Dublin, Aug. 29, 2023 (GLOBE NEWSWIRE) — The “Companion Animal Health Global Market Size, Share & Trends Analysis, 2023-2030” report has been added to ResearchAndMarkets.com’s providing.
The world companion animal well being market is poised for important enlargement, with a projected dimension of USD 42.4 billion by 2030, and an anticipated CAGR of 9.1% over the forecast interval. This progress is propelled by varied elements together with analysis and growth developments, authorities initiatives, rising pet adoption charges, and the prevalence of power illnesses in companion animals. However, the market has not been with out its challenges, significantly in the course of the COVID-19 pandemic, the place considerations about illness transmission have impacted veterinary visits.
Impact of COVID-19 and Changing Dynamics
Despite the pandemic, the veterinary healthcare sector managed to function, albeit with shifts in affected person visits. A survey throughout the U.S., UK, France, and Brazil discovered that over 1 / 4 of pet homeowners prevented or postponed veterinary visits as a result of fears of illness transmission. However, a majority (65%) reported no detrimental results on entry to drugs and procedures. This illustrates the resilience of the business, even throughout difficult occasions.
Pet Ownership Surge and Healthcare Demand
A big rise in pet possession has been a driving power available in the market’s progress. In the U.S., round 70% of households (roughly 90.5 million properties) personal pets, significantly dogs and cats. This possession development is bolstered by an rising demand for pet medicines and high quality veterinary care. As pet possession grows, so does the necessity for well being upkeep and remedy, stimulating the marketplace for companion animal drugs.
Innovation and Technological Integration
The companion animal well being market is marked by a surge in analysis and growth actions, resulting in improvements in surgical procedure strategies and specialised drugs. Major gamers are strategically integrating novel applied sciences to determine themselves as market leaders. For occasion, Zoetis acquired FDA approval for Solensia, a monoclonal antibody remedy for osteoarthritis in cats, highlighting the continuing effort to enhance pet healthcare.
Addressing Pet Health Concerns
Across varied international locations, the prevalence of pet illnesses has been on the rise. France, as an example, has seen a rise in pet illnesses corresponding to weight problems, dental points, pores and skin allergic reactions, osteoarthritis, and viral infections. This has pushed the demand for drugs and preventive care to make sure pets’ well being and well-being. The progress in pharmaceutical and vaccine demand, coupled with the presence of regulatory businesses assuring veterinary pharmaceutical security, contributes to market enlargement.
Segment Insights
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The prescription drugs section, accounting for over 44% in 2022, is fueled by the introduction of medicines to increase animal lifespans.
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The dominance of the dogs section (over 40% share in 2022) will be attributed to rising pet healthcare prices, particularly in developed areas.
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Hospital pharmacies, with a share of over 47% in 2022, lead in distribution channels, because of the rising availability of veterinary clinics and hospital companies.
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Hospitals and clinics represent the dominant end-use section (over 80% in 2022), reflecting the enlargement of revolutionary infrastructure and a rising variety of veterinarians.
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North America secured a 35.98% share within the general market in 2022.
In abstract, the worldwide companion animal well being market is poised for strong progress, fueled by a surge in pet possession, developments in veterinary care, and the pursuit of revolutionary options to deal with pet well being considerations. The COVID-19 pandemic underscored the business’s resilience, and with rising analysis, technological integration, and a give attention to preventive care, the market is well-positioned to evolve and flourish.
Market Dynamics
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Driver Analysis
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Growing Companion Ownership
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Increasing Number of Government Initiatives
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Increasing Prevalence of Zoonotic Diseases
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Technological Advancements
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Restraint Analysis
Key Topics Covered
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Companion Animal Health Market Variables, Trends, & Scope
Chapter 4. Companion Animal Health Market: Product Estimates & Trend Analysis
Chapter 5. Companion Animal Health Market: Animal Type Estimates & Trend Analysis
Chapter 6. Companion Animal Health Market: Distribution Channel Estimates & Trend Analysis
Chapter 7. Companion Animal Health Market: End-Use Estimates & Trend Analysis
Chapter 8. Companion Animal Health Market: Regional Estimates & Trend Analysis
Chapter 9. Competitive Landscape
Companies Mentioned
For extra details about this report go to https://www.researchandmarkets.com/r/hb7x02
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