How Much Revenue Companion Animal Health Market Will Generate Globally Till 2028? |Grand View Research, Inc.Posted by Mrudula Anil Karmarkar on April 28th, 2023 The global companion animal health market size is anticipated to reach USD 37.49 billion by 2028, according to a new report by Grand View Research, Inc. The market is anticipated to grow at a CAGR of 9.2% from 2021 to 2028. Growing pet adoption, rising cases of acute & chronic health conditions in pets, and availability of pet insurance are the factors responsible for the growth of this market. Growing investments and strategic initiatives by market players to develop advanced solutions for pet care is another key contributor to the growth of the market. For instance, in February 2020, Boehringer Ingelheim received approval for Aservo Equihaler, which is its first therapy for severe equine asthma. Furthermore, the rising adoption of pet insurance is anticipated to fuel the market growth. As per The Holland Insurance Company Pty. Ltd., 20% of GenY and 12% of baby boomer pet owners have pet insurances in Australia. The pet insurance industry is also growing steadily in countries, such as India. These factors, combined with the humanization of pets and increasing pet health concerns, are expected to increase the demand for pet health products and services. The market was impacted by the Covid-19 pandemic. Market participants had to face several challenges, such as demand slowdown, supply chain disruptions, and operational hurdles, due to the changing norms and restrictions. The pandemic created working capital pressures across the commercial value chain. However, the growing attachment of pet owners to their pets during this pandemic resulted in increased spending on pet healthcare. This has positively impacted the industry development. The market is highly competitive and companies are undertaking various business strategies to sustain the heavy competition. As per its March 2020 press release, Ceva, a French global veterinary health company, focused on its inventory planning to ensure continuous product availability during the pandemic. The pre-availability of several months of safety stocks of the company’s strategic vaccines and pharmaceutical products created an added buffer to combat any supply chain interruptions. A rise in the initiatives by the government and private sectors to help promote animal health is anticipated to drive market growth during the forecast period. The One Health Initiative is one such collaborative effort undertaken by multiple organizations. These include the World Organization for Animal Health (OIE), Food and Agriculture Organization (FAO), WHO, the American Veterinary Medical Association, and others. It is aimed at protecting public health via the prevention and control of zoonotic pathogens by safeguarding animal health. It is carried out through the implementation of appropriate policies at national, regional, and global levels. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/companion-animal-health-market/request/rs1 The Covid-19 pandemic had a notable impact on the industry. Companies had to adapt to the challenging circumstances while facing operational and logistics hurdles. However, many market players leveraged the opportunity to increase profits and market share. For example, Vetoquinol S.A.reported an overall increase in 2020 sales compared to the previous year. This growth was driven by its essentials comprising veterinary drugs and non-medical products. Driven by the increasing humanization of pets, the expenditure on pet health and wellness is also on the rise. In 2019, in Australia, more than USD 2.6 billion was spent on animal health services as per Animal Medicines Australia. This trend was estimated to continue in the near future. The top reasons cited for veterinary visits were general health checkups, pathology & lab tests, vaccinations, illness or injury, X-ray & imaging, hospitalization, and others. Companion Animal Health Market Report Highlights
Increasing availability and adoption of pet health insurance is another factor propelling the market growth. For instance, in April 2020, OneDegree insurance start-up in Hong Kong—launched Pawfect Care portfolio of pet insurance plans. The company estimated that only 3% of the pet dogs and cats population in Hong Kong was insured, even though veterinary care costs were high in the country. The company projected more and more pet owners would opt for pet health insurance in the coming years. Market players focus on new product development, mergers & acquisitions, and distribution channel expansion to capture a larger share of the market. Companies are inclined towards maintaining a competitive edge as well as delivering economic value to customers and fulfilling unmet needs. For instance, in April 2020, Heska acquired Scil animal care to enhance its portfolio of PoC diagnostics. In January 2020, Heska acquired CVM Diagnostico Veterinario, S.L., and CVM Ecografía, S.L. to expand its pet animal diagnostics business in Spain. Some of the prominent players in the global companion animal health market include:
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