Companion Animal Health Market Outlook 2023-2028:
IMARC Group’s latest report, titled “Companion Animal Health Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, the global companion animal health market size reached US$ 23.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 39.0 Billion by 2028, exhibiting a growth rate (CAGR) of 8.4% during 2023-2028.
Companion animal health refers to the physical and emotional well-being of dogs, cats, and other small mammals that are kept as companions. This encompasses a wide range of health concerns, from preventive care and routine check-ups to the treatment of chronic and acute illnesses. It aims to maintain physical health and mental and emotional well-being by providing adequate socialization and training and addressing behavior problems, such as separation anxiety and aggression. Additionally, it helps in providing appropriate nutrition, exercise, and a safe and clean environment and aids in offering regular veterinary check-ups and vaccinations that help prevent and control the spread of infectious diseases.
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Competitive Landscape with Key Players:
The competitive landscape of the industry has also been examined along with the profiles of the key players being
Companion Animal Health Market Growth:
The increasing trend of pet ownership is driving the global market. Moreover, the rising incidences of chronic conditions, including obesity, diabetes, and cardiovascular diseases in pets, are catalyzing the demand for pet healthcare products and services across the globe. Along with this, the growing awareness regarding the importance of animal health and well-being among the masses is contributing to the market. Furthermore, the rising number of animal diseases is impelling major companies to develop effective drugs and vaccines is impacting the market favorably. Additionally, the introduction of advanced technologies, such as telemedicine and smart pet healthcare products, is creating a positive market outlook. Other factors, including the growing awareness regarding the availability of pet insurance and inflating disposable income levels of the masses, are projected to propel the market further.
Key Market Segmentation:
Breakup by Animal Type:
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Key Highlights of the Report:
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