The companion animal healthcare market is expected to witness a CAGR of approximately 7. 2% over the forecast period of 2022-2027. The COVID-19 pandemic is expected to have a significant impact on the market.
New York, Nov. 03, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Companion Animal Healthcare Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06360527/?utm_source=GNW
Due to the lockdown and stay-at-home orders that were enacted across the world to prevent the spread of COVID-19, many people bought pets to give them companionship at their homes. According to a research article by Rens van Dobbenburgh et al., published in BMJ Journal 2020, with regards to companion animals, in the United Kingdom, pet adoption has gone up, most likely due to the fact that many people are now working from home, so have more time to look after a pet. Also, the Society for the Prevention of Cruelty to Animals, Los Angeles, reported that the rate of adoption doubled in June 2020, with daily adoptions numbering 10 to 13 per day. The rising adoption of pets may drive the growth of the companion animal healthcare market in the longer term. This has created a demand for healthcare amongst pet owners. In many countries and regions, veterinary services were deemed ’essential’, and there were increased visits to veterinary centers. For example, as per an article published on HealthforAnimals in 2020, World Veterinary Association (WVA), and local veterinary associations, Europe had declared veterinary services as ‘essential,’ in the same way as human healthcare services and therefore many veterinarians have been continuing to practice in current COVID-19 situation as well. European Medicines Agency (EMA) also designed and implemented to few guidelines to make sure the availability of veterinary medicines in the European market. Thus, the abovementioned factors will increase the market growth in the future.
Certain factors that are responsible for the growth of the companion animal healthcare market are increasing pet adoption across the world, rising government initiatives for animal health, and growing technological advancements in animal healthcare. A significant rise in the adoption of pet animals, including dogs, and cats, has been observed in recent years. The developed countries represent a significantly large share in companion animal ownership, owing to the favorable economic conditions and several other factors. For example, according to the 2019-2020 National Pet Owners Survey conducted by the American Pet Products Association (APPA), 67% of households, or about 85 million families in the United States, owned a pet. The increase in pet ownership is expected to boost demand for veterinary services leading to market growth. The increase in efforts by organisations is also expected to have a significant impact on the market. In June 2020, in the United States, Animal Welfare Organizations launched Human Animal Support Services (HASS), a new animal welfare organizational model, which will implement a new range of services for pets and people in 12 pilot cities, helping keep more animals in their homes and communities and reducing the number entering the shelter system through programs and resources. Product launches are another factor in market growth. For instance, in April 2021, Boehringer Ingelheim launched PREVEXXION RN and PREVEXXION RN+HVT+IBD in European Union countries and the United Kingdom against Marek’s disease. Similarly, in February 2021, Ceva Santé Animale and National Research Institute for Agriculture, Food signed an agreement to work against COVID-19 and Avian influenza in France. Furthermore, in December 2020, Zoetis canine dermatitis product, CYTOPOINT (lokivetmab), was extended to include the treatment of pruritus associated with allergic dermatitis, in addition to the original claim of clinical manifestations of atopic dermatitis in dogs. Thus, such product launches are likely to increase the market growth.
However, the use of counterfeit medicines and increasing costs of animal testing and veterinary care are expected to hinder the market growth.
Key Market Trends
Vaccines are Expected to Grow at a Significant Rate in the Therapeutics Segment
The vaccines segment is expected to be driven by innovations in vaccines, growing awareness of animal health, increasing investments by government bodies and associations, increasing demand for animal protein, including milk, meat, eggs, and fish, and rising healthcare expenditure for companion animals. Vaccines are comprised of viruses, bacteria, or other disease-causing organisms that have been killed or altered so that they cannot cause any disease, thus, boosting immunity. New advanced vaccines have been manufactured containing genetically engineered components derived from those disease agents. The increasing initiatives by various governments in different regions have improved animal healthcare and led to the increasing demand for veterinary vaccines. For instance, in June 2020, the Federation of Veterinarians of Europe, in partnership with the European Union, announced new legislation on veterinary medicines that will be applicable in all European countries from January 2022. In September 2019, Boehringer Ingelheim broke ground at its strategic vaccine production center for veterinary vaccines. The company will invest around EUR 200 million into this high-tech complex, located near Lyon, France. In May 2020, Merck & Co., Inc., launched the NOBIVAC Myxo-RHD PLUS vaccine that can reduce mortality and clinical signs of three common viral diseases in pet rabbits. These factors are expected to lead to market growth during the forecast period.
North America Dominates the Market and Expected to do the Same in the Forecast Period
The North American region is an important and high revenue generating market. The market in this region is rapidly growing owing to the changing perception of pet treatment and the high-income levels in the region. The United States is the largest market in the North America region. The United States is expected to retain its significant market share, owing to factors, like rising pet adoption and the increasing per capita animal healthcare expenditure. Additionally, the rise in the prevalence of various animal diseases and injuries has been identified as the major factor, fueling the market growth. According to the American Pet Products Association survey, from 2019-2020 around 63.4 million households own dogs, 42.7 million own cats, 5.7 million own birds, 5.4 million own small animals, and 1.6 million own horses among others. This puts the total US pet industry expenditures around USD 75.38 billion in 2019-2020. Similarly, as per the data provided by America Veterinary Medical Association, in March 2020, approximately USD 29.3 billion was spent in the country on veterinary care and services. Thus, with the increased awareness and expenditure regarding animal health, the market is expected to show significant growth in the future. Similarly, the expansion of key market players is expected to increase market growth. For instance, in August 2020, Bayer completed the sale of its Animal Health business unit to the United States-based company, Elanco Animal Health Incorporated. These companies had entered a definitive agreement to this effect in August 2019 and the sale is expected to boost Elanco’s presence in the North America region. Thus, the abovementioned factors are expected to fuel the market growth in the region.
The market for companion animal healthcare is moderately consolidated and is majorly dominated by a few players, such as Zoetis Inc., Merck & Co Inc., Elanco, Virbac, etc. The largest share of the market is captured by these global players. However, there are few companies that are penetrating the market currently and are expected to hold a substantial share in the market.
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