The U.S. companion animal health market size is expected to reach USD 8.2 billion by 2026, according to a new report by Grand View Research, Inc., registering a 5.2% CAGR over the forecast period. 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 the American Pet Products Association (National Pet Owners Survey), 85 million households in the U.S. own a pet, especially dogs, out of which 60.2 million own multiple pets. 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 rising adoption of companion animals and growing concern about their health, there comes a direct association of pet insurance. Presently, pet insurance accounts for a small segment in the insurance industry. According to the North American Pet Health Insurance Association (NAPHIA) in 2017, 2.07 million pet owners had insurance for the same, which is 16.8% more than in 2016. This is showing promising growth as people have started opting for pet health insurance for timely and better treatment.
Groundbreaking technological advances are rapidly transforming the pet health industry. These expansions are producing exciting new potentials. Some of the key market players are Zoetis, Merck, Ceva Santé Animale, Boehringer Ingelheim GmbH, and Elanco, which account for a considerable share in the market owing to their broad product offerings. Companies are taking strategic initiatives in pet health, such as adoption of big data, wearable technologies to monitor pet health, and inclusion of stem cell therapy. Moreover, established players are focusing on expanding their portfolio. For instance, Elanco acquired Bayer AG’s animal health business unit in August 2019.
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Further key findings from the study suggest:
Based on type, dogs held the dominant share due to 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 growing demand to increase pet longevity and rising R&D activities.
On the basis of distribution channel, the ecommerce segment is anticipated to witness rapid growth over the forecast period due to increased convenience offered to pet owners
Veterinary hospitals and clinics held the dominant share in terms of end use, mainly due to growing demand for services such as clinical pathology, toxicology tests, and therapy
Vetiquinol S.A., Zoetis, Merck, Ceva Santé 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 advantage, such as new product development, partnerships, mergers and acquisitions, collaborations, and regional expansion.
Grand View Research has segmented the U.S. companion animal health market on the basis of animal type, product, distribution channel, and end use:
U.S. Companion Animal Health Animal Type Outlook (Revenue, USD Million, 2014 - 2026)
U.S. Companion Animal Health Product Outlook (Revenue, USD Million, 2014 - 2026)
U.S. Companion Animal Health Distribution Channel Outlook (Revenue, USD Million, 2014 - 2026)
U.S. Companion Animal Health End-use Outlook (Revenue, USD Million, 2014 - 2026)
Point-of-care testing/In-house testing
Veterinary Hospitals & Clinics
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