The global companion animal health market size is expected to reach USD 25.54 billion by 2026, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 6.1% during the forecast period. Increasing prevalence of zoonotic diseases is among high impact rendering drivers for this market.
Efforts undertaken by various animal welfare organizations at the country and regional levels, are anticipated to positively influence the growth. These organizations work closely with various partners, including national ministries of health, World Organization for Animal Health (OIE), World Bank, Food and Agriculture Organization (FAO), and United Nations System Influenza Coordination (UNSIC). The National Center for Emerging and Zoonotic Infectious Diseases (NCEZID) is engaged in preventing, tracking, detecting, and responding to outbreaks of infectious diseases in U.S. and other countries.
Growing investments by key players to develop advanced pet care solutions is projected to further propel the companion animal health market. For instance, regulatory departments in Brazil, South Africa, and India are helping various R&D centers by listing specific requirements of their countries. This has urged market players to initiate product development as per requirements of different countries. Key companies are actively focusing on innovation and development in pet care. For instance, Zoetis developed Cytopoint, the first monoclonal antibody for veterinary use, for the treatment of atopic dermatitis in dogs.
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Further key findings from the report suggest:
- Dogs emerged as the largest animal type segment in 2018, owing to health benefits associated with the adoption of pets, increasing awareness, and demand for efficient dog care
- The cats segment is anticipated to witness exponential growth over the forecast period owing to significant rise in the ownership for cats and greater cost-efficiency compared to the adoption of dogs
- Pharmaceuticals captured a substantial market share in 2018. Continuous advancements in drug formulations is projected to boost the uptake of these products in the forthcoming years
- Diagnostics is expected to expand at an exponential CAGR over the forecast period owing to increasing zoonotic infections, which is likely to boost the need for the establishment of diagnostic laboratories and point-of-care testing
- Hospital pharmacies accounted for a substantial share of the distribution channels segment in 2018. High procedural volume, resulting from frequent readmission of pets for treatment, has supported the segment growth
- Veterinary hospitals and clinics accounted for the largest share of the companion animal health market owing to availability of a wide range of treatments diagnostic options.