The Companion Animal Healthcare market report provides a detailed analysis of global market size, regional and country-level market size, segmentation market growth, market share, competitive Landscape, sales analysis, impact of domestic and global market players, value chain optimization, trade regulations, recent developments, opportunities analysis, strategic market growth analysis, product launches, area marketplace expanding, and technological innovations.
According to our latest research, the global Companion Animal Healthcare size is estimated to be USD 17550 million in 2026 from USD 14340 million in 2020, with a change XX% between 2020 and 2021. The global Companion Animal Healthcare market size is expected to grow at a CAGR of 5.2% for the next five years.
The Companion Animal Healthcare market
The Companion Animal Healthcare market stands at a size of 16.26 billion dollars in 2021 and is expected to rise up to 22.02 billion dollars by the year 2026.
That is to say the global companion animal health care market is proposed to spike at compound annual growth rate of 9.2% within the span of 2021 to 2028.
Concept of Companion Animal
“Man by nature is a social animal”, quoted by Aristotle a legendry Greek philosopher. An individual who is recluse by nature and not by coincidence and Society is something that goes beyond the person. Humans are made such they cannot survive alone and are in pursuit of a decent companion be it another individual or animal.
The concept Companion Animals is, animals that are utilized for assistance or used as a buddy or friend with no special training in assisting an individual with disability. They are utilized for psychological support and display of affection to needy people. A person has to be disabled or has to prove disability to adopt companion animal.
Companion animals are pet for protection of company, property or an individual. These animals keep the milieu safe and secure and serve as shield from theft or robbery. Animals like dog and cats are more popular as companion animals. These animals serve as important aspect in lives of many giving a feeling of belonging and responsibility. These animals have to be maintained with proper health and care, especially with the quality of food and medication.
With growing knowledge and significance of health care of pet’s people are spending more money on nutrition and medication of animals than ever before. They have become aware and also believe that health of companion animal is equally important consequently driving a growth in companion animal healthcare market is showing an upward trend at a very instance pace reason being accretion in level of incomes and new trends of nuclear family consecutively has given a rise for pet adoption among middle class families as well. This has resulted in hike in demand for nutritious food and advanced medical facilities for animals. All the above factors are fostering the surge in companion animal healthcare market.
the major players included in the report:
Merck and Co., Inc
Perrigo Company plc
Segment by Type:
Segment by Application:
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Production by Region
North America (United States, Canada, and Mexico)
Europe (Germany, France, UK, Russia, Italy, and Rest of Europe)
Asia-Pacific (China, Japan, South Korea, India, Southeast Asia, Australia, and Rest of Asia-Pacific)
South America (Brazil, Argentina, Rest of South America)
Middle East & Africa (Turkey, Saudi Arabia, UAE, Rest of Middle East & Africa)
Key Players of Companion Animal Healthcare Market
Some of the notable key players of Companion Animal Healthcare Market Key Players consist of Zoetis Animal Healthcare (U.S.), Merial (France), Elanco Animal health (U.S.), Bayer Animal Health (Germany), Merck and Co., Inc. (U.S.), Ceva Animal Healthcare (U.K), Virbac Animal Healthcare (France), Vetoquinol S.A. (France), Perrigo Company plc (Ireland), Boehringer Ingelheim (Germany) and others. It is said that globally, market includes four regions explicitly America, Europe, Asia Pacific and Middle East & Africa, America being the highest player in market.
Effect of COVID – 19 on Companion Animal Healthcare Market
The covid crisis has had major setback on animal medicine industry as restrictions on trade disturbed the supply chain industry and demand slowed down due to global government lockdown. Although covid crisis has bogged down the market it is forecasted that market will retrieve over the projected period.