Companion animals are pets reared by most of the people across the globe. They become an asset in the terms of providing protection to a person, property or workplace. The global companion animal healthcare market is increasing due to increase in number of people having pets, change in the way of providing care to the pets and awareness regarding spread of zoonotic diseases. Moreover, the financial improvement and related increments in disposable income, longer life expectancy for companion animals are some factors that influence the growth of companion animal healthcare market. Global companion animal healthcare market is expected to reach USD 20 billion by 2023 at a CAGR of 9.6% during forecast period 2018 to 2023.

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The major factors driving the market are increasing companion animal owner demands, increasing companion animal owner awareness, and expectations for companion animal care. Furthermore, companion animal healthcare products, including pharmaceuticals and vaccines, which contribute significantly to the health and wellbeing of these animals. Rise in the income levels of individuals leveraging to the recent trends is leading to the increase in the number of pet (companion animal) adoption which ultimately leads to increase in the demand of companion animal healthcare. New trends of nuclear families and increasing average income among individuals have resulted in increased adoption of pets among middleclass families as well. Increased awareness regarding animal cruelty has also influenced people awareness and ideologies towards animals. Additionally, advances in animal health medicines and vaccines, increased types of medical treatment are fostering the market growth of companion animal healthcare market.

Key Players for Global Companion Animal Healthcare Market

The Global Companion Animal Healthcare Market is led by some of the fervent key players including Merial (France), Zoetis Animal Healthcare (US), Elanco Animal health (US), Bayer Animal Health (Germany), Merck and Co., Inc. (US), Ceva Animal Healthcare (UK), Vetoquinol S.A. (France), Virbac Animal Healthcare (France), Perrigo Company plc. (Ireland), and Boehringer Ingelheim (Germany). Profiling them in its analysis, MRFR finds out their strategies keeping them at the forefront of the competition.

Global Companion Animal Healthcare Market - Regional Analysis

Globally, America accounts for the largest market share. Rising awareness about companion animal health, availability of wide range of products for animal health, increase in focus on food safety and increase in number of people having pets drive this market. Alarming occurrences of zoonotic diseases also affect the growth of this market. Europe is the second largest market for companion animal healthcare. Increased awareness regarding animal cruelty and ideologies towards animals are some of the major factor driving the growth of this market in Asia Pacific.

The companion animal healthcare market shows a slow growth in Middle East & Africa. Middle East & African market for companion animal healthcare also shows high growth opportunities due financial improvement and related increments in disposable income.

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