.
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43% of the market’s growth will originate from North America during the forecast period. US and Canada are the key markets for companion animal healthcare market in North America. Market growth in this region will be faster than the growth of the market in other regions.
The growing interest in pet ownership in countries such as the US and Canada will facilitate the companion animal healthcare market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the outbreak of COVID-19 negatively impacted the market in this region. Due to the adverse effects of COVID-19, a large number of animal healthcare facilities were forced to lay off employees. Therefore, the growth of the companion animal healthcare market in North America declined in the first half of 2020. However, in the second half of 2020, several veterinary healthcare service providers started offering animal healthcare services through digital channels, which enabled the market to deal with the pandemic's negative effects by registering growth through the online channel. Furthermore, in 2021, as a result of large-scale vaccination campaigns and there was the restoration of operations in animal healthcare units, as compared to 2020, due to the suspension of lockdown restrictions, which allowed the market in focus to develop significantly in North America. This growth is expected to continue during the forecast period.
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The companion animal healthcare market share growth in the pharmaceuticals segment will be significant during the forecast period. In 2021, pharmaceuticals were the largest and fastest-growing application segment of the companion animal healthcare market. The rise in pet ownership, rising zoonotic disease incidence, rising demand for pet insurance in association with rising animal healthcare expenses, and activities by several government agencies and animal associations are the main factors driving this market's growth.
This report provides an accurate prediction of the contribution of all the segments to the growth of the companion animal healthcare market size and actionable market insights on post COVID-19 impact on each segment.
Animal healthcare Market - The Market share is expected to increase by USD 7.98 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 4.1%.
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Companion Animal Healthcare Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 9.25% |
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Market growth 2022-2026 |
$ 9.82 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
8.65 |
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Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
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Performing market contribution |
North America at 43% |
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Key consumer countries |
US, Canada, Germany, UK, and China |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Agrolabo Spa, Bayer AG, C. H. Boehringer Sohn AG, and Co. KG, Ceva Sante Animale, Chanelle Pharma Group, Dechra Pharmaceuticals Plc, Eco Animal Health Group Plc, Elanco Animal Health Inc., Endovac Animal Health, Heska Corp., IDEXX Laboratories Inc., Indian Immunologicals Ltd., Inovet, Kyoritsuseiyaku Corp., LABORATORIOS HIPRA SA, Merck and Co. Inc., Norbrook Laboratories Ltd., Vetoquinol SA, Virbac Group, and Zoetis Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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