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The Companion Animal Healthcare Market is segmented by Product Type (Therapeutics, Diagnostics), Animal Type (Dogs and Cats, Horse, Other Animal Types), and Geography.
Fastest Growing Market:
Certain factors that are responsible for the growth of the companion animal healthcare market are increasing pet adoption across the world, rising government initiatives for animal health, and growing technological advancements in animal healthcare.
The popular nuclear family trend across the world has accelerated pet ownership and is expected to continue during the forecast period.
Over the years, the trend of imbuing pets with human characteristics has increased the health and safety concerns among pet owners. According to a survey conducted by the American Veterinary Medical Association, in recent years, the expenditure on pet’s health and veterinary care has witnessed an increase of 40%. This increase is a result of the growing human-animal bond, which defines consumers’ willingness to spend more money on their pets. Further, the rising demand for pet healthcare insurance in the United States is expected to support this argument.
Companion animals provide companionship to human beings, as well as guard their houses and offices. Currently, the various types of health diseases in animals have increased the demand for vaccines and diagnostic tests. This surge in demand is primarily due to the need to treat and cure a variety of diseases associated with the health of cats and dogs.
|By Product Type|
|By Animal Type|
|Other Companion Animals|
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The three major types of vaccines available for companion animals are:
Some of the common diseases in dogs are canine parvovirus, canine distemper, parainfluenza, and diseases, such as feline viral rhinotracheitis, feline calicivirus, and feline panleukopenia, are common among cats. These diseases can be cured by vaccines. Thus, an increase in the number of diseases is expected to augment the growth of the vaccines market for companion animals.
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The APAC region is an important and high potential market. The Western matured markets are in contrast to the Asian countries, which are expected to have higher growth potential during the forecast period. Further, over the past several years, the market has witnessed a steady growth, owing to the changing perception of pet treatment and the growing nuclear family system, in the region.
The region is endowed with a diverse set of markets. The Australian and Japanese markets are more aware of pet products and have quality-conscious pet owners. The buying pattern and social culture of pet owners make them stand out from most of the other countries in the region. The Indian, Chinese, and Indonesian markets are rapidly emerging markets, with great potential for growth during the forecast period. Economies, such as Taiwan, Malaysia, and South Korea, are a few ideal targets for pet care companies.
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The market for companion animal healthcare is majorly dominated by a few players, such as Zoetis Inc., Bayer AG, Elanco, Virbac, etc. The largest share of the market is captured by these global players. However, there are few companies that are penetrating the market currently and are expected to hold a substantial share in the market.
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increase in Pet Adoption, mostly by Nuclear Families
4.2.2 Rise in the Number of Initiatives by Governments and Animal Welfare Associations
4.2.3 Advanced Technology in Animal Healthcare
4.3 Market Restraints
4.3.1 Use of Counterfeit Medicines
4.3.2 Increasing Costs of Animal Testing and Veterinary Care
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Product Type
5.1.1 By Therapeutics
22.214.171.124 Medical Feed Additives
126.96.36.199 Other Therapeutics
5.1.2 By Diagnostics
188.8.131.52 Immunodiagnostic Tests
184.108.40.206 Molecular Diagnostics
220.127.116.11 Diagnostic Imaging
18.104.22.168 Other Diagnostics
5.2 By Animal Type
5.2.3 Other Companion Animals
5.3.1 North America
22.214.171.124 United States
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
184.108.40.206 South Korea
220.127.116.11 Rest of Asia-Pacific
5.3.4 Middle East & Africa
18.104.22.168 South Africa
22.214.171.124 Rest of Middle East & Africa
5.3.5 South America
126.96.36.199 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Bayer AG
6.1.2 Elanco Animal Health
6.1.3 Merck & Co.
6.1.6 Vetoquinol SA
6.1.7 Zoetis Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
**Competitive Landscape covers- Business Overview, Financials, Products and Strategies, and Recent Developments