Companion Animal Healthcare Market | Growth, Trends and Forecast (2018-2023)
Companion Animal Healthcare Market - Segmented by Product Type, Animals, and Geography - Growth, Trends, and Forecast (2018 - 2023)

PUBLISHED

JUL 2018

Companion Animal Healthcare Market - Segmented by Product Type, Animals, and Geography - Growth, Trends, and Forecast (2018 - 2023)

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The global Companion Animal Healthcare market is expected to register a CAGR of 7.2% during the forecast period, 2018 to 2023. Humanization has influenced the purchasing decisions to a great deal. Therefore, the changing perception of the consumers toward pet health and increasing trend of the nuclear family are a few major factors boosting the market growth.

Increase in Pet Adoption, Mostly by Nuclear Families

With increasing nuclear families trend across the world has accelerated the pet ownership trend 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 the recent years, found that the expenditure towards pet’s health and veterinary care has witnessed a rise by 40%. This rise owes to the growing human-animal bond, which defines consumers’ willingness to spend more money for their pets. Further, the rising demand for pet healthcare insurance in the United States is expected to support this argument.

                                              

Other factors driving the growth of the market include increasing online shopping and home delivery, advanced technology in animal healthcare, and increasing initiatives by government and animal welfare associations.

Increasing Online Shopping and Home Delivery is driving the Product Sale

The high internet connectivity, in many regions of the world, has encouraged the pet care products sales via e-commerce sites, making it an effective distribution channel. The notions of convenience, exclusivity, safety, and market awareness play a crucial role in this channel development for sales, particularly in the developed countries. Further, the rapid urbanization and connectivity programs envisaged by these economies are expected to boost the market. The unreliability of local goods in developing economies is forcing on these regions to rely on foreign goods through online channels. The slow embrace of online retail of pet products in the minor markets, is due to the low product awareness. However, these regions offer nascent market advantages of low regulations and competition.

Asia-Pacific Has High Potential for Market Players Looking to Expand

The APAC region is an important and high potential market. The western matured markets contrast with the Asian countries that are showing 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 treatments and the increasing 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 the products and have a quality-conscious pet owners. The buying pattern and social culture of the pet owners make them stand out from most of the other countries in the region. The Indian, Chinese, and Indonesian markets are the rapidly emerging markets, with a great potential for growth during the forecast period. The great economies, such as Taiwan, Malaysia, and South Korea are few ideal targets for the pet care companies.        

                                                

Key Developments in the Market:

  • April 2017 - Zoetis completed the acquisition of Nexvet, a biologic therapeutics company developing a pipeline of monoclonal antibody therapies for companion animals in pain and other therapeutic areas

Major Players: Bayer HealthCare Pharmaceuticals LLC, Boehringer Ingelheim, Elanco, Merck & Co., Merial, Virbac, and Zoetis, amongst others.

Reasons to Purchase this Report

  • Current and future Companion Animal Healthcare market outlook in the developed and emerging markets
  • Analyzing various perspectives of the market with the help of Porter’s five forces analysis
  • The segment that is expected to dominate the market
  • Regions that are expected to witness fastest growth during the forecast period
  • Identify the latest developments, market shares, and strategies employed by the major market players
  • 3-month analyst support, along with the Market Estimate sheet in excel

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1. Introduction

                1.1 Market Definition

2. Research Methodology

3. Executive Summary

4. Key Inferences

5. Market Overview

                5.1 Current Market Scenario

                5.2 Porter's Five Forces Analysis

                                5.2.1 Bargaining Power of Suppliers

                                5.2.2 Bargaining Power of Consumers

                                5.2.3 Threat of New Entrants

                                5.2.4 Threat of Substitute Product and Services

                                5.2.5 Competitive Rivalry within the Industry

6. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)

                6.1 Market Drivers

                                6.1.1 Increase in Pet Adoption, mostly by Nuclear Families

                                6.1.2 Increasing Online Shopping and Home Delivery is driving the Product Sale

                                6.1.3 Advanced Technology in Animal Healthcare

                                6.1.4 Increasing Initiatives By Government and Animal Welfare Associations

                6.2 Market Restraints

                                6.2.1 Lack of Infrastructure and Funding

                                6.2.2 Number of Cheap Alternate Products

                                6.2.3 Increasing Costs of Animal Testing and Veterinary

                6.2.4 Opportunities

                6.3 Key Challenges

6.4 Market Segmentation

                7. By Product Type

                                7.1 By Therapeutics

                                                7.1.1 Paraciticides

                                                7.1.1.1 Anti-Infectives

                                                7.1.1.2 Medicinal Feed Additives

                                                7.1.1.3 Vaccines

                                                7.1.1.4 Others

                                7.1.1.5 By Diagnostics

                                                7.1.2 Immunodiagnostic Tests

                                                7.1.2.1 Molecular diagnostics

                                                7.1.2.2 Diagnostic Imaging

                                                7.1.2.3 Clinical Chemistry

                                                7.1.2.4 Others

                7.1.2.5 By Animals

                                7.2 Dogs and Cats

                                7.2.1 Horse

                                7.2.2 Others

                7.2.3 By Geography

                                7.3 North America

                                                7.3.1 United States

                                                7.3.1.1 Canada

                                                7.3.1.2 Mexico

                                7.3.1.3 Europe

                                                7.3.2 France

                                                7.3.2.1 Germany

                                                7.3.2.2 United Kingdom

                                                7.3.2.3 Italy

                                                7.3.2.4 Spain

                                                7.3.2.5 Rest of Europe

                                7.3.2.6 Asia-Pacific

                                                7.3.3 China

                                                7.3.3.1 Japan

                                                7.3.3.2 India

                                                7.3.3.3 Australia

                                                7.3.3.4 South Korea

                                                7.3.3.5 Rest of Asia-Pacific

                                7.3.3.6 Middle East & Africa

                                                7.3.4 GCC

                                                7.3.4.1 South Africa

                                                7.3.4.2 Rest of the Middle East & Africa

                                7.3.4.3 South America

                                                7.3.5 Brazil

                                                7.3.5.1 Argentina

                                                7.3.5.2 Rest of South America

7.3.5.3 Competitive Landscape

                8. Mergers and Acquisition Analysis

                8.1 Agreements, Collaborations, and Partnerships

                8.2 New Products Launches

8.3 Key Players

                9. Bayer HealthCare Pharmaceuticals LLC

                9.1 Boehringer Ingelheim

                9.2 Elanco

                9.3 Merck & Co.

                9.4 Merial 

                9.5 Virbac

                9.6 Zoetis

                **List Not Exhaustive

9.8 Future of the Market

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