Companion Animal Health Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2021 - 2031
Global Companion Animal Health Market: Overview
The global companion animal health market is expected to develop due to an increase in government as well as private sector activities to enhance animal health. A joint endeavor involving numerous organizations is the One Health Initiative. The World Health Organization (WHO), the World Organization for Animal Health (OIE), the American Veterinary Medical Association, the Food and Agriculture Organization (FAO) and many others are among them. It aims to preserve public health by preventing and controlling zoonotic infections while also protecting animal health. It is accomplished through enacting suitable policies at the global, regional, and national ;levels.
These companion animals are used to assist elderly people in attaining greater dopamine levels in order to combat the anguish they are experiencing, according to research. As a result, companion animal health is an important element of the veterinary profession. Companion animals are raised for the care of the elderly and enable a boost in dopamine levels, which aid in the mental wellness of the individuals. This emphasizes the importance of assisting animals in improving their health.
The growth in the deployment of artificial intelligence, which has allowed diagnosis, is one of the primary factors likely to generate revenue-generation opportunities in companion animal health market. In addition, the market is likely to be boosted by an increase in the uptake of companion animals in the US. Increasing availability of insurance to protect against accidents is expected to aid the industry's growth in the future years. The rise in occurrences of cancer, primarily in dogs, is further expected to boost sales growth for companion animal health market.
Animal type, product, distribution channel, end-use, and region are significant market parameters that have been taken into account while categorizing the global companion Animal health market.
Global Companion Animal Health Market: Notable Developments
For instance, Hong Kong-based OneDegree Insurance released the Pawfect Care portfolio of pet insurance options in April 2020. Despite the high expense of veterinary treatment in Hong Kong, the business projected that just 3% of the companion cat and dog population was covered.
Some of the major players in the global companion animal health market are as mentioned below
Global Companion Animal Health Market: Key Trends
Below-mentioned developments, opportunities, restraints, and drivers are likely to characterize the global companion animal health market
Easy and Simplicity of Obtaining Medications through E-commerce to Drive Market Growth
Due to high volume of patients handled by clinics and hospitals on a daily basis, the veterinary hospitals and clinics segment is expected to account for a leading revenue share of the global companion animal health market in 2020 and is expected to continue to do so in the years to come. The volume of treatments performed at these institutions, ranging from laboratory testing to surgery, general health examinations, and immunizations, is likely to add to the growth of the segment.
E-commerce is predicted to be one of the fastest-growing distribution channel category. This rise can be attributed to the advantages provided by these platforms, such as simplicity and comfort, which removes the need to acquire pharmaceuticals from retail or hospital pharmaceutical stores, and a regular availability of drugs due to the ability to preorder these medicines. Covid-19's fast digitalization of healthcare and user acceptance are projected to contribute to the segment's continued growth.
Research and development activities, product launches, as well as other strategic activities are also utilized by leading players in the companion animal health market.
Global Companion Animal Health Market: Geographical Analysis
In the next years, North America is projected to dominate the market. The growing pet population and spending, as well as the humanization of pets, are responsible for this surge. According to the Canadian Animal Health Institute, 58 % of Canadian homes possessed at least one cat or dog in 2020. According to data from 2018 to 2020, the dog population grew from 7.6 million to 7.7 million in the country. As according CAHI, the percentage of dogs receiving medical care climbed significantly in 2020. The number of visits to the veterinarian by cats rose in the months following the outbreak of Covid-19.
Due to factors such as expanding pet ownership and knowledge about pet care and wellbeing, Asia Pacific is expected to be one of the rapidly growing regional markets in the years to come. Thailand's pet animal populace is on the rise, according to 2019 research by Nationthailand, with dogs leading the pet population.
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