Companion Animal Health Market Size Worth $19.6 Billion By 2025 | CAGR: 4.8%
Published Date : 08 / 03 / 18 | Report Format: PDF
The global companion animal health market is expected to grow at growth rate of 4.8% to reach USD 19,651 million by 2025.
Cats, dogs, and horses have been most trusted companion animals across the globe. In past few years, the number of pet owners has increased significantly in developed as well as developing regions and thus, the spending per pet. For example, as per the statistics released by the American Pet Products Associations, more than 72.9 million (around 62% of total U.S. population) have one or more pet animals (i.e. cats and dogs) in 2012. In addition, increasing urbanization coupled with rising disposable income in emerging regions support significantly to the market growth.
Presence of advanced companion animal health clinics is also projected to establish the healthy platform for the industry growth. For example, the Companion Animal Health Centre (CAHC) is a veterinary clinic that offers latest equipment, technology, and professional services. This organization is aimed to provide highest quality care for pets and to educate veterinarians on companion services.
Moreover, key players are focusing on widening their product offering under cat’s therapeutics owing to their high sensitivity to diseases as compared to other companion animals. For instance, Ceva extended their range of cardiology products with the launch of Amodip for the treatment of arterial hypertension in cats. However, increasing grey market in veterinary medicine will impact negatively on the overall companion animal health market growth. It has been noticed that some manufacturers are engaged in selling veterinary products to non-veterinary retailers to gain financial benefits. Such practices would, in turn, lower the market value of veterinary therapeutics, hampering the industry growth.
- Dogs accounted for the largest share of the total market. Increasing demand for dog’s therapeutics coupled with new product approval drives the segment growth
- For instance, in July 2016, Merck received U.S. FDA approval for this product under name Bravecto Topical
- Product segment is divided into Pharmaceuticals, Vaccines, Feed Additives, Diagnostics, and Others
- Types segment is categorized into OTC and Prescription. Whereas, distribution channel segment is bifurcated into Retail, E-commerce, and Hospitals
- The end user segment is divided in terms of Point-of-Care Facilities, Clinics, and others.
- Companies namely Nutreco, Zoetis, Merck, Boehringer, Bayer, and Virbac are profiled in detail
- The competitive rivalry amongst these key players is high. Key players are actively engaged in delivering economic values to their customers in order to satiate unmet demands in the market
- Zoetis is the second-largest player, captured more than 13% share of the global companion animal health industry
- Likewise, Boehringer Ingelheim recorded positive revenue growth under animal health business segment. In 2016, the company posted EUR 1,460 million under animal business, up 7.1% compared to the previous year
KEY BENEFITS OF THE REPORT:
- In-depth analysis of the key market dynamics
- Granular analysis of the current market scenario and expected factors to affect the market
- Detailed analysis of the geographic region, regional and county wise analysis
- Highlight on the strategies that are being adopted by the key players in this market to stay competitive
- Extensive analysis of the key players dominating the market
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY ANIMAL TYPE
- Sheep & Goats
MARKET, BY PRODUCT
- Feed Additives
MARKET, BY DRUG
MARKET, BY DISTRIBUTION CHANNEL
MARKET, BY APPLICATION
- Point-of-Care Facilities
MARKET, BY REGION
- North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Rest of the World
- Middle East and Africa
- Latin America
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