According to the report “Companion Animal Health Care Market“, published by Market Data Forecast, the global market is projected to reach USD 17.20 Billion by 2021, at a CAGR of 6.20 % from 2016 to 2021.
Companion animals are the animals which serve man by giving companionship and guarding their houses or offices. Various types of diseases in animals and their transfer to humans via their product consumption and companionship are escalating the market globally.
Growing incidence of zoonotic and food borne diseases will be a potential concern to the health of pet animals. Increasing pet/companion ownership, growing health care concerns of pets, rising demand for improved nutrition, are the major factor driving the growth of the market. The factors that are hindering the growth of the market are restrictions by regulatory bodies have a negative impact on the sales of antibiotics, soaring costs and increasing regulations on animal testing have hindered a number of healthcare companies from manufacturing newly advanced drugs.
Global Market for Companion Animal Health Care is segmented based on Product type and region
- Based on Product type:
- Feed Additives
- Nutritional feed additives
- Medicinal feed additives
- Based on Geography
- North America
- Asia – Pacific
- Latin America
- Middle East & Africa
Some of the major companies dominating the global market Pfizer Animal health Ltd, Merck & Co Inc., Sanofi Aventis Animal Health, Zoetis Inc., Boehringer Ingelheim GmbH, Elanco Products Company, Bayer AG, Novartis animal Health Inc., Virbac SA, Ceva Sante Animale, Vetoquinol SA.
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