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.
Growing investments and strategic initiatives by market players to develop advanced solutions for pet care is another key contributor to the growth of the market. For instance, in February 2020, Boehringer Ingelheim received approval for Aservo Equihaler, which is its first therapy for severe equine asthma.
Request of Sample : https://www.grandviewresearch.com/industry-analysis/companion-animal-health-market/request/rs1
Furthermore, the rising adoption of pet insurance is anticipated to fuel the market growth. As per The Holland Insurance Company Pty. Ltd., 20% of GenY and 12% of baby boomer pet owners have pet insurances in Australia. The pet insurance industry is also growing steadily in countries, such as India. These factors, combined with the humanization of pets and increasing pet health concerns, are expected to increase the demand for pet health products and services.
The market was impacted by the Covid-19 pandemic. Market participants had to face several challenges, such as demand slowdown, supply chain disruptions, and operational hurdles, due to the changing norms and restrictions. The pandemic created working capital pressures across the commercial value chain. However, the growing attachment of pet owners to their pets during this pandemic resulted in increased spending on pet healthcare. This has positively impacted the industry development.
The market is highly competitive and companies are undertaking various business strategies to sustain the heavy competition. As per its March 2020 press release, Ceva, a French global veterinary health company, focused on its inventory planning to ensure continuous product availability during the pandemic. The pre-availability of several months of safety stocks of the company’s strategic vaccines and pharmaceutical products created an added buffer to combat any supply chain interruptions.
Enquire for customization in Report @ https://www.grandviewresearch.com/checkout/select-license/companion-animal-health-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:
Companion Animal Health Animal Type Outlook (Revenue, USD Million, 2017 - 2030)
· Dogs
· Equine
· Cats
· Others
Companion Animal Health Product Outlook (Revenue, USD Million, 2017 - 2030)
· Vaccines
· Pharmaceuticals
o OTC
o Prescription
· Feed Additives
· Diagnostics
· Others
Companion Animal Health Distribution Channel Outlook (Revenue, USD Million, 2017 - 2030)
· Retail
· E-commerce
· Hospital Pharmacies
Companion Animal Health End-use Outlook (Revenue, USD Million, 2017 - 2030)
· PoC/In-house Testing
· Veterinary Hospitals & Clinics
· Others
Companion Animal Health Regional Outlook (Revenue, USD Million, 2017 - 2030)
· North America
o U.S.
o Canada
· Europe
o U.K.
o Germany
o France
o Italy
o Russia
o Spain
· Asia Pacific
o Japan
o China
o India
o Australia
o South Korea
o Malaysia
o Singapore
o Thailand
· Latin America
o Mexico
o Brazil
o Argentina
· Middle East & Africa
o South Africa
o Saudi Arabia
o Turkey
o Iran
o UAE
o Israel
List of Key Players of Companion Animal Health Market
· Merck & Co., Inc.
· Ceva
· Vetoquinol S.A.
· Zoetis
· Boehringer Ingelheim International GmbH
· Elanco
· Virbac
· IDEXX Laboratories, Inc.
· Indian Immunologicals Ltd.
· Agrolabo S.p.A
· Norbrook
Browse Full Report: https://www.grandviewresearch.com/industry-analysis/companion-animal-health-market
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
