Dublin, Aug. 16, 2024 (GLOBE NEWSWIRE) -- The "U.S. Companion Animal Health Market Size, Share & Trends Analysis Report, By Animal Type (Dogs, Cats), By Product (Vaccines, Pharmaceuticals, Supplements), By Distribution Channel, By End Use, And Segment Forecasts, 2024 - 2030" report has been added to ResearchAndMarkets.com's offering.
The U.S. companion animal health market was estimated at USD 20.7 billion in 2030 and is expected to expand at a CAGR of 7.93% from 2024 to 2030
The rising number of pet owners seeking better healthcare services, healthier quality foods, and high-end grooming and training services for their companion animals is a major driver for this market. According to theNational Pet Owners Survey, 90.5 million families in the U.S. own a pet, out of which 69.0 million own a dog. Moreover, high-income families amounted to approximately 60% of the total spending. In recent years, pet adoption has shown immense growth. This is primarily attributed to the fact that people are healthier and happier in the presence of pets, as found by the Human-Animal Bond Research Initiative Foundation (HABRI).
With the rising adoption of companion animals and growing concerns over their health, there comes a direct association with pet insurance. Presently, pet insurance accounts for a small segment in the insurance industry. The COVID-19 pandemic positively impacted the market growth in the U.S. Key players such as Boehringer Ingelheim Animal Health, Chewy, Elanco, MWI Animal Health, Covetrus, and PetIQ focused on expanding their telemedicine solutions into the market as governments relaxed governance to enable more flexible veterinary examinations during the coronavirus pandemic.
Approval of novel therapeutics and companion animal vaccines continues to present this market with lucrative growth opportunities. Ongoing trends for the adoption of e-commerce, pet insurance, veterinary telemedicine, point of care diagnostic testing, and digitalization of veterinary practices are further accelerated by the crisis of COVID-19.
Groundbreaking technological advances are rapidly transforming the pet health industry. These expansions are maximizing the potential for growth. Companies are taking strategic initiatives in pet health, such as the adoption of big data, wearable technologies to monitor pet health, and the inclusion of stem cell therapy. Moreover, established players are focusing on expanding their portfolios. For instance, Elanco acquired Bayer AG's animal health business unit in August 2019.
The U.S. captured a substantial share of the market. The share attained by this country is primarily a consequence of the presence of prominent market players undertaking extensive expansion strategies. Moreover, the increasing number of R&D investments initiated by the companies is one of the key potential growth factors presumed to be responsible for the sizeable share garnered by the U.S.
U.S. Companion Animal Health Market Report Highlights
- Based on animal type, the dog segment held the dominant share in 2022 due to the increasing spending on pet care, specifically in developed regions
- By product, the pharmaceuticals segment is expected to gain popularity in the coming years owing to the growing demand to increase pet longevity and rising R&D activities
- On the basis of distribution channel, the e-commerce segment is anticipated to witness rapid growth over the forecast period due to the increased convenience offered to pet owners
- The veterinary hospitals and clinics end-use segment held the largest revenue share of over 80.0% in 2022 due to the growing demand for services such as clinical pathology, toxicology tests, and therapy
- Vetiquinol S.A., Zoetis, Merck, Ceva Sante Animale, Boehringer Ingelheim GmbH, and Elanco are some of the major market participants due to their product offerings and strong regional presence
- Companies are adopting various strategies to gain competitive advantages, such as new product development, partnerships, mergers and acquisitions, collaborations, and regional expansion
Companies Featured
- Merck & Co., Inc.
- Elanco
- Boehringer Ingelheim GmbH
- Ceva Sante Animale
- Zoetis
- Virbac
- IDEXX Laboratories, Inc.
- Mars Inc.
- Dechra Pharmaceuticals Plc
- Vetoquinol S.A.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 150 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $12.3 Billion |
| Forecasted Market Value (USD) by 2030 | $20.7 Billion |
| Compound Annual Growth Rate | 7.9% |
| Regions Covered | United States |
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segment Outlook
2.3. Competitive Insights
Chapter 3. U.S. Companion Animal Health Market Variables, Trends & Scope
3.1. Market Lineage Outlook
3.1.1. Parent market outlook
3.1.2. Related/ancillary market outlook
3.2. Market Dynamics
3.2.1. Market driver analysis
3.2.1.1. Rising prevalence of pet diseases
3.2.1.2. Growing uptake of pet insurance
3.2.1.3. Increase in pet population
3.2.2. Market restraint analysis
3.2.2.1. High cost of treatment
3.3. U.S. Companion Animal Health Analysis Tools
3.3.1. Industry Analysis - Porter's Five Forces
3.3.2. PESTEL Analysis
Chapter 4. U.S. Companion Animal Health Market: Animal Type Estimates & Trend Analysis
4.1. Animal Type Market Share, 2023 & 2030
4.2. Segment Dashboard
4.3. U.S. Companion Animal Health by Animal Type Outlook
4.4. Market Size & Forecasts and Trend Analyses, 2018 to 2030 for the Following
4.4.1. Dogs
4.4.2. Cats
Chapter 5. U.S. Companion Animal Health Market: Product Estimates & Trend Analysis
5.1. Product Market Share, 2023 & 2030
5.2. Segment Dashboard
5.3. U.S. Companion Animal Health by Product Outlook
5.4. Market Size & Forecasts and Trend Analyses, 2018 to 2030 for the Following
5.4.1. Vaccines
5.4.2. Pharmaceuticals
5.4.2.1. Pharmaceuticals market estimates and forecasts 2018 to 2030 (USD Million)
5.4.2.2. OTC
5.4.2.3. Prescription
5.4.3. Supplements
5.4.4. Diagnostics
Chapter 6. U.S. Companion Animal Health Market: Distribution Channel Estimates & Trend Analysis
6.1. Distribution Channel Market Share, 2023 & 2030
6.2. Segment Dashboard
6.3. U.S. Companion Animal Health by Distribution Channel Outlook
6.4. Market Size & Forecasts and Trend Analyses, 2018 to 2030 for the Following
6.4.1. Retail
6.4.2. E-commerce
6.4.3. Hospital/ Clinic Pharmacies
6.4.3.1. Hospital/ Clinic Pharmacies market estimates and forecasts 2018 to 2030 (USD Million)
6.4.3.2. Independent
6.4.3.3. Corporate
Chapter 7. U.S. Companion Animal Health Market: End Use Estimates & Trend Analysis
7.1. End Use Market Share, 2023 & 2030
7.2. Segment Dashboard
7.3. U.S. Companion Animal Health by End Use Outlook
7.4. Market Size & Forecasts and Trend Analyses, 2018 to 2030 for the Following
7.4.1. Hospitals & Clinics
7.4.2. Point-of-Care
Chapter 8. Competitive Landscape
8.1. Recent Developments & Impact Analysis, By Key Market Participants
8.2. Company/Competition Categorization
8.3. Vendor Landscape
8.3.1. List of key distributors and channel partners
8.3.2. Key customers
8.3.3. Key company heat map analysis, 2023
8.4. Company Profiles
8.4.1. Company overview
8.4.2. Financial performance
8.4.3. Product benchmarking
8.4.4. Strategic initiatives
For more information about this report visit https://www.researchandmarkets.com/r/ng06ip
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