Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the U.S. Companion Animal Health market.
Trusted Business Insights presents an updated and Latest Study on U.S. Companion Animal Health Market. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the U.S. Companion Animal Health market during the forecast period.
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Industry Insights, Market Size, CAGR, High-Level Analysis: U.S. Companion Animal Health Market
The U.S. companion animal health market size was valued at USD 5.5 billion in 2018 and is expected to register a CAGR of 5.2% during the forecast period. The market is primarily driven by growing adoption of companion animals in the country, coupled with increasing awareness among pet owners regarding animal diagnostics.
Dogs are the most commonly owned companion animal, followed by cats. According to the U.S. Census Bureaus American Housing Survey in 2018/2019, 49.0% households have at least one pet. Growing pet ownership has upped concerns regarding their health, thereby driving the market. Advent of AI has enabled early and accurate diagnosis, providing promising growth opportunities in the coming years. In April 2019, PetSensus and Insilico Medicine collaborated to provide animal longevity with their biomedical data platform.
Increasing availability as well as adoption of insurance for companion animals with widening coverage for accidents and illnesses is also anticipated to boost market growth. As per the North American Pet Health Insurance Association in 2019,the average monthly charge of pet insurance is USD 27.9 for cats and USD 44.7 for dogs, covering both accidents and illnesses. The association also states that in 2014, dogs accounted for 83% of insurance premiums while cats held a 17% share. As the cost of surgeries and diagnostics continues to increase, the inclination of pet owners toward insurance is also on a rise.
Rising incidence of cancer, especially in dogs, is anticipated to provide a growth platform for the market. As per the Animal Cancer Foundation, 65 million dogs and 32 million cats are suffering from cancer in the U.S. Dogs are more prone to suffer from malignant neoplasia (tumor) and lymphoma, as per the American Veterinary Medical Association in 2019. The market is supported by numerous health initiatives, especially for cancer treatment, by government and private organizations. For instance, in May 2016, the Blue Buffalo Foundation and the Petco Foundation announced an investment of USD 2.35 million in order to support companion animal cancer research and treatment.
Type Insights of U.S. Companion Animal Health Market
Dogs held the leading share in 2018, majorly owing to rising adoption of the same. Dogs are known to provide numerous health benefits to their owners, such as combating depression, reducing stress, and lowering blood pressure. Furthermore, dogs are more prone to various forms of cancer compared to other companion animals such as cats. As per the Veterinary Cancer Society, cancer is the foremost reason of death in 47% dogs, especially aged below 10 years.
Cats formed the second largest companion animal segment and will register the fastest growth over the forecast period. Cats are highly prone to infectious as well as chronic health issues, such as cardiovascular disorders, diabetes, and kidney problems. Companies are focusing on expanding their product portfolio in this segment, giving it a major boost. For instance, Ceva expanded its range of cardiology products with the launch of Amodip for treatment of arterial hypertension in cats.
Product Insights of U.S. Companion Animal Health Market
Pharmaceuticals held the dominant revenue share as of 2018, driven by increasing usage of pharmaceuticals to treat the burgeoning prevalence of foodborne diseases and zoonotic diseases. These diseases are potentially hazardous to animal health and require immediate medical attention.
The vaccines segment is anticipated to grow at a lucrative rate during the forecast period. Vaccination is important for companion animals as they not only safeguard them from epidemics but also protect owners in case of any animal bites. As per the Centers for Disease Control and Prevention (CDC) in 2017, rabies vaccination is prime for pet animals; the vaccination has resulted in a 5.7% decrease in rabies cases in domestic animals since 2016. Moreover, clinical trials for vaccines take less time compared to pharmaceutical medicines, resulting in release of new vaccination products in the market at a rapid pace.
The diagnostics segment is expected to register the fastest growth in the U.S. companion animal health market during the forecast period. Technological advancements in the field of radiology diagnostics such as electronic data capture, inclusion of artificial intelligence (AI), and cloud-based storage are anticipated to drive the segment. For instance, IBM is working on AI assistants for doctors that can promptly recognize species the moment a pet is brought into a clinic. These assistants can also quickly scan through a database of over 800 medical conditions to make a diagnosis. Artificial intelligence is also giving rise to ˜smart farms, helping in the diagnosis of affected animals without any human involvement.
Distribution Channel Insights
Hospital pharmacy held the largest share in the global market due to high accessibility and affordability. The segment is expected to grow at a steady pace owing to increasing prevalence of epidemics and chronic health ailments among companion animals. Furthermore, hospitals provide advanced treatment products, which is expected to contribute to the overall growth of the segment.
E-commerce is estimated to be the fastest growing segment owing to ease of availability, greater accessibility, and is less time consuming. E-commerce or online pharmacies eliminate other market intermediaries of the delivery channel, thereby, reducing overall costs. This has driven customer preference over other channels. Furthermore, the OTC drug segment has significantly benefited from the advent of e-commerce. Consumers are progressively moving toward usage of digital platforms for speedy delivery and convenience. The availability of home delivery services has given pet owners the option of having drugs delivered to them within a delivery window of an hour in many areas in the U.S.
The global market has been segmented on the basis of end use into veterinary hospitals and clinics and point-of-care testing or in-house testing. Veterinary hospitals and clinics dominated the market in 2018. The demand for fast, accurate, and cost-effective diagnosis and treatment in companion animals has driven this segment. Moreover, in recent years, veterinary hospitals and clinics and pet insurance companies have been collaborating efforts for better and fast reimbursement options, leading to better treatment and increased footfall.
The point-of-care or in-house testing segment is anticipated to register the fastest growth over the course of the forecast period owing to improved access to healthcare services and ability to provide quick and accurate results. Moreover, facilities like lab-quality testing outside hospital settings will boost its adoption in veterinary healthcare. Another factor propelling this segment is increase in incidence of animal diseases that may affect companion animals and infect humans, thus raising the need for point-of-care tests.
Market Share Insights of U.S. Companion Animal Health Market
Some of the major players operating in this market are Zoetis, Boehringer Ingelheim GmbH, Elanco, Ceva (Ceva Sante Animale), and Merck Animal Health. Extensive mergers and acquisitions, product portfolio and geographical expansions, and collaborative research initiatives are strategies undertaken by leading players. For instance, in July 2019, Zoetis and Colorado State University entered into an agreement for establishing a research lab for the development of new immunotherapies for veterinary patients.
Established players, in an attempt to increase their market presence and strengthen their product offering, are entering into alliances. For example, in April 2019, Merck acquired Antelliq Corporation in order to increase its foothold in animal health monitoring and smart data management for both companion and livestock animals. The market is competitive in nature and rising penetration of advanced technologies in this space is further anticipated to present this market with promising growth opportunities in the near future.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of U.S. Companion Animal Health Market Research Report
This report forecasts revenue growth at country level and provides an analysis of latest industry trends in each of the sub-segments from 2014 to 2026. For the purpose of this study, this market research report has segmented the U.S. companion animal health market report on the basis of animal type, product, distribution channel, and end use:
Animal Type Outlook (Revenue, USD Million, 2014 – 2026)
Product Outlook (Revenue, USD Million, 2014 – 2026)
Distribution Channel Outlook (Revenue, USD Million, 2014 – 2026)
End-use Outlook (Revenue, USD Million, 2014 – 2026)
Point-of-care testing/In-house testing
Veterinary Hospitals & Clinics
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