Market Research Future adds new report of “Global Companion Animal Healthcare Market Research Report – Forecast to 2027” it contains Company information, geographical data and Table of Content
Companion Animal ownership and expenditures have been rising since past few decades. Pet owners are spending more per pet than ever before. Pet owners insist that their pets should lead the same healthy lifestyles as they do. A transition that’s largely the result of changing generational attitudes. While the rise in pet ownership boosts overall spending, the amount spent per pet is increasing as well. The Companion Animal Healthcare industry is thriving. The American Pet Products Association reports that overall household pet ownership has grown to 68% in 2016, up from 54% in 2009.
The rapid expansion of pet health care is providing impetus to the small but growing field of pet insurance. Although less than 1% of pets in the United States and Canada were covered by a plan in 2014, pet insurance premiums have grown enormously since then.
Elanco(U.S.), Zoetis, Inc. (U.S.), Merial/Sanofi (France), Bayer AG (Germany), Ceva Sante Animale (France), Virbac (France), Vetoquinol S.A. (France), Merck and Co., Inc. (U.S.), Perrigo Company plc. (Ireland), and Boehringer Ingelheim (Germany) are some of the prominent players at the forefront of competition in the Global Companion Animal Healthcare Market and are profiled in MRFR Analysis.
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Global Companion Animal Healthcare Market – Overview
The Global Companion Animal Healthcare Market is growing with the rapid pace; mainly due to the increasing per capita income. According to a recent study report published by the Market Research Future, The global Companion Animal Healthcare Market is booming and expected to gain prominence over the forecast period growing rapidly .The market is forecasted to demonstrate a spectacular growth by 2027, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2017 – 2027).
The Market is going to continue with the same trends of growth during the forecast period. The major drivers will be the continued strengthening of the bond between owners and their animal companions, increasing companion animal owner awareness, and increasing companion animal owner demands and expectations for companion animal care. With it the market for 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.
Global Companion Animal Healthcare Market – Segments
Global Pet Care Market is segmented in to 3 Key dynamics for an easy grasp and enhanced understanding.
- Segmentation by Species (Pets): Comprises – Dog, Cat, Horses, Beef Cattle, and others.
- Segmentation by Product Type: Comprises – Feed additives, Pharmaceuticals, Vaccines, others.
- Segmentation by Regions: Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
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. Farm animals, fish and bees supply foods such as milk, eggs, fish, meat and honey. Their health is therefore of special importance for humans. For this reason Key players ensure that their portfolio includes products both for treating sick animals and for preventing disease occurrence.
Well established players incorporate acquisition, collaboration, partnership, expansion, and product launch in order to gain competitive advantage in this market and to maintain their market position.
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.
Innovative immunostimulant Zelnate by Bayer represents a completely new approach, helping to strengthen animals’ natural defences and thus prevent disease in individual animals or entire herds.
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Global Companion Animal Healthcare Market – Regional Analysis
With China curbing its birth rate, the number of individuals are choosing to adopt pets and spend their time and money on their pets rather than having a child. All these factors are boosting the Companion Animal Healthcare market in Asia. Thus pet care market in this region has a huge potential to grow. The North American Companion Animal Healthcare market is showing huge potential to growth. Cases of pet adoption for companionship are increasing. North America dominated the global companion animal healthcare market with the largest market share, accounting for astronomical amounts and is expected to grow over its previous growth records by 2027. The European market for Companion Animals Healthcare is expected to grow at substantial CAGR (2017-2027). Asia-Pacific is expected to grow at a considerable CAGR during 2017 – 2027.
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