Companion Animal Health Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

Companion Animal Health Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

A newly released analysis report by Fairfield Market Research forecasts remarkable growth in the global Companion Animal Health Market, with sales reaching US$ 23 Billion in 2024 and projected to soar to approximately US$ 60 Billion by 2031.

Factors Fueling Demand

The surge in demand for companion animal health services is attributed to several factors, including the heightened occurrence of zoonotic illnesses, escalating pet insurance adoption coupled with increased animal health expenditure, and proactive efforts by governmental agencies and animal advocacy groups. Despite these growth drivers, challenges such as the limited availability of novel antibiotics, escalating pet care costs, and vaccine storage expenses are anticipated to pose hindrances to market expansion.

Animal Vaccines Driving Growth

Animal vaccines play a pivotal role in propelling market growth, spurred by rising incidences of illnesses among cattle and canines. Moreover, substantial investments in research and development by various governments worldwide have positively influenced vaccine demand. The ongoing COVID-19 pandemic has further underscored the importance of animal immunization, particularly in mitigating zoonotic viral transmissions. The crisis has significantly broadened growth opportunities within the industry, especially with recent outbreaks in mink farms across Europe emphasizing the critical need for widespread animal vaccinations.

Regional Insights

North America is poised to emerge as a significant player in the global Companion Animal Health Market, with projections indicating substantial market share growth by 2033. Factors such as high rates of companion animal adoption, increased spending on animal health, and a burgeoning network of veterinary hospitals and clinics contribute to the region's promising outlook.

Country-specific Projections

U.S. Companion Animal Health Market Analysis

The United States companion animal health market is poised to witness significant growth, primarily driven by a surge in pet adoption rates over recent years.

The Society for the Prevention of Cruelty to Animals in Los Angeles reported a substantial increase in companion animal adoptions in June 2020, with daily adoptions ranging from double digits. This uptick in pet ownership is contributing to the expansion of the country's animal health sector. Additionally, advancements in technology and the prevalence of zoonotic diseases are anticipated to further fuel market growth.

U.K. Companion Animal Health Market Analysis

The United Kingdom's companion animal health market is forecasted to experience steady growth, projected to expand at a notable rate from 2024 to 2031.

With a focus on achieving a compound annual growth rate (CAGR) exceeding 10%, the market is expected to achieve a valuation of significant billions by 2031. This growth trajectory presents an attractive opportunity, with the market anticipated to realize substantial absolute dollar gains.

Japan Companion Animal Health Market Analysis

Japan's companion animal health market is on track to achieve substantial growth, driven by a combination of factors including increasing pet ownership and rising awareness of animal health needs.

With a projected CAGR of 14% from 2024 to 2031, the market is expected to reach a significant valuation by the end of the forecast period. This growth trajectory presents a lucrative opportunity for stakeholders, with considerable absolute dollar gains expected to be realized.

Competitive Analysis

Key players in the Companion Animal Health Market are actively innovating and expanding their product portfolios to cater to evolving consumer needs. The industry is witnessing consolidation, with major players focusing on strategic acquisitions and mergers to capitalize on lucrative opportunities.

Key players in the Companion Animal Health Market, including:
• Merck & Co., Inc.
• Ceva
• Vetoquinol S.A.
• Zoetis
• Boehringer Ingelheim International GmbH
• Elanco
• Virbac
• IDEXX Laboratories, Inc.
• Indian Immunologicals Ltd.
• Agrolabo S.p.A

Market Segments Covered in Companion Animal Health Market Analysis

By Animal Type
• Dogs
• Equine
• Cats
• Other Animal types

By Product Type
• Vaccines
• Pharmaceuticals
• Feed Additives
• Diagnostics
• Other product types

By Distribution Channel
• Retail
• E-commerce
• Hospital Pharmacies

By End Use
• PoC/In-housing testing
• Veterinary Hospitals and Clinics
• Other End uses

By Region
• North America
• Latin America
• Europe
• APAC
• MEA

Please note: The PDF e-mail from publisher version of this report is for a global site license. Delivery Timelines - 5 working days.