Companion Animal Health Global Market Report 2023: Sector to Reach $39 Billion by 2028 at a CAGR of 8.89%

DUBLIN, March 24, 2023 /PRNewswire/ -- The "Companion Animal Health Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to  ResearchAndMarkets.com's offering.

The global companion animal health market size reached US$ 23.4 Billion in 2022. Looking forward, the analyst expects the market to reach US$ 39.0 Billion by 2028, exhibiting a CAGR of 8.89% during 2022-2028.

Companies Mentioned

• Agrolabo S.p.A.
• Boehringer Ingelheim
• Ceva Sante 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 and Zoetis Inc

Companion animal health refers to the regular monitoring of the health of companion animals to detect diseases and other conditions, which can put their lives in danger if left untreated.

It includes the development of monoclonal antibody therapies, therapeutic vaccines, anti-neoplastic drugs, genomic tests, and digital technologies. At present, there is a significant rise in the number of pet parents around the world who are aware about the overall health and well-being of companion animals and routinely seek veterinary services.

Companion animal aging has led to a rise in the risk of tumors, obesity, osteoarthritis, cardiovascular diseases (CVDs), diabetes mellitus, and hepatic and renal diseases worldwide. This, in confluence with the growing awareness about the One Health (OH) approach initiative, which recognizes that public health is connected with animal health and the environment, represents one of the key factors creating a positive outlook for the market.

This initiative is supported by the World Health Organization (WHO), Food and Agriculture Organization (FAO), and the American Veterinary Medical Association (AVMA).

Moreover, having companion animals is associated with positive health benefits, including lower blood pressure, decrease anxiety, reduce cardiac arrhythmia, more psychological stability, and better well-being. Besides this, there is an increase in the utilization of animal-assisted therapy in numerous areas of human health care. This, coupled with the rising population of traditional companion animals, such as dogs and cats, is impelling the market growth.

Apart from this, vaccination of companion animals, particularly dogs, against rabies helps prevent the disease in animals and humans. Furthermore, the increasing prevalence of zoonotic diseases across the globe is anticipated to facilitate the growth of the market.

Key Market Segmentation:

The analyst provides an analysis of the key trends in each sub-segment of the global companion animal health market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on animal type, product and end user.

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
• Asia-Pacific
• China
• Japan
• India
• South Korea
• Australia
• Indonesia
• Others
• Europe
• Germany
• France
• United Kingdom
• Italy
• Spain
• Russia
• Others
• Latin America
• Brazil
• Mexico
• Others
• Middle East and Africa

Key Questions Answered in This Report
1. What was the size of the global companion animal health market in 2022?
2. What is the expected growth rate of the global companion animal health market during 2023-2028?
3. What has been the impact of COVID-19 on the global companion animal health market?
4. What are the key factors driving the global companion animal health market?
5. What is the breakup of the global companion animal health market based on the animal type?
6. What is the breakup of the global companion animal health market based on the end user?
7. What are the key regions in the global companion animal health market?
8. Who are the key players/companies in the global companion animal health market?

For more information about this report visit https://www.researchandmarkets.com/r/gvuog8

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SOURCE Research and Markets