Companion Animal Care Market Share Values, Revenues Analysis, and Growth Trends

The global companion animal care market is expected to display higher growth rate in the upcoming years. Rapid surge in companion animal care market is credited to the rising awareness level among pet & animal owners regarding their well-being. Most of the pet owners are treating their pets as a family member due to their companionship, entertainment, fitness and mental well-being. These factors have resulted in large spending by owners on their animal companion to ensure safety and security, thereby fostering market growth over the forecast period.

Growing demand for animal care services is attributed the rapid advancement in wearable technology for personal usage. Use of pet care devices allows owners to bond with their pets and track daily activities of pets. In addition, increasing adoption of pet care devices to enable activity tracking, monitoring heart and respiratory rates. Pet care devices also helps user to understand the rest patterns and eating habits of pets that allows owners to connect with their pets.

Data collected with the help of pet care systems enable users to understand food intake of pets. This allows owners to analyze pet health and well-being. These factors are predicted to fuel market demand for pet care systems over the coming years. Pet care systems offer constant analysis and measurement of the biomechanical and physiological factor alongside assessment of body movements of pets. This allows owners to predict behavior of their pets and look out for potential diseases.

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The companion animal care market is broadly categorized into four major segments based on the application type such as identification & tracking, behavior monitoring & control, facilitation, safety & security and medical diagnosis & treatment. The identification & tracking segment is growing rapidly in the market with substantial revenue generation in the last few years.

The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in implementation of latest technologies for animal care, surge in number of research & development activities in the region and existence of well-established industrial infrastructure.

Asia-Pacific region is estimated to hold major share in the companion animal care market with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with growing awareness towards pet health and fitness, increasing number of pet owners, rising disposable income, favorable government initiatives, and significant investment by leading industry players considering potential growth opportunities in the region.

The key players in the companion animal care market are Bayer HealthCare Pharmaceuticals LLC, Boehringer Ingelheim Corp., Elanco, Merck & Co., Merial Ltd., Virbac Pvt., Ltd., and Zoetis, Inc.The key players in the companion animal care market are Bayer HealthCare Pharmaceuticals LLC, Boehringer Ingelheim Corp., Elanco, Merck & Co., Merial Ltd., Virbac Pvt., Ltd., and Zoetis, Inc.

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