Press release
Companion Animal Healthcare Market 2023 Vision | Recording 9.6% CAGR Along With Merial, Zoetis Animal Healthcare, Elanco Animal health, Bayer Animal Health, Etc Superior Players
Companion Animal Healthcare Market
Companion animal healthcare market is gaining importance due to an increase in number of people having pets, emphasis on animal healthcare and vaccination as well as demand of animal healthcare products. Level of care provided to these animal has significantly improved driving the growth of this market. The market for companion animal healthcare is growing at a very intense pace. 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. Additionally, advances in animal health medicines and vaccines, increased types of medical treatment are fostering the market growth of Companion animal healthcare market.
Global market of companion animal healthcare is expected to reach USD 20 billion in 2023 from USD 14 billion in 2016 with a CAGR of approximately 9.6% during the forecast period from 2017-2023.
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Regional Analysis for Global Companion Animal Healthcare Market
Globally, companion animal healthcare market consists of four regions namely Americas, Europe, Asia Pacific and Middle East & Africa. America is the largest market for companion animal healthcare whose growth is attributed to wide range of products available of animal care, strict government rules and regulations and growing emphasis on animal health. The American Pet Products Association reports that overall household pet ownership has grown to 68% in 2016, up from 54% in 2009.
Europe is the second largest market owing to rise in pet ownership due to some tax benefits from the government has boosted the growth of this market in the region.
Asia Pacific shows a steady and positive growth in this market, owing to increased awareness regarding animal cruelty has also influenced people awareness and ideologies towards animals is one of the major factor driving the growth of this market in Asia Pacific.
The market shows a slow growth in Middle East & Africa. Middle East & African market for companion animal healthcare also shows high growth opportunities due financial improvement and related increments in disposable income.
Key Players for Global Companion Animal Healthcare Market
The Global Companion Animal Healthcare Market is led by some of the fervent key players including Merial (France), Zoetis Animal Healthcare (US), Elanco Animal health (US), Bayer Animal Health (Germany), Merck and Co., Inc. (US), Ceva Animal Healthcare (UK), Vetoquinol S.A. (France), Virbac Animal Healthcare (France), Perrigo Company plc. (Ireland), and Boehringer Ingelheim (Germany). Profiling them in its analysis, MRFR finds out their strategies keeping them at the forefront of the competition.
Zoetis Animal Healthcare is a global animal healthcare company providing wide range of products for animal care. It provides specific products for dogs, cats and horses. Apoquel, Cerenia, Convenia, Cytopoint, Palladia, Rimadyl are the products for dogs.
Companion Animal Healthcare Market - Competitive Landscape
The Global Companion Animal Healthcare Market appears to be fiercely ompetitive and fragmented with many well-established players having the Global presence. Brand reinforcement, mergers & acquisitions, and innovation remain the popular trends for the key players in the market. The market structure is changing due to the acquisition of local manufactures by multinational companies. The acquisition strategy increases the profit of the company, reducing the competition significantly.
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Companion Animal Healthcare Market - Segmentation:
Global Companion animal healthcare market has been segmented on the basis product which include feed additives, pharmaceuticals and vaccines. Feed additives can be divided into categories namely nutritional feed additives and medicinal feed additives. Nutritional feed additives include proteins, minerals and vitamins and medicinal feed additives include hormones, enzymes, immune-modulators, probiotics and prebiotics and others. Pharmaceutical products mainly comprise of anti-infectives, antibiotics and anti-inflammatories.
The market is also segmented on the basis of diagnostic tests which include diagnostic imaging, immunodiagnostic tests, molecular diagnostics and other tests.
On the basis of end users, the market is segmented into veterinary hospitals, veterinary clinics and home care.Some
Brief Table of Contents of Report
Chapter 1. Report Prologue
Chapter 2. Market Introduction
Chapter 3. Research Methodology
Chapter 4. Market Dynamics
Chapter 5. Market Factor Analysis
Chapter 6. Global Companion Animal Healthcare Market By Product
Chapter 7. Global Companion Animal Healthcare Market By Diagnostic Tests
Chapter 8. Global Companion Animal Healthcare Market By End Users
Chapter 9. Global Companion Animal Healthcare Market By Region
Chapter 10 Competitive Landscape
Chapter 11 Company Profile
Chapter 12 Conclusion
Chapter 13 Appendix
TOC Continued…
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