Top Players Covered in the Companion Animal Healthcare Market Research Report Are Intervet Inc. (Merck Animal Health), Zoetis, Bayer AG, Vetoquinol S.A., Boehringer Ingelheim International GmbH, Virbac, Ceva Santé Animale, Elanco, Heska and other key market players.
Pune, India, Sept. 21, 2021 (GLOBE NEWSWIRE) -- The rising need for maintaining the health of companion animals is boosting the global companion animal healthcare market says Fortune Business Insights in their new study. The study is titled, “Companion Animal Healthcare Market Size, Share and Global Trend By Animal Type (Canine, Feline, Equine, Avian, Others), By Product Type (Therapeutics, Diagnostics) and Geography Forecast till 2026.” The report includes growth forecast for the market, besides information on key growth drivers and restraints impacting its trajectory.
According to the report, the canine segment accounts is likely to hold the largest companion animal healthcare market share in terms of animal type. This is attributable to the rising number of pet owners worldwide, and the easy availability of products meant for pet healthcare in the market, including drugs and vaccines.
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Rising Concern Regarding Health and Well-being of Pets Creates Lucrative Growth Prospects
The increasing prevalence of animal diseases is a major factor driving the global companion animal healthcare market. Besides this, increasing construction of healthcare centers for animals and the rising number of veterinary practitioners are boosting the companion animal healthcare market. In addition, the development and availability of animal healthcare products such as animal feeds, oral chews, and others is anticipated to boost the market in the future. Furthermore, continuous efforts by market vendors in terms of strategic collaborations, product launches, and other growth strategies are prognosticated to help the global companion animal healthcare market gain traction in the coming years.
On the flip side, the market for companion animal healthcare may face certain challenges in terms of high production and maintenance costs of the equipment along with concerns arising due to product recall.
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North America to Emerge Dominant on Account of Rapid Penetration of Animal Healthcare Products
Geographically, the global companion animal healthcare market is anticipated to be dominated by North America on account of the rapid penetration and adoption of animal feeds, vaccines, diagnostic tests, and drug products required for animal health. On the other side, the companion animal healthcare market in Europe is anticipated to grow significantly in the forthcoming years. The increasing number of pet owners and rising demand for minimally invasive diagnosis for animal healthcare are anticipated to boost growth of the market in Europe.
Additionally, the surge in prevalence of diseases in animals and government support in the form of awareness programs and necessary healthcare measures for preventing the outbreak of diseases in animals are helping the market for companion animal healthcare gain pace in Latin America and Asia Pacific. Furthermore, the companion animal healthcare market in the Middle East and Africa is also presumed to grow in the coming years.
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Strategic Collaborations and Product Launches by Market Vendors Aimed at Gaining Competitive Advantage
With many players operating in the global companion animal healthcare market, the competition is fierce. Most vendors are adopting unique strategies to gain a competitive edge in the market. Such strategies include the launch of new vaccines, testing kits for animal diagnostics, machinery and equipment for animal ultrasound and other techniques.
Some of the companies functioning in the global market are Intervet Inc. (Merck Animal Health), Zoetis, Bayer AG, Vetoquinol S.A., Boehringer Ingelheim International GmbH, Virbac, Ceva Santé Animale, Elanco, Heska, and others.
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By Animal Type
By Product Type
· North America (USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico and Rest of Latin America)
· Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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