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The Companion Animal Healthcare market
The Companion Animal Healthcare market stands at a size of 16.26 billion dollars in 2021 and is expected to rise up to 22.02 billion dollars by the year 2026.
That is to say the global companion animal health care market is proposed to spike at compound annual growth rate of 9.2% within the span of 2021 to 2028.
Concept of Companion Animal
“Man by nature is a social animal”, quoted by Aristotle a legendry Greek philosopher. An individual who is recluse by nature and not by coincidence and Society is something that goes beyond the person. Humans are made such they cannot survive alone and are in pursuit of a decent companion be it another individual or animal.
The concept Companion Animals is, animals that are utilized for assistance or used as a buddy or friend with no special training in assisting an individual with disability. They are utilized for psychological support and display of affection to needy people. A person has to be disabled or has to prove disability to adopt companion animal.
Companion animals are pet for protection of company, property or an individual. These animals keep the milieu safe and secure and serve as shield from theft or robbery. Animals like dog and cats are more popular as companion animals. These animals serve as important aspect in lives of many giving a feeling of belonging and responsibility. These animals have to be maintained with proper health and care, especially with the quality of food and medication.
With growing knowledge and significance of health care of pet’s people are spending more money on nutrition and medication of animals than ever before. They have become aware and also believe that health of companion animal is equally important consequently driving a growth in companion animal healthcare market. Companion animal healthcare market is showing an upward trend at a very instance pace reason being accretion in level of incomes and new trends of nuclear family consecutively has given a rise for pet adoption among middle class families as well. This has resulted in hike in demand for nutritious food and advanced medical facilities for animals. All the above factors are fostering the surge in companion animal healthcare market.
Key Players of Companion Animal Healthcare Market Key Players
Some of the notable key players of Companion Animal Healthcare Market Key Players consist of Zoetis Animal Healthcare (U.S.), Merial (France), Elanco Animal health (U.S.), Bayer Animal Health (Germany), Merck and Co., Inc. (U.S.), Ceva Animal Healthcare (U.K), Virbac Animal Healthcare (France), Vetoquinol S.A. (France), Perrigo Company plc (Ireland), Boehringer Ingelheim (Germany) and others. It is said that globally, companion animal healthcare market includes four regions explicitly America, Europe, Asia Pacific and Middle East & Africa, America being the highest player in companion animal healthcare market.
Effect of COVID - 19 on Companion Animal Healthcare Market
The covid crisis has had major setback on animal medicine industry as restrictions on trade disturbed the supply chain industry and demand slowed down due to global government lockdown. Although covid crisis has bogged down the market it is forecasted that companion animal healthcare market will retrieve over the projected period.
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