Companion Animal Health Market Current Industry Outlook and Forecast 2021-2031

Global Companion Animal Health Market: Overview

The global companion animal health market is expected to grow owing to an increase in government and private sector activities to improve animal health. A joint initiative involving many organizations is the One Health initiative. The World Health Organization (WHO), the World Organization for Animal Health (OIE), the American Veterinary Medical Association, the Food and Agriculture Organization of the United Nations (FAO) and many d others are part of it.

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It aims to preserve public health by preventing and controlling zoonotic infections while protecting animal health. This requires the enactment of appropriate policies at global, regional and national levels.

These pets are used to help older people achieve higher dopamine levels to combat the anxiety they experience, according to research. As a result, companion animal health is an important part of the veterinary profession. Pets are bred for the care of the elderly and help boost dopamine levels, which aids in the mental well-being of individuals. This highlights the importance of helping animals improve their health.

The growth in the deployment of artificial intelligence, which has enabled diagnostics, is one of the major factors that is likely to drive revenue generation opportunities in the companion animal health market. Additionally, the market is expected to be driven by an increase in pet adoption in the United States. The increase in the availability of insurance to protect against accidents is expected to contribute to the growth of the industry in the coming years. Rising cancer cases, primarily in dogs, are further expected to drive the sales growth in the pet healthcare market.

Animal type, product, distribution channel, end-use, and region are important market parameters considered while categorizing the global pet healthcare market.

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Global Companion Animal Health Market: Notable Developments

For example, Hong Kong-based OneDegree Insurance released the Pawfect Care portfolio of pet insurance options in April 2020. Despite the high cost of veterinary treatment in Hong Kong, the company forecast that only 3 % of pet cat and dog population covered.

Some of the key players in the global pet health market are mentioned below

IDEXX Laboratories, Inc.
Boehringer Ingelheim International GmbH
Merck & Co., Inc.
Vetoquinol SA
Indian Immunologicals Ltd.
Agrolabo SpA

Global Pet Health Market: Key Trends

The developments, opportunities, restraints and drivers mentioned below are likely to characterize the global companion animal health market

Ease and simplicity of obtaining drugs through e-commerce to drive market growth

Due to the high volume of patients treated daily by clinics and hospitals, the veterinary hospitals and clinics segment is expected to account for a major share of the global companion animal health market revenue in 2020 and is expected to continue to do so in the market. coming years. The volume of treatments performed at these facilities, ranging from laboratory tests to surgery, general health examinations and vaccinations, is expected to contribute to the growth of the segment.

E-commerce is expected to be one of the fastest growing distribution channel categories. This increase can be attributed to the advantages brought by these platforms, such as simplicity and convenience, which eliminates the need to acquire drugs from retail or hospital pharmacies, and regular availability of drugs thanks to the possibility of pre-ordering these medications. Rapid digitization of healthcare and user acceptance by Covid-19 is expected to contribute to the continued growth of the segment.

Research and development activities, product launches, as well as other strategic activities are also used by major players in the pet health market.

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Global Companion Animal Health Market: Geographical Analysis

Over the next few years, North America is expected to dominate the market. The growing pet population and spending, along with the humanization of pets, are responsible for this increase. According to the Canadian Animal Health Institute, 58% of Canadian households owned at least one cat or dog in 2020. According to data from 2018 to 2020, the dog population has increased from 7.6 million to 7.7 million in country. According to CAHI, the percentage of dogs receiving medical attention increased significantly in 2020. The number of vet visits by cats increased in the months following the Covid-19 outbreak.

Due to factors such as increasing number of pet owners and knowledge about pet care and welfare, Asia-Pacific is expected to be one of the fastest growing regional markets in the years to come. Thailand’s pet population is on the rise, according to a 2019 study by Nationthailand, with dogs leading the pet population.

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