Market Research Future (MRFR)’s latest study has revealed that the global companion animal healthcare market is poised to proliferate rapidly at a CAGR of 9.6% during the forecast period 2017 to 2023. The market is set to grow from USD 14 Bn in 2016 to USD 20 Bn in 2023. The growing trend of pet adoption is likely to fuel demand in the Companion Animal Healthcare Market as it provides a sense of belongingness and responsibility to the people. The exponential geriatric population has accelerated the rate of pet adoption in the recent times. The trend is anticipated to perpetuate across the assessment period.
Companion Animal Healthcare Industry/ Innovation/ Related News:
April 24, 2018 – Zoetis (US) a leading Global animal health company, while reporting on the progress of one of their initiatives – A.L.P.H.A. (African Livestock Productivity and Health Advancement) stated that despite several adversaries, they are very well keeping up with the plan in the first place. The initiative is funded by a grant of USD 14.4 million from the Bill & Melinda Gates Foundation, to establish sustainable animal health infrastructure and veterinary diagnostic networks in Nigeria, Uganda, and Ethiopia.
April 18, 2018 – CannTrust Holdings Inc. (Canada), one of leading Global licensed producers of medical cannabis, announced the partnership with Grey Wolf Animal Health Inc. (Canada), a private healthcare company, with a developing portfolio of mature and innovative companion animal products to develop ground-breaking cannabis products to support the well-being of pets.
Companion Animal Healthcare Market – Sketch
Companion animals are pets reared by most of the people across the globe. They become an asset in the terms of providing protection to a person, property or workplace. The global companion animal healthcare market is increasing due to increase in number of people having pets, change in the way of providing care to the pets and awareness regarding spread of zoonotic diseases. Moreover, the financial improvement and related increments in disposable income, longer life expectancy for companion animals are some factors that influence the growth of companion animal healthcare market. Global companion animal healthcare market is expected to reach USD 20 billion by 2023 at a CAGR of 9.6% during forecast period 2018 to 2023.
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The major factors driving the market are increasing companion animal owner demands, increasing companion animal owner awareness, and expectations for companion animal care. Furthermore, companion animal healthcare products, including pharmaceuticals and vaccines, which contribute significantly to the health and wellbeing of these animals. Rise in the income levels of individuals leveraging to the recent trends is leading to the increase in the number of pet (companion animal) adoption which ultimately leads to increase in the demand of companion animal healthcare. New trends of nuclear families and increasing average income among individuals have resulted in increased adoption of pets among middleclass families as well. Increased awareness regarding animal cruelty has also influenced people awareness and ideologies towards animals. Additionally, advances in animal health medicines and vaccines, increased types of medical treatment are fostering the market growth of companion animal healthcare market.
Key Players for Global Companion Animal Healthcare Market
The Global Companion Animal Healthcare Market is led by some of the fervent key players including Merial (France), Zoetis Animal Healthcare (US), Elanco Animal health (US), Bayer Animal Health (Germany), Merck and Co., Inc. (US), Ceva Animal Healthcare (UK), Vetoquinol S.A. (France), Virbac Animal Healthcare (France), Perrigo Company plc. (Ireland), and Boehringer Ingelheim (Germany). Profiling them in its analysis, MRFR finds out their strategies keeping them at the forefront of the competition.
Global Companion Animal Healthcare Market – Competitive Analysis
Characterized by the presence of several well-established and small players, the global Market of Companion Animal Healthcare appears to be highly competitive and fragmented. International players who are increasingly expanding their footprint in the developing economy, making it difficult for regional vendors to compete with them, especially in terms of features such as product differentiation, product portfolios, quality, and pricing. The Market is witnessing intensified competition which is expected to get more intensified further during the forecast period. The intense competition prevalent in the market dictates the consolidation among marketers.
However, well established players integrate acquisition, collaboration, partnership, expansion, and product launch to gain competitive advantage in this market.
For instance; innovative Seresto collar by Bayer to protect dogs and cats against diseases transmitted by parasites. These key players offer a broad range of products with a range of treatment options, especially for bacterial infections.
Zoetis Animal Healthcare is one of the global animal healthcare company provides wide range of products for animal care. Moreover, company provides specific products for dogs, cats and horses. For instance, Apoquel, Cerenia, Convenia, Cytopoint, Palladia, Rimadyl are the products for dogs.
Global Companion Animal Healthcare Market – Regional Analysis
Globally, America accounts for the largest market share. Rising awareness about companion animal health, availability of wide range of products for animal health, increase in focus on food safety and increase in number of people having pets drive this market. Alarming occurrences of zoonotic diseases also affect the growth of this market. Europe is the second largest market for companion animal healthcare. Increased awareness regarding animal cruelty and ideologies towards animals are some of the major factor driving the growth of this market in Asia Pacific.
The companion animal healthcare market shows a slow growth in Middle East & Africa. Middle East & African market for companion animal healthcare also shows high growth opportunities due financial improvement and related increments in disposable income.
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