Global companion animal healthcare market valued over US$ XX Bn in 2015 and projected to expand at CAGR of XX% over 2017 to 2024.
Companion animals have been trusted for their companionship to the human throughout the history and keeping the companion animals healthy is a top priority for caregivers everywhere in the world. Several studies on human and companion animals’ interactions showed that owning a pet animal associated with positive health benefits. It is essential to veterinarians and caregivers to give utmost attention to companion animal health as companion animals are primary source of zoonotic diseases spread to humans and vice versa.
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Companion animal healthcare market is expected to grow positively over the forecast period owing to increasing rates of pet ownership, rising life expectancy for companion animals, increased number of products for treating various companion animals ailments and advances in animals healthcare services and medicines. Apart from aforementioned factors, increasing per pet expenditure and pets are increasingly becoming part of the families in several emerging and developed economies prompting the key stakeholders to opt for better products and this in turn driving the animal health care market positively over the forecast period. However, increased treatment failures due to drug resistance, decreasing compliance to the treatments due to efficacy challenges of products expected to hinder the market revenue growth of companion animal healthcare market over the period of forecast.
Companion animal healthcare market has been segmented on the basis of product type, companion animal type, distribution channel, and region
Based on product type, companion animal healthcare market segmented as follows:
- Feed Additives
- Nutritional Feed Additives
- Medicinal Feed Additives
Based on companion animal type, companion animal healthcare market segmented as follows:
Based on dosage form, companion animal healthcare market segmented as follows:
Based on distribution channel, companion animal healthcare market segmented as follows:
- Veterinary Pharmacies
- Veterinary Hospitals
- Veterinary Clinics
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Market for companion animal healthcare products is oligopolistic in nature with few players in the market holding significant market share. Large players in the market are Boehringer Ingelheim animal health and Zoetis, which occupies significant global presence and offer differential products in the global companion animal healthcare market. Moreover players in the companion animal healthcare market involved in mergers and acquisitions and coming up product innovation to garner larger market share in the market. For instance in 2011, Elanco acquired janseen to increase presence outside U.S. and In 2014, Merial launched NextGaurd form a soy based chew with an irresistible beef flavour for flea and tick control in dogs.
Companion animal healthcare market has been segmented on the basis of region into North Americas, Europe, Asia Pacific, Latin America and Middle East and Africa. U.S. market dominated the companion animal healthcare market with largest market share in North America market with moderate growth rate. Europe companion animal market holds significant share in global companion animal healthcare market. Increased product introduction in Europe like vaccine against Leishmania infantum , the causal agent of canine leishmaniosis which is significant breakthrough against zoonotic disease is one of the factors driving the market positively. Emerging markets in Latin Americas and Asia Pacific propelling the next phase of growth for companion animal products owing to rise in awareness regarding pet heath among caregivers, increased medicalization, and higher rate of pet ownership in the emerging markets.
Some of the players in the animal healthcare market include Boehringer Ingelheim Gmbh, Zoetis Inc., Elanco, Merck & Co. Inc., Bayer Animal Health, Virbac SA, Ceva Sante Animale, Vetoquinol SA, Koninklijke DSM N.V.to name a few.
- In July 2016, Merck Animal Health, known as MSD Animal Health outside of the United States and Canada, received U.S. Food and Drug Administration’s approval for BRAVECTO (fluralaner topical solution) a topical treatment for fleas and ticks for both cats and dogs
- In 2014, Virbac SA, signed ten years collaboration agreement with biopharmaceutical company Nexvet to develop of new monoclonal antibody-based veterinary medicines. The first medicine under the agreement between Virbac and Nexvet, NV-01, targets the control of pain associated with osteoarthritis in dogs.
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- The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market
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