Companion Animal Health Market to Surpass 48.37 Billion by 2030 Drives Due to Growing Pet Ownership
SkyQuest projects that the companion animal health market will attain a USD 48.37 billion value by 2030, with a CAGR of 8.4% over the forecast period (2023-2030). The rise in pet ownership worldwide drives the global companion animal health market. Pet owners increasingly prioritize their animals’ well-being, leading to higher demand for veterinary care, medications, and wellness products, fostering market expansion.
Westford, USA, Aug. 16, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, veterinary diagnostics, treatments, and personalized care innovations enhance the companion animal health market. Emerging technologies and improved therapies address various health issues, elevating pet healthcare standards.
Browse In-Depth TOC on the “Companion Animal Health Market”
- Pages – 165
- Tables – 116
- Figures – 77
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Trends regarding pets as integral family members propel the growth of the companion animal health market. Consumers increasingly demand premium and specialized healthcare products and services for their beloved companion animals, fostering the development of advanced treatments and wellness solutions to cater to their evolving needs.
Prominent Players in the Companion Animal Health Market
- Zoetis Animal Healthcare
- Merck and Co.Inc.
- Boehringer Ingelheim GmbH
- Elanco Animal Health Incorporated
- Bayer AG
- Vetoquinol S.A.
- Dechra Pharmaceuticals PLC
- Virbac SA
- IDEXX Laboratories, Inc.
- Ceva Santé Animale
- Kindred Biosciences, Inc.
- Phirbo Animal Health
- Norbrook Laboratories Limited
- Vetiquinol SA
- Neogen Corporation
- PetIQ, Inc.
- Huvepharma AD
- Chanelle Pharma Group Limited
- Kepro
- Biogénesis Bagó
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Hospital Pharmacies Segment is Expected to Grow the Market Due to its Role as a Key Distribution Channel
Hospital pharmacies segment experiences rapid growth in the companion animal health market due to its role as a key distribution channel for veterinary products. These pharmacies offer convenience and expertise in dispensing prescribed medications and healthcare solutions, contributing to the segment’s accelerated expansion within the market.
Asia Pacific experiences rapid growth in the companion animal health market due to expanding pet ownership, rising awareness about animal welfare, and increasing disposable income. As pet healthcare demand rises, the region witnesses a surge in veterinary services, medications, and wellness products, driving its fast-paced market expansion.
Dog Segment is Expected to Dominate the Market Due to Dogs’ Widespread Popularity as Pets and Companions
Dog segment asserts dominance in the companion animal health market due to dogs’ widespread popularity as pets and companions. High adoption rates and the inclination to invest in their well-being drive demand for veterinary care, medications, and specialized health products, solidifying the segment’s leading position.
North America has established dominance in the companion animal health market owing to its substantial pet population, high spending on pet healthcare, and advanced veterinary infrastructure. The region’s well-developed veterinary industry and strong consumer demand for premium pet healthcare products and services solidify its leadership in the market.
A comprehensive analysis of the major players in the companion animal health market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
Key Developments in the Companion Animal Health Market
- Zoetis acquired Jurox, a key provider of animal products, in 2022. This move expands growth opportunities, manufacturing capacity, and Australian animal health market insights. Additionally, it strengthens Zoetis’ anesthesia portfolio by adding a leading companion animal anaesthetic, Alfaxan.
- Recently, Elanco obtained approval from the US Food and Drug Administration (FDA) for Zorbium, a novel extended-release medication designed to manage postoperative pain resulting from surgical procedures in felines. A single transdermal application of Zorbium can provide effective pain relief lasting up to four days.
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Key Questions Answered in Companion Animal Health Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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