The global companion animal healthcare market was valued at USD 15.8 billion in 2021, growing at a CAGR of 6.4% during the forecast period 2022-2028. Glance our 200 slides market research and competitive intelligence research report, 25 Tables and 65 Figures and other qualitative sections with an in-depth TOC on “Companion Animal Healthcare Market by Product Type (Drugs (Antimicrobials, Ectoparasiticides, Endoparacitides, Endectoparaciticides, Others), Vaccines, Feed Additive (Nutritional Feed Additives, Medicinal Feed Additives), by companion animal type (Feline, Canine, Equine), by dosage form (Orals, Parenterals, Topicals, Others), distribution channel (Veterinary Pharmacies, Veterinary Hospitals, Veterinary Clinics, E-Commerce) - Global/Region/Country Forecast to 2028”
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Novel Advancements in Medicine of animal Healthcare will Accelerate the Companion Animal Healthcare Market:
It is very important for caregivers to keep companion animals healthy. These animals have been greatly trusted for their companionship to the human being. It comes to know from the numerous studies on interaction of human and companion animals that owning a pet animal connected with positive health advantages. It is necessary for caregivers and veterinarians to give first priority to the health of companion animals as they are the main source of zoonotic illnesses can spread to human being.
Companion animal healthcare market is anticipated to grow positively during the forecast years because of the high rates of pet ownership, novel developments in animal healthcare medicines as well as services, growing life expectancy for companion animals and huge increase in the count of products to treat different companion animals aliments and advances in animals healthcare services as well as medicines. In addition, there are a few other factors, which are impelling the market growth over the forecast years such as increase in per pet expenses and pets are hugely become the part of families in numerous emerging and developed countries prompting the key stakeholder to go for best products. On the other hand, reducing compliance to the treatment because of the challenges of the products and growing treatment failures because of the drug resistance are anticipated to hamper the revenue growth of the market.
U.S market is dominating the market recording larges market share in North America
Companion animal healthcare market is categorized based on geographical basis into leading regions such as North America, Latin America, Europe, Middle East, Africa and Asia Pacific. U.S in North America is dominating the market and accounts for the largest market share in North America. Europe records considerable share in global companion animal healthcare market. The significant factor impelling the market in Europe includes increasing product launching like vaccine against Leishmania Infantum, the causal agent of canine leishmaniosis crucial breakthrough to fight with zoonotic illness. Upsurge in markets in Asia pacific and Latin America is impelling the next growth phase for the companion animal products due to the increased medicalization and growing awareness amid caregivers about peat health.
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A few of the major key players of the animal healthcare market are Boehringer Ingelheim Gmbh, Zoetis Inc., Elanco, Merck & Co. Inc., Bayer Animal Health, Virbac SA, Ceva Sante Animale, Vetoquinol SA and Koninklijke DSM N.V.
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