Companion Animal Medicine Market is valued at approximately USD 15.8 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 9.6 % over the forecast period 2021-2027.
Companion Animal Medicine is the treatment of pets in private hospitals and clinics such as cats, dogs, and other pets etc. The increasing adoption and population of pets have led to the adoption of Companion Animal Medicine across the forecast period. For Instance: according to the Insurance Information Institute in 2020, the adoption of pets across the world is increasing rapidly and the US is the dominating region. As per the same source, approximately 69 Million households in US households own dogs as pets. According to Statista in 2020, the number of pet dogs was 470 million globally and it is estimated to increase in coming years. Rising investment towards pet healthcare enhances the growth of companion animal medicine market.
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Also, with the increasing incidences of diseases in pets, the adoption & demand for Companion Animal Medicine is likely to increase the market growth during the forecast period. However, threat of substitutes impedes the growth of the market over the forecast period of 2021-2027.
The geographical regions considered for the global Companion Animal Medicine market analysis include Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading region across the globe in terms of huge market share due to the growing adoption of pets and rising government and private initiatives towards pet healthcare. Whereas Asia-Pacific is also estimated to attain a maximum growth rate during 2021-2027. Factors such as rising pet population, increasing number of hospitals and pet clinics would create beneficial growth forecasts for the Companion Animal Medicine market across Asia-Pacific region.
Major market players included in this report are:
Merck & Co., Inc.
Boehringer Ingelheim International GmbH
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
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The detailed segments and sub-segment of the market are explained below:
By Animal Type:
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2018, 2019
Base year – 2020
Forecast period – 2021 to 2027
Target Audience of the Global Companion Animal Medicine Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
Merck & Co., Inc.
Boehringer Ingelheim International GmbH
The file offers market sizing and forecast throughout 5 primary currencies – USD, EUR GBP, JPY, and AUD. It helps corporation leaders make higher choices when foreign money change records are available with ease. In this report, the years 2020 and 2021 are regarded as historic years, 2020 as the base year, 2021 as the estimated year, and years from 2022 to 2030 are viewed as the forecast period.
In order to produce a holistic assessment of the market, a variety of factors is considered, including demographics, business cycles, and microeconomic factors specific to the market under study. Healthcare Market report 2021 also contains a comprehensive business analysis of the state of the business, which analyzes innovative ways for business growth and describes critical factors such as prime manufacturers, production value, key regions, and growth rate.
The Centers for Medicare and Medicaid Services report that US healthcare expenditures grew by 4.6% to US$ 3.8 trillion in 2019, or US$ 11,582 per person, and accounted for 17.7% of GDP. Also, the federal government accounted for 29.0% of the total health expenditures, followed by households (28.4%). State and local governments accounted for 16.1% of total health care expenditures, while other private revenues accounted for 7.5%.
This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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What are the aspects of this report that relate to regional analysis?
- The report’s geographical regions include North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
- The report provides a comprehensive analysis of market trends, including information on usage and consumption at the regional level.
- Reports on the market include the growth rates of each region, which includes their countries, over the coming years.
- How are the key players in the market assessed?
- This report provides a comprehensive analysis of leading competitors in the market.
- The report includes information about the key vendors in the market.
- The report provides a complete overview of each company, including its profile, revenue generation, cost of goods, and products manufactured.
- The report presents the facts and figures about market competitors, alongside the viewpoints of leading market players.
- A market report includes details on recent market developments, mergers, and acquisitions involving the key players mentioned.
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