According to a recent report by Reports and Data, the global market size for Companion Cat Health was USD 14.9 billion in 2022, with a projected revenue compound annual growth rate (CAGR) of 5.8% over the forecast period.
The increasing number of pets in developed countries like the US, Japan, Germany, and the UK, as well as the rise in zoonotic diseases, such as rabies, Lyme disease, and leptospirosis, which are transmitted from animals to humans, is driving the growth in revenue of animal health products. In addition, the demand for animal-based products, the trend of "humanizing" pets, the increasing prevalence of chronic conditions among dogs such as obesity, arthritis, and cancer, and the growing adoption of telemedicine and online purchasing are also contributing to the growth in the market.
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The report notes that the highest revenue share in the global Companion Cat Health market in 2022 was generated by the dog segment, with the retail segment contributing the most to revenue. North America emerged as the region with the highest revenue share due to a large number of pet owners and a well-established veterinary healthcare system. The report profiles several key players, including Zoetis Inc., Merck Co., Inc., Boehringer Ingelheim International GmbH, Eli Lilly and Company (Elanco), Bayer AG, Virbac, Vetoquinol SA, Nexvet, and Nestle Purina PetCare.
According to the report, Zoetis Inc. has recently obtained clearance from the U.S. Food and Drug Administration (FDA) for Simparica Trio, a chewable tablet that safeguards dogs against fleas, ticks, and heartworm disease. Merck Co., Inc. has also received FDA approval for Bravecto Plus, a new range of animal health products designed to protect cats from parasites such as fleas, ticks, and worms.
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Driving Factors and Restraints of Companion Cat Health Market –
The driving factors of the Companion Cat Health market include:
- Increasing pet ownership: The increasing number of pet owners is driving the demand for Companion Cat Health products and services.
- Rising prevalence of zoonotic diseases: The incidence of zoonotic diseases is increasing, and there is a growing need to protect the health and well-being of companion animals to prevent the spread of these diseases.
- Growing demand for animal-based products: As the demand for animal-based products, including meat, milk, and eggs, continues to increase, the well-being of companion animals is crucial for the production of numerous animal-derived products.
- Humanization of pets: The trend of "humanizing" pets has led to a surge in demand for premium veterinarian services and equipment, driving the demand for high-quality Companion Cat Health products and services.
- Adoption of telemedicine and online purchasing: The veterinary industry is expected to experience growth in market revenue due to the increased adoption of telemedicine and online purchasing.
The restraints of the Companion Cat Health market include:
- High cost of veterinary products and services: The high cost of veterinary products and services may deter some pet owners from seeking veterinary care.
- Stringent regulatory requirements: The stringent regulatory requirements for animal health products and services can limit the entry of new players into the market.
- Limited access to veterinary care in developing countries: The limited access to veterinary care in developing countries can hinder market growth in those regions.
- Lack of awareness and education: Lack of awareness and education about the importance of Companion Cat Health and the benefits of preventive care can limit market growth.
- Side effects of animal health products: The side effects of animal health products can also limit market growth by reducing consumer confidence in these products.
The global Companion Cat Health market has been segmented on the basis of 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 includes 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. The Regional Outlook includes North America, Europe, Asia Pacific, Latin America, and MEA.
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