Global Veterinary for Companion Animals Market Size, Share and Trends Analysis Report, By Type (Medicines, Vaccine, and Others), By Application (Dogs, Cats, and Others), Forecast Period (2022-2028)

The global veterinary for companion animals market is anticipated to grow at a CAGR of 9.7% during the forecast period (2022-2028). The growing companion animal population, rising incidence of transboundary and zoonotic illnesses, rising demand for pet insurance, rising animal health expenditure, and rising number of veterinary practitioners and income levels in developed nations are all contributing to market expansion. Increasing pet care expenditures, on the other hand, are likely to limit the market’s growth to some extent. The increased demand for point-of-care (POC) testing and portable tools, as well as the application of modern technologies, such as machine learning, to improve illness detection, provide growth prospects for veterinary for companion animals companies.

The rise in artificial intelligence usage, which has enabled diagnosis and would accelerate the industry, is a major factor affecting the market. Furthermore, the global adoption of companion animals would boost the industry forward. The availability of insurance to protect against accidents is expected to aid the industry’s growth in the coming years. The increase in cancer cases in most dogs is expected.  Portable diagnostic tools for point-of-care (POC) services have become a significant component of identifying animal diseases in recent years.

Major competitors in the companion animal veterinary industry are focusing on releasing portable tools for field practitioners. Portable systems are frequently utilized in remote areas, such as a patient’s house or a shelter, as well as in an emergency. The expanding demand among veterinarians for on-field diagnosis and their ease of use in transferring data from one department to another within large veterinary hospitals and academic & research institutes are driving the development of such tools.

Pet healthcare spending has risen dramatically in recent years, including purchases of pet food, supplies/over-the-counter pharmaceuticals, veterinary treatment, pet insurance coverage, and other services (such as companion animal diagnostic services). Due to features such as ease of use, specificity, reproducibility, and low cost, rapid tests are gaining appeal among end users. As a result, companies are increasingly focusing on delivering speedy tests to the market that can provide definitive results in less than 24 hours or even during the initial examination of the animal. The growing need for innovative technologies that can enable speedy result production and real-time diagnosis ease is likely to provide considerable potential prospects for market players.

Some major players in the market include Bayer AG, Boehringer Ingelheim International GmbH., Dechra Pharmaceuticals PLC, Elanco Animal Health Inc., Merck & Co. Inc., Virbac S.A., and Zoetis Inc., among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. Elanco Animal Health Inc. offers Atopica (cyclosporine capsules). Atopica treats the underlying root of the problem, reducing itching, rubbing, and licking.

Market Coverage

• The market number available for – 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
  • By Type
  • By Application
• Regions Covered-
  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World
• Competitive Landscape- Bayer AG, Boehringer Ingelheim International GmbH., Dechra Pharmaceuticals PLC, Elanco Animal Health Inc., Merck & Co. Inc., Virbac S.A., and Zoetis Inc., among others.

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
  • Deviation from the pre-COVID-19 forecast
  • Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Veterinary for Companion Animals Market Report by Segment

By Type

• Medicines
• Vaccine
• Others

By Application

• Dogs
• Cats
• Others