North America Companion Animal Healthcare Market 2023
Posted by MDFtrends on August 14th, 2018
The North America Companion Animal Healthcare Market was worth USD 5.46 Billion in 2018 and estimated to reach USD 7.37 Billion by the end of 2023 with a growing potential of 6.18 %.Research shows that having a companion animal of any kind enriches human lives. It shows that pet owners have less illness, recover faster from health conditions and tend to be more content than people who do not own any pets. Companion animals serves man by offering companionship and guarding their houses or offices.
Several type of diseases in animals and their transfer to humans by their product consumption and companionship are growing the market. The companies are focusing more on their research and technical advancement to produce better pharmaceutical and vaccine products for their existing and newly diagnosed diseases. Companion Animal healthcare market has seen some of the important mergers and acquisitions to attain expertise in developing new active pharmaceutical ingredients /drugs. The market has high potential for branded generic drugs and has most of the blockbuster drugs are now off-patent.
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The growth of Companion Animal Health Care Market is driven by incidence of zoonotic and food borne diseases, increasing pet/companion ownership, growing healthcare concerns of pet/companion, necessity for improved nutrition. However, the market is restricted by the regulatory bodies regarding the sale of antibiotics, increasing costs and ethical concerns regarding Animal testing.
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Companion Animal Health Care Market: Segmentation
o Nutritional Feed additives
o Medicinal Feed additives
Companion Animal Health Care Market: Overview
Feed additives are the most widely used products as they provide all the essential nutrients required for the animal development and growth and medicinal additives to ensure the well being of pet/companion.
Based on Geography, the North America Companion Animal Health care market is analysed under regions namely United States, Canada. North America accounts to the largest share in the market due to growing expenditure on pet nutrition and health care.
Companion Animal Health Care Market: Key Players
Some of the major companies dominating the market, by their products include Pfizer Animal health Ltd, Merck & Co Inc., Sanofi Aventis Animal Health, Zoetis Inc., Boehringer Ingelheim GmbH, Elanco Products Company, Bayer AG, Novartis animal Health Inc., Virbac SA, Ceva Sante Animale, Vetoquinol SA.
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