Companion Animal Healthcare Global Market Projected to Grow Radiantly By 2023

Pune, India, August 2018/MRFR Press Release/- Market Research Future published a Half-Cooked research report on “Global Companion Animal Healthcare Market Research Report - Forecast to 2023”– Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023. 

Global Companion Animal Healthcare Market   - Overview

Companion animals are pets reared by most of the people across the globe. They become an asset in the terms of providing protection to a person, property or workplace. The global companion animal healthcare market is increasing due to increase in number of people having pets, change in the way of providing care to the pets and awareness regarding spread of zoonotic diseases. Moreover, the financial improvement and related increments in disposable income, longer life expectancy for companion animals are some factors that influence the growth of companion animal healthcare market. Global companion animal healthcare market is expected to reach USD 20 billion by 2023 at a CAGR of 9.6% during forecast period 2018 to 2023.

The major factors driving the market are increasing companion animal owner demands, increasing companion animal owner awareness, and expectations for companion animal care. Furthermore, companion animal healthcare products, including pharmaceuticals and vaccines, which contribute significantly to the health and wellbeing of these animals. 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. Increased awareness regarding animal cruelty has also influenced people awareness and ideologies towards animals. Additionally, advances in animal health medicines and vaccines, increased types of medical treatment are fostering the market growth of companion animal healthcare market.

Companion Animal ownership and expenditures have been rising since past few decades. Pet owners are spending more per pet than ever before. Pet owners insist that their pets should lead the same healthy lifestyles as they do. A transition that’s largely the result of changing generational attitudes. While the rise in pet ownership boosts overall spending, the amount spent per pet is increasing as well. According The American Pet Products Association reported that overall household pet ownership has grown to 68% in 2016, up from 54% in 2009. The rapid expansion of pet health care is providing impetus to the small but growing field of pet insurance.

Key Players:Elanco (U.S.), Zoetis, Inc. (U.S.), Merial/Sanofi (France), Bayer AG (Germany), Ceva Sante Animale (France), Virbac (France), Vetoquinol S.A. (France), Merck and Co., Inc. (U.S.), Perrigo Company plc. (Ireland), Boehringer Ingelheim (Germany) and others are some of the prominent players in the global companion animal healthcare market. Access Report @ https://www.marketresearchfuture.com/reports/companion-animal-healthcare-market-1168

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.

Global Companion Animal Healthcare Market   -

Regional Analysis

Globally, America accounts for the largest market share. Rising awareness about companion animal health, availability of wide range of products for animal health, increase in focus on food safety and increase in number of people having pets drive this market. Alarming occurrences of zoonotic diseases also affect the growth of this market. Europe is the second largest market for companion animal healthcare. Increased awareness regarding animal cruelty and ideologies towards animals are some of the major factor driving the growth of this market in Asia Pacific.

The companion animal healthcare 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.