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Rising pet population, increase prevalence of zoonotic diseases, and rising demand for goods generated

NEW YORK , NY, UNITED STATES, June 1, 2023/EINPresswire.com/ -- The global companion animal health market reached a value of USD 14.9 billion in 2022 and is projected to exhibit a compound annual growth rate (CAGR) of 5.8% during the forecast period. The growth in market revenue is primarily attributed to key factors such as the increasing population of pets, the rising prevalence of zoonotic diseases, and the growing demand for animal-derived products.

The expansion of the companion animal health market is fueled by the growing number of pets, particularly in developed countries. According to the American Pet Products Association, approximately 84.9 million American households, accounting for approximately 67% of all households, own pets. This trend is also observed in other affluent nations like Germany, the U.K., and Japan. Additionally, the escalating incidence of zoonotic diseases, including rabies, Lyme disease, and Leptospirosis, among others, contributes to the demand for companion animal health products. The World Health Organization (WHO) reports that nearly 60% of all infectious diseases affecting humans are transmitted from animals, emphasizing the importance of safeguarding the health and well-being of companion animals to prevent the spread of such diseases.

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Segments Covered in the Report

The companion animal health market can be segmented based on various factors.

In terms of animal type, the market covers dogs, equine, cats, and others. These segments represent different types of companion animals that require health-related products and services.

Regarding product outlook, the market includes vaccines, pharmaceuticals, over-the-counter (OTC) products, prescription medications, feed additives, diagnostics, and other health-related products. These products cater to different health needs and treatments for companion animals.

The distribution channel outlook encompasses retail stores, e-commerce platforms, and hospital pharmacies. These channels serve as the means through which companion animal health products are made available to consumers.

The end-use outlook includes point-of-care/in-house testing, veterinary hospitals and clinics, and other end-use settings. These are the various environments where companion animal health products are utilized and administered.

Lastly, the regional outlook provides insights into the market trends and dynamics in different geographical regions. This segmentation helps analyze the market based on regional factors, such as regulations, consumer preferences, and market potential.

By understanding these segments, stakeholders in the companion animal health market can gain a comprehensive understanding of the industry landscape and tailor their strategies to target specific animal types, products, distribution channels, end-use settings, and regions.

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Strategic development:

In July 2018, Zoetis Inc. made an announcement regarding the acquisition of Abaxis, Inc., a specialized company in veterinary diagnostic instruments. The purpose of this acquisition was to broaden Zoetis' range of products in the veterinary diagnostics market, enabling them to offer a more comprehensive portfolio.

In September 2018, Merck & Co., Inc. revealed a partnership with JAGGAER, a procurement software company, with the goal of improving the efficiency of the supply chain for veterinary healthcare products. This collaboration aimed to enhance access to veterinary medicines and supplies, benefiting both veterinarians and pet owners.

In August 2021, Eli Lilly and Company (Elanco) announced the acquisition of Kindred Biosciences, Inc., a company focused on the development of pet therapeutics. The primary objective of this acquisition was to expand Elanco's product portfolio, enabling them to provide a wider range of treatment options for companion animals.

Competitive Landscape:
The competitive landscape of the companion animal health market includes several prominent players in the industry. These companies operate globally and offer a wide range of products and services for the health and well-being of companion animals.

Zoetis Inc., a leading player in the market, focuses on the development and commercialization of animal health medicines and vaccines. Their extensive portfolio includes products for various animal species, including companion animals.

Merck & Co., Inc. is another major competitor that provides a diverse range of animal health products. They offer vaccines, pharmaceuticals, and other solutions for companion animals, along with a focus on improving supply chain efficiency through partnerships like the one with JAGGAER.

Boehringer Ingelheim International GmbH is a multinational pharmaceutical company that also operates in the companion animal health sector. They offer a range of products for the prevention and treatment of diseases in companion animals.

Eli Lilly and Company (Elanco) is actively involved in the companion animal health market through the development of pet therapeutics. Their recent acquisition of Kindred Biosciences further strengthens their product portfolio and expands treatment options for companion animals.

Other key players in the market include Bayer AG, Virbac, Vetoquinol SA, Nexvet, and Nestle Purina PetCare. These companies offer a wide range of products, including vaccines, pharmaceuticals, and nutrition solutions, to address the health needs of companion animals.

Overall, the competitive landscape of the companion animal health market is characterized by the presence of established players with extensive product offerings and a focus on innovation, partnerships, and acquisitions to expand their market presence and cater to the growing demand for companion animal health products.

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In conclusion, the global Companion Animal Health Market is highly competitive, with a few major players dominating the market. These companies are actively involved in developing new technologies and products, investing in research and development, and engaging in strategic partnerships and collaborations to maintain their market share and drive revenue growth.

Nikhil Morankar
Reports and Data
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