LONDON, May 25, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s report on the pet healthcare market forecasts the market to grow from $213.9 billion in 2022 to $227.8 billion in 2023, at a compound annual growth rate (CAGR) of more than 6 %. Further, it is anticipated that the market will continue to expand and reach $292.6 billion by 2027, at a CAGR of more than 6%. Regionally, North America held the largest share of the pet healthcare market in 2022.
One of the significant factors driving the growth of the market is the increasing prevalence of animal diseases. Animals are susceptible to various diseases that can significantly affect their health and, in some cases, prove fatal. Consequently, proper treatment and preventive measures through pet healthcare are crucial.
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Major pet healthcare companies include as Ceva Santé Animale, Merck & Co. Inc., Vetoquinol S.A., Zoetis Inc., Elanco Animal Health Incorporated, Bayer Animal Health GmbH, Indian Immunologicals Limited, Bioniche Animal Health Canada Inc., and Sanofi Animal Health Inc.
A notable trend in the pet healthcare industry is the advancement of diagnostic imaging techniques. Leading companies in the market are introducing innovative diagnostic products to maintain their market position.
For instance, Zoetis Inc. launched the Vetscan Imagyst, a novel diagnostic platform that incorporates image recognition technology, algorithms, and cloud-based artificial intelligence. This platform enables veterinarians to rapidly diagnose patients and provide appropriate treatment during clinic visits. Zoetis Diagnostics' portfolio has been further enhanced by the introduction of Vetscan Imagyst, an AI-powered deep learning platform for in-clinic fecal testing.
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The global pet healthcare market is segmented as -
1) By Type: Therapeutics, Diagnostics
2) By Animal Type: Canine, Feline, Equine, Avian, Other Animals
3) By Distribution Channel: Retail, E-commerce, Hospital Pharmacies
The pet healthcare market report provides a comprehensive analysis of the market, highlighting its projected growth, key trends, major players, and regional dynamics. The report also offers information on major market players, their business strategies and the key segments they operate in. A detailed regional analysis that will help players plan future investments, is also included in the report.
Pet Healthcare Global Market Report 2023 by The Business Research Company provides insights on the pet healthcare market size, pet healthcare market segments, pet healthcare market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 4,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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