Market Analysis

Market Research Future (MRFR)s latest study has revealed that the global companion animal healthcare market is poised to proliferate rapidly at a CAGR of 9.6% during the forecast period 2017 to 2023. The market is set to grow from USD 14 Bn in 2016 to USD 20 Bn in 2023. An increase in the expenditure on companion animals coupled with advancements in medicines and vaccinations have fueled the demand in the market. The market resonates strong growth opportunities presently, and the rising per capita income of the population is likely to have a positive influence on the expansion of the companion animal healthcare market.

The increasing inclination of the pet owners towards a healthy lifestyle of their companions is projected to catapult the Companion Animal Healthcare Market Growth on an upward trajectory. The growing number of nuclear families has paved the way for a rise in pet adoption and expenditure among the middle-class families, which is prognosticated to favor the growth of the market over the next couple of years.

An increase in the expenditure on companion animals coupled with advancements in medicines and vaccinations have fueled the demand in the market. The market resonates strong growth opportunities presently, and the rising per capita income of the population is likely to have a positive influence on the expansion of the Companion Animal Healthcare Market.

Key Players

Leading players profiled in the companion animal healthcare market report include Boehringer Ingelheim (Germany), Perrigo Company plc (Ireland), Vetoquinol S.A. (France), Bayer Animal Health (Germany), Elanco Animal Health (US), Merial (France), Virbac Animal Healthcare (France), Ceva Animal Healthcare (UK), Merck and Co., Inc. (US), and Zoetis Animal Healthcare (US), among others. Key players have acquired several strategies to gain a competitive edge in the market. This include product launch, expansion, partnership, collaboration, and acquisition.

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Regional Analysis

Based on the region, the companion animal healthcare market report covers the latest trends and growth opportunities across the Asia Pacific, Europe, the Americas, and the Middle East and Africa. Of these, the Americas will spearhead the market over the forecast period. This is owing to the availability of a huge variety of animal health products.

The companion animal healthcare market in Europe is predicted to have the second-largest share in the market over the forecast period. This is due to an increase in pet ownership on account of tax benefits offered by the government.

The companion animal healthcare market in the APAC region is predicted to have a positive and steady growth over the forecast period. This is owing to the rising awareness about animal cruelty that has influenced people awareness as well as ideologies towards animals.

The companion animal healthcare market in the Middle East and Africa is predicted to have a steady growth over the forecast period. This is owing to high growth opportunities on account of financial improvement and an associated increase in disposable income.

Market Segmentation

By product, the global Companion animal healthcare market has been segmented into feed additives, pharmaceuticals, and vaccines.

By diagnostic tests, the companion animal healthcare market is segmented into diagnostic imaging, immunodiagnostic tests, molecular diagnostics, and other tests.

By end-users, the global companion animal healthcare market has been segmented into veterinary hospitals, veterinary clinics, and home care.

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