The exclusive research report on the Global Companion Animal Healthcare Market 2020 examines the market in detail along with focusing on significant market dynamics for the key players operating in the market.
Companion Animal Healthcare Market is expected to grow at approximately 9.6% CAGR and reach $20 billion by 2023, according latest Global Companion Animal Healthcare Market Analysis Report published by Market Research Future. Companion animals are pets which are kept for protection of a person, company, property or residence. Companion Animal Healthcare market is segmented by Product (Feed Additives, Pharmaceuticals and Vaccines), Diagnostic Tests (Diagnostic Imaging, Immunodiagnostic Tests, Molecular Diagnostics, others), End Users, and region.
Major Companion Animal Healthcare Companies covered in the market report include Zoetis Animal Healthcare (U.S.), Merck and Co., Inc. (U.S.), Ceva Animal Healthcare (U.K), Virbac Animal Healthcare (France), Merial (France), Elanco Animal Health (U.S.), Bayer Animal Health (Germany), Vetoquinol S.A. (France), Perrigo Company plc (Ireland), and Boehringer Ingelheim (Germany).
Global Market Highlights:
Market Research Future (MRFR)’s latest study has revealed that the global companion animal healthcare market is poised to proliferate rapidly at a CAGR of 9.6% during the forecast period 2019 to 2023. The market is set to grow from USD 14 Bn in 2016 to USD 20 Bn in 2023. The growing trend of pet adoption is likely to fuel demand in the companion animal healthcare market as it provides a sense of belongingness and responsibility to the people. The exponential geriatric population has accelerated the rate of pet adoption in the recent times. The trend is anticipated to perpetuate across the assessment period.
The major factors driving the market are increasing companion animal owner demands, increasing companion animal owner awareness, and expectations for companion animal care. Furthermore, companion animal healthcare products, including pharmaceuticals and vaccines, which contribute significantly to the health and wellbeing of these animals. Rise in the income levels of individuals leveraging to the recent trends is leading to the increase in the number of pet (companion animal) adoption which ultimately leads to increase in the demand of companion animal healthcare. New trends of nuclear families and increasing average income among individuals have resulted in increased adoption of pets among middleclass families as well. Increased awareness regarding animal cruelty has also influenced people awareness and ideologies towards animals. Additionally, advances in animal health medicines and vaccines, increased types of medical treatment are fostering the market growth of companion animal healthcare market.
The increasing inclination of the pet owners towards a healthy lifestyle of their companions is projected to catapult the companion animal healthcare market on an upward trajectory. The growing number of nuclear families has paved the way for a rise in pet adoption and expenditure among the middle-class families, which is prognosticated to favor the growth of the market over the next couple of years.
Companion Animal Healthcare Market Segments:
By product, the global Companion animal healthcare market has been segmented into feed additives, pharmaceuticals, and vaccines.
By diagnostic tests, the companion animal healthcare market is segmented into diagnostic imaging, immunodiagnostic tests, molecular diagnostics, and other tests.
By end-users, the global companion animal healthcare market has been segmented into veterinary hospitals, veterinary clinics, and home care.
Regional Analysis:
Globally, America accounts for the largest market share. Rising awareness about companion animal health, availability of wide range of products for animal health, increase in focus on food safety and increase in number of people having pets drive this market. Alarming occurrences of zoonotic diseases also affect the growth of this market. Europe is the second largest market for companion animal healthcare. Increased awareness regarding animal cruelty and ideologies towards animals are some of the major factor driving the growth of this market in Asia Pacific.
The companion animal healthcare market shows a slow growth in Middle East & Africa. Middle East & African market for companion animal healthcare also shows high growth opportunities due financial improvement and related increments in disposable income.
FOR MORE DETAILS – https://www.marketresearchfuture.com/reports/companion-animal-Healthcare-market-1168
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
Contact Us:
Amanora Chambers,
Magarpatta Road, Hadapsar
Pune – 411028
Maharashtra, India+1 646 845 9312
sales@marketresearchfuture.com
No comments:
Post a Comment