Report analyzing the US companion animal health market size, share and trends by animal type (dogs, cats, equines), by product (pharmaceuticals, diagnostics), by distribution channel , by end use and segment forecast, 2022-2030.
New York, May 23, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “US Companion Animal Health Market Size, Share & Trends Analysis Report By Animal Type, By Product, By Distribution Channel, By End Use And Industry Forecast , 2022 – 2030” – https://www.reportlinker.com/p06277971/?utm_source=GNW
US Pet Health Market Growth and Trends
The US pet healthcare market size is expected to reach USD 11.39 billion by 2030. It is expected to grow at a CAGR of 10.2% from 2022 to 2030. The growing number of pet owners looking for better healthcare services, healthier quality foods and -the services of grooming and training their pets are a major driver of this market. According to the American Pet Products Association (National Pet Owners Survey), 85 million households in the United States own a pet, especially dogs, of which 60.2 million own multiple pets. In addition, high-income families accounted for about 60% of total expenditures. In recent years, the adoption of pets has grown immensely. This is primarily attributed to people being healthier and happier around pets, as found by the Human-Animal Bond Research Initiative Foundation (HABRI).
With the growing adoption of pets and growing concerns about their health, there is a direct association with pet insurance. Currently, pet insurance represents a small segment of the insurance industry.
The Covid-19 pandemic has had a positive impact on market growth in the United States. Key players such as Boehringer Ingelheim Animal Health, Chewy, Elanco, MWI Animal Health, Covetrus and PetIQ have focused on expanding their telemedicine solutions in the market as governments loosen governance to allow more flexible veterinary exams during the coronavirus pandemic.
The approval of new therapies and vaccines for companion animals continues to provide this market with lucrative growth opportunities. Ongoing trends for adoption of e-commerce, pet insurance, veterinary telemedicine, point-of-care diagnostic testing and digitalization of veterinary practices are further accelerated by the COVID-19 crisis. 19.
Revolutionary technological advancements are rapidly transforming the pet health industry. These expansions maximize growth potential.
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. Additionally, established players are focusing on expanding their portfolios.
For example, Elanco acquired Bayer AG’s animal health business unit in August 2019.
The United States captured a substantial share of the market. The share achieved by this country is mainly a consequence of the presence of prominent players in the market who are undertaking extensive expansion strategies. Moreover, the growing number of business-initiated R&D investments is one of the major potential growth factors believed to be responsible for the large share garnered by the United States.
US Companion Animal Health Market Report Highlights
• Based on animal type, dog segment held the dominant share in 2021 due to increased spending on pet care, especially in developed regions
• By product, the pharmaceuticals segment is expected to grow in popularity in the coming years due to the growing demand for increasing the longevity of companion animals and increasing R&D activities
• Based on distribution channel, e-commerce segment is expected to witness rapid growth over the forecast period owing to increased convenience offered to pet owners
• The end-use segment of veterinary hospitals and clinics held the largest revenue share of over 80.0% in 2021 due to growing demand for services such as clinical pathology, toxicology testing and therapy
• Vetiquinol SA, Zoetis, Merck, Ceva Santé Animale, Boehringer Ingelheim GmbH and Elanco are among the major market players due to their product offerings and strong regional presence
• Companies adopt various strategies to gain competitive advantages, such as new product development, partnerships, mergers and acquisitions, collaborations and regional expansion
Read the full report: https://www.reportlinker.com/p06277971/?utm_source=GNW
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