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Companion Animal Healthcare Market Trends

Report ID: GMI6618
Published Date: Sep 2023
Report Format: PDF

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Companion Animal Healthcare Market Trends

The industry is undergoing transformation due to several influential trends that are shaping its trajectory of progression and advancement. In developed countries such as U.S., Germany, UK, and France, the pet population is rapidly rising due to the increasing emotional support and companionship they provide to humans. The concerns and awareness regarding the risk associated with zoonotic diseases is driving the demand for animal diagnostics and treatment. The increasing pet insurance rates, rising awareness about animal health, and the growing demand for veterinary services. Additionally, advancements in veterinary medicine, including diagnostic tools, treatment options, and preventive care products, drive the market forward.

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

Global market size for companion animal healthcare was valued at USD 92.9 billion in 2022 and will register 7.9% CAGR from 2023-2032 due to the increasing pet adoption for companionship worldwide.

The veterinary services product segment recorded 75.1% share of the industry in 2022 on account of higher applications in preventive care, diagnostics, treatments, surgeries, dental care, and emergency services.

Companion animal healthcare market from the pharmacies distribution channel segment will register 8.2% CAGR from 2023-2032 owing to the higher availability of comprehensive range of medications and animal healthcare products at these distributors.

Boehringer Ingelheim International GmbH, Elanco Animal Health, Merck & Co, Inc., Vetoquinol, Zoetis, Inc., Medtronic plc, IDEXX Laboratories, Neogen Corporation, Virbac SA, and B Braun Melsungen AG are some of the major companion animal healthcare companies worldwide.