Companion Animal Healthcare Market Overview
Increasing adoption of companion animals is driving the market. Companion animals are the animals which serve man by giving companionship and guarding their houses or offices. Various types of diseases in animals and their transfer to humans via their product consumption and companionship are escalating the market globally.
Growing incidence of zoonotic and food-borne diseases will be a potential concern for the health of pet animals. In many countries such as the U.S., brucellosis is increasing and causes abortion in animals. Increasing pet/companion ownership, growing health care concerns of pets, rising demand for improved nutrition, are the major factor driving the growth of the Animal healthcare market. The factors that are hindering the growth of the market are restrictions by regulatory bodies have a negative impact on the sales of antibiotics, soaring costs and increasing regulations on animal testing have hindered a number of healthcare companies from manufacturing newly advanced drugs.
Companion Animal Healthcare Market Forecast Report (2018-2023)
Global Companion Animal Healthcare Market Value was worth USD $14.36 Billion in 2018 and estimated to reach USD $19.4 Billion by the end of 2023 with a growing potential at a CAGR of 6.20 %.
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Companion Animal Healthcare Market Segmentation
Companion Animal Healthcare Market Segmentation by Product, and further divide into Feed additives, Pharmaceuticals, and vaccines. The feed additives segment is further segmented into Nutritional feed additives and Medicinal feed additives. Nutritional feed additives are given to animals for ensuring their growth. Nutritional feed additives include Proteins, minerals, amino acids, and vitamins. On the other hand, medicinal feed additives target particular types of diseases in companion animals. Medicinal feed additives include enzymes, probiotics, hormones, immune modulators, prebiotics, and feed acidifiers. Pharmaceutical products in the Companion animal healthcare market include ectoparasiticides, endectocides, antibiotics, anti-inflammatories, and medicines for curing reproductive problems.
Based on Geography, the Companion Animal healthcare market is analyzed under various regions namely North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. North America accounts for the largest share of the market due to the growing expenditure on pet nutrition and health care.
Key Developments in the Market
- April 2017 – Zoetis completed the acquisition of Nexvet, a biologic therapeutics company developing a pipeline of monoclonal antibody therapies for companion animals in pain and other therapeutic areas
- Major Players:
The major companies dominating this market for its products and services are
- Bayer HealthCare Pharmaceuticals LLC,
- Boehringer Ingelheim,
- Merck & Co., Merial,
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