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The companion animal healthcare market size is forecast to increase by USD 10.84 billion at a CAGR of 10.03% between 2023 and 2028. The market is experiencing significant growth, driven by the rising trend of pet ownership and increasing awareness about pet insurance. According to the American Pet Products Association, over 67% of US households own a pet, with dogs and cats being the most popular companions. This growing population of pets necessitates an increase in animal health expenditure, with a focus on prescription medications and diagnostics in both veterinary clinics and home-care settings. The vaccine segment and clinical biochemistry segment are expected to dominate the market due to their essential role in preventive care and disease management. Veterinary practitioners play a crucial role in this market, with income levels influenced by the increasing pet care costs.
Furthermore, strict regulatory approval processes for veterinary drugs ensure the safety and efficacy of treatments, while diagnostics laboratories provide accurate and timely results to aid in effective diagnosis and treatment plans. Overall, the market is poised for continued growth, with a strong focus on improving animal health and wellbeing.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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