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Companion Animal Healthcare Market 2023 Top 10 players Overview by MRFR - Elanco Animal health, Bayer Animal Health, Merck and Co., Ceva Animal Healthcare, Vetoquinol S.A., etc

02-18-2019 12:00 PM CET | Health & Medicine

Press release from: Market Research Future

Companion Animal Healthcare Market

Companion Animal Healthcare Market

Market Research Future (MRFR)’s latest study has revealed that the global companion animal healthcare market is poised to proliferate rapidly at a CAGR of 9.6% during the forecast period 2017 to 2023. The market is set to grow from USD 14 Bn in 2016 to USD 20 Bn in 2023. The growing trend of pet adoption is likely to fuel demand in the companion animal healthcare market as it provides a sense of belongingness and responsibility to the people. The exponential geriatric population has accelerated the rate of pet adoption in the recent times. The trend is anticipated to perpetuate across the assessment period.

An increase in the expenditure on companion animals coupled with advancements in medicines and vaccinations have fueled the demand in the market. The market resonates strong growth opportunities presently, and the rising per capita income of the population is likely to have a positive influence on the expansion of the companion animal healthcare market.

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The increasing inclination of the pet owners towards a healthy lifestyle of their companions is projected to catapult the companion animal healthcare market on an upward trajectory. The growing number of nuclear families has paved the way for a rise in pet adoption and expenditure among the middle-class families, which is prognosticated to favor the growth of the market over the next couple of years.

Companion Animal Healthcare Industry/ Innovation/ Related News:

April 24, 2018 – Zoetis (US) a leading Global animal health company, while reporting on the progress of one of their initiatives - A.L.P.H.A. (African Livestock Productivity and Health Advancement) stated that despite several adversaries, they are very well keeping up with the plan in the first place. The initiative is funded by a grant of USD 14.4 million from the Bill & Melinda Gates Foundation, to establish sustainable animal health infrastructure and veterinary diagnostic networks in Nigeria, Uganda, and Ethiopia.

April 18, 2018 – CannTrust Holdings Inc. (Canada), one of leading Global licensed producers of medical cannabis, announced the partnership with Grey Wolf Animal Health Inc. (Canada), a private healthcare company, with a developing portfolio of mature and innovative companion animal products to develop ground-breaking cannabis products to support the well-being of pets.

Key Players for Global Companion Animal Healthcare Market

Some of the key players profiled in the report are Zoetis Animal Healthcare (U.S.), Merck and Co., Inc. (U.S.), Ceva Animal Healthcare (U.K), Virbac Animal Healthcare (France), Merial (France), Elanco Animal Health (U.S.), Bayer Animal Health (Germany), Vetoquinol S.A. (France), Perrigo Company plc (Ireland), and Boehringer Ingelheim (Germany).

Global Companion Animal Healthcare Market - Competitive Analysis

Characterized by the presence of several well-established and small players, the global Market of Companion Animal Healthcare appears to be highly competitive and fragmented. International players who are increasingly expanding their footprint in the developing economy, making it difficult for regional vendors to compete with them, especially in terms of features such as product differentiation, product portfolios, quality, and pricing. The Market is witnessing intensified competition which is expected to get more intensified further during the forecast period. The intense competition prevalent in the market dictates the consolidation among marketers.

However, well established players integrate acquisition, collaboration, partnership, expansion, and product launch to gain competitive advantage in this market.

For instance; innovative Seresto collar by Bayer to protect dogs and cats against diseases transmitted by parasites. These key players offer a broad range of products with a range of treatment options, especially for bacterial infections.

Zoetis Animal Healthcare is one of the global animal healthcare company provides wide range of products for animal care. Moreover, company provides specific products for dogs, cats and horses. For instance, Apoquel, Cerenia, Convenia, Cytopoint, Palladia, Rimadyl are the products for dogs.

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Global Companion Animal Healthcare Market - Regional Analysis

By region, the global companion health care animal market has been segmented into Americas, Europe, Asia Pacific, and the Middle East & Africa. Americas is the largest market for companion animal healthcare and is forecasted to exhibit significant growth over the assessment period. The wide range of product offerings for animal healthcare coupled with a great emphasis on the pet health is set to aid market proliferation in the region.

Europe is the second largest regional companion health care animal market. The factors projected to favor the market expansion during the forecast period include tax benefits from governments, rising pet ownership, etc.

The increasing awareness about the animal cruelty is set to provide an impetus to the growth of the Asia Pacific market. Meanwhile, the Middle East & Africa is expected to register slow growth rate while exhibiting immense opportunities for expansion.

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Statistical Report, Continuous-Feed Research (CFR), and Market Research & Consulting Services.

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