The global Companion Animal Health Market is projected to grow at a revenue CAGR of 5.8% during the forecast period, reaching a market size of USD 14.9 billion in 2022. The market growth is mainly due to the increasing number of pets, especially in developed countries like the US, where pet ownership is high. The trend of humanizing pets and the demand for animal-based products such as meat, milk, and eggs are other factors contributing to market growth.
Moreover, the increasing prevalence of zoonotic diseases such as rabies, Lyme disease, and leptospirosis has created a need to protect the health and well-being of companion animals to prevent the spread of such diseases. The veterinary industry is also witnessing growth in market revenue due to the adoption of telemedicine and online purchasing, which was accelerated by the COVID-19 pandemic.
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Dogs are the most popular pets globally, and the dog segment generated the highest revenue share in 2022, owing to the growing number of dog adoptions and increasing prevalence of chronic conditions such as obesity, arthritis, and cancer.
The retail segment contributed the most to the revenue generated in the market due to the convenience of having products readily available and the opportunity to examine them before making a purchase. North America generated the highest revenue share in 2022 due to the large number of pet owners in the region and the well-established veterinary healthcare system in place.
Some of the key players in the global companion animal health market are Zoetis Inc., Merck Co., Inc., Boehringer Ingelheim International GmbH, Eli Lilly and Company (Elanco), Bayer AG, Virbac, Vetoquinol SA, Nexvet, and Nestle Purina PetCare. These companies have been adopting strategies such as acquisitions, partnerships, and new product launches to enhance their product portfolios and expand their market presence.
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For instance, Zoetis Inc. acquired Abaxis, Inc. to broaden its product offerings in the veterinary diagnostics sector, while Merck Co., Inc. partnered with JAGGAER to improve the supply chain for veterinary healthcare products.
The global companion animal health market has been segmented based on animal type outlook, product outlook, distribution channel outlook, end-use outlook, and regional outlook. The animal type outlook includes dogs, equines, cats, and others, while the product outlook comprises vaccines, pharmaceuticals, OTC, prescription, feed additives, diagnostics, and others.
The distribution channel outlook includes retail, e-commerce, and hospital pharmacies, while the end-use outlook includes PoC/in-house testing, veterinary hospitals clinics, and others. North America, Europe, Asia Pacific, Latin America, and Middle East Africa are the regions covered in the report.
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