Jan 12, 2023

The global companion animal health market accounted for US$ 17.21 Bn in 2021 and is likely to witness growth, with a CAGR of 6.0% across the forecast period from 2022 to 2030. With the rising companion animal ownership population, owners are concerned about companion animal health and nutrition, and thereby seeking various veterinary services. Which in turn, is increasing demand for diversified companion healthcare products such as, vaccines, feeding products, nutritional supplements and drugs for various diseases. Similarly, acquisitions by major players are increasing the demand for companion animal health market across the globe. For instance, in October 2021, Zoetis announced the acquisition of Phoenix Central Laboratory. Phoenix lab serves anatomic and clinical pathology in veterinary clinics of around 20 states. With the help of this acquisition, Zoetis aims to increase its portfolio by providing comprehensive diagnostics products and services in the US. A major strategy that is implemented by companies in the companion animal health market is collaboration with one another, a crucial reason for the development of companion animal health market across the globe. For instance, in January 2019, Jaguar Animal Health, Inc. and Elanco US Inc. announced an agreement. This collaboration aims to develop Canalevia. Canalevia is a drug that will help in the treatment of Diarrhea, which is the most common cause for veterinary calls among dogs. Manufacturers are focusing to provide new and innovative techniques and services in companion animal health market. For instance, in January 2021, Bayer announced to support infectious disease surveillance program for companion animals. Bayer is a major sponsor of the disease surveillance system that will provide distribution and prevalence of infections caused by arthropod and ectoparasite among dogs and cats in Africa. Moreover, initiatives such as One health initiative is one of the key factor which is increasing the demand for the companion animal health market. Dog holds the largest share in companion animal health market In 2021, dogs held the largest share in the global companion animal health market. The dominance of this segment is supported by benefits which are associated with keeping dogs as pet. Dogs provide many health benefits such as improve heart health by lowering blood pressure and reducing cholesterol. According to The American Pet Production Association (APPA) National pet owners survey 2019-2020 announced that approximately 68% of the US households own pets, from which 60 million households have dogs as pets. Additionally, manufacturers are developing new product for dogs which is increasing the demand for Companion animal health products among dogs. For instance, in May 2021, Merck Co. Inc. launched Bravecto Cares. Bravecto Cares is an educational campaign for keeping service dogs healthy. Merck as a part of this initiative launched Bravecto chewing tablets that protect dogs from fleas and ticks. North America Garnered Largest Market Share in 2021 North America dominated the companion animal health market in 2021 and is most likely to continue its governance during the forecast period from 2022 to 2030. North America is having highest pet-owners population across the globe. For instance, according to statistics provided by The Humane Society Institute for Science and Policy the population of companion animals in North America for the year 2019 accounts for 86.8 Mn for cats and 76.6 for dogs. One of the key factors which supports the growth of companion animal health market is the wide availability of pet care products in North America. For instance, in November 2020, Zoetis launched new product for parasite prevention in cats. Market Segmentation