Companion Animal Health Industry Overview
The global companion animal health market size is anticipated to reach USD 37.49 billion by 2028, according to a new report by Grand View Research, Inc. The market is anticipated to grow at a CAGR of 9.2% from 2021 to 2028. Growing pet adoption, rising cases of acute & chronic health conditions in pets, and availability of pet insurance are the factors responsible for the growth of this market.
Companion Animal Health Market Segmentation
Grand View Research has segmented the global companion animal health market on the basis of animal type, product, distribution channel, end-use, and region:
Based on the Animal Type Insights, the market is segmented into Dogs, Equine, Cats and Others.
- In 2020, the dogs animal type segment dominated the market with a revenue share of more than 40%. As per the Holland Insurance Company Pty. Ltd., India’s pet dog population is growing at an exponential rate owing to urbanization and millennials opting for dogs as pets. Furthermore, rising awareness regarding pet insurance as well as the importance of animal health is also anticipated to boost the market growth.
- However, the cats segment is anticipated to register the highest CAGR from 2021 to 2028. Cats are increasingly being adopted in some countries, such as Canada, and are preferred over dogs. Moreover, many companies are focusing on increasing their product portfolio for cats owing to greater sensitivity to diseases in comparison with other pet animals.
Based on the Product Insights, the market is segmented into Vaccines, Pharmaceuticals, Feed Additives, Diagnostics and Others.
- The market was dominated by the pharmaceuticals segment in 2020 and the segment accounted for over 50% share of the overall revenue. However, the diagnostics segment is expected to register the highest CAGR of more than 10% from 2021 to 2028.
- In September 2020, Zoetis launched Vetscan Imagyst—a diagnostic platform—to improve its pet diagnostics portfolio. IDEXX Laboratories is involved in pet healthcare, veterinary diagnostics, and veterinary practice software and offers an extensive lineup of tests, devices, and services for companion animals.
Based on the Distribution Channel Insights, the market is segmented into Retail, E-commerce and Hospital Pharmacies.
- In 2020, the hospital pharmacies segment accounted for the maximum revenue share of over 57%. The segment will retain its leading position growing at a steady CAGR from 2021 to 2028 due to factors, such as easy accessibility and a higher volume of prescriptions fulfilled by these outlets.
- On the other hand, e-commerce is expected to be the fastest-growing distribution channel segment during the forecast period. This growth can be credited to the benefits offered by these platforms, such as convenience, which eliminates the need to purchase medicines from retail or hospital pharmacies, and a consistent supply of drugs as these medications can be preordered.
Based on the End-use Insights, the market is segmented into PoC/In-house Testing, Veterinary Hospitals & Clinics and Others.
- The veterinary hospitals & veterinary clinics segment held the largest revenue share of over 81% in 2020 and will remain dominant throughout the forecast period owing to the high volume of patients received by hospitals and clinics.
- The Point-of-Care (PoC)/in-house testing segment is anticipated to register the fastest CAGR from 2021 to 2028 due to increased testing needs for pets for a variety of health conditions and infections.
Companion Animal Health Regional Outlook
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
Market players focus on new product development, mergers & acquisitions, and distribution channel expansion to capture a larger share of the market. Companies are inclined towards maintaining a competitive edge as well as delivering economic value to customers and fulfilling unmet needs.
Some of the prominent players in the global companion animal health market include:
- Merck & Co., Inc.
- Vetoquinol S.A.
- Boehringer Ingelheim International GmbH
- IDEXX Laboratories, Inc.
- Indian Immunologicals Ltd.
- Agrolabo S.p.A
Order a free sample PDF of the Companion Animal Health Market Intelligence Study, published by Grand View Research.