Companion Animal Health Market Outlook 2023-2028:
IMARC Group’s latest report, titled “Companion Animal Health Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on the companion animal health market report . The report also includes competitor and regional analysis, and contemporary advancements in the market. the global companion animal health market size reached US$ 23.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 39.0 Billion by 2028, exhibiting a growth rate (CAGR) of 8.4% during 2023-2028.
What is Companion Animal Health ? :
Companion animal health refers to the physical and mental well-being of pets, such as dogs, cats, and other domestic animals that live with humans. It encompasses a range of factors, including diet, exercise, vaccination, and preventative care, which are essential for maintaining the health and happiness of pets. In addition to the physical health of pets, companion animal health also encompasses their mental well-being. This includes addressing issues such as anxiety, behavioral problems, and cognitive decline. As the bond between pets and their owners grows, maintaining their overall health and well-being will become more crucial. With continued investment in research and development, the companion animal health market is poised for significant growth, with innovations and advancements improving the quality of life for pets and their owners.
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Competitive Landscape with Key Players:
The competitive landscape of the industry has also been examined along with the profiles of the key players being
- Agrolabo S.p.A
- Boehringer Ingelheim
- Ceva Santé Animale
- Dechra Pharmaceuticals PLC
- Elanco Animal Health Incorporated
- IDEXX Laboratories Inc
- Indian Immunologicals Limited (National Dairy Development Board)
- Merck & Co. Inc
- Norbrook Laboratories
- Vetoquinol SA
- Virbac
- Zoetis
Companion Animal Health Market Growth:
The global market is majorly driven by the increasing demand for high-quality pet care products and services. In line with this, the rising awareness of the importance of preventative care among pet owners is significantly contributing to the market growth. Furthermore, the growing number of pet owners is positively influencing the market. Apart from this, the key companies are investing in research and development to bring new and innovative products to the market and strategic partnerships and collaborations to expand their reach in the industry.
Moreover, the escalating trend toward pet humanization is catalyzing the market. Besides, the increasing initiatives by the government and private sectors to promote animal health is creating a positive outlook for the market. Additionally, the widespread adoption of pet health insurance is another growth-inducing factor.
Key Market Segmentation:
Breakup by Animal Type:
- Dogs
- Cats
- Equine
- Others
Breakup by Product:
- Vaccines
- Pharmaceuticals
- Feed Additives
- Diagnostics
- Others
Breakup by End User:
- Point-of-care Testing/In-house Testing
- Veterinary Hospitals and Clinics
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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