Companion Animal Healthcare Market Ravishing Growth By 2023 in Healthcare Sector | Shine With CAGR of 9.6% | Increasing Number of Pets Adoption Boost The Industry Globally

Companion Animal Healthcare Market
Market Research Future recently published a study report “Companion Animal Healthcare Market”, giving out a complete market insight for the period 2017 – 2023. In its analysis, MRFR asserts that the Global Companion Animal Healthcare market will reach up to USD 20 Billion by 2023 registering 9.6% CAGR during the review period (2017 – 2023).

Companion Animal Healthcare Market is growing pervasively owing to the increasing awareness towards animal healthcare. People are increasingly becoming sensitive towards animals and the pain they are going through during sickness, injuries, recoveries and after effects of sickness related to animal physiology and psychology. Factors such as growing number of pet owners coupled with the continued strengthening bond between owners and their animal companions drive the market growth significantly.

Rising per capita income of individuals is leading to the increasing number of Pets adoption which ultimately leads to increasing the demand for Companion Animal Healthcare. New trends of nuclear families and rising average income among individuals have resulted in increased adoption of pets among middle-class families as well. Increased awareness regarding animal cruelty has also influenced people’s knowledge and ideologies about animals.

Additionally, developments in animal health medicines and vaccines, along with the increased medical treatments are fostering the market growth of Companion Animal Healthcare Market.

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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.

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.

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.

Segments for Global Companion Animal Healthcare Market

For an easy grasp and enhanced understanding; MRFR has segmented the analysis into 4 Key dynamics

By Diagnostic Tests: Comprises – Immunodiagnostic Tests, Diagnostic Imaging, and Molecular Diagnostics, among others.

By Products: Feed Additives {Nutritional Feed Additives (minerals proteins, and vitamins) and Medicinal Feed Additives (enzymes, hormones, immune-modulators, and probiotics among others.)}, Pharmaceuticals (antibiotics, anti-inflammatories and anti-infective,) and Vaccines.

By End-Users: Veterinary Clinics, Veterinary Hospitals, and Home Care among others.

By Regions:  North America, Europe, APAC and Rest of the World.

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Regional Analysis for Global Companion Animal Healthcare Market

North America is the largest market for Companion Animal Healthcare owing to the availability of a range of animal care products, coupled with the stringent government regulations and growing emphasis on animal health.  Moreover, technological innovation transpired in the field of Veterinary surgical instruments is contributing to the market growth.

Europe stands the second largest market for Companion Animal Healthcare, Globally, owing to the increasing pet ownership fuelled by the tax benefits granted by the government.  Increase in animal diseases has led to the increasing number of surgeries and veterinary healthcare organizations.

The Asia Pacific is expected to emerge as the fastest growing region during the forecast period. China dominates the Asia Pacific Companion Animal Healthcare market. India accounts for the fastest growing market, which is followed by Japan and Australia.

The markets of MEA (the Middle East & Africa) is witnessing the least market share owing to the as lack of awareness, low healthcare expenditures for animals. 

Some Brief Table of Contents of Report

Chapter 1. Report Prologue

Chapter 2. Market Introduction

2.1 Definition

2.2 Scope Of The Study

2.2.1 Research Objective

2.2.2 Assumptions

2.2.3 Limitations

Chapter 3. Research Methodology

3.1 Introduction

3.2 Primary Research

3.3 Secondary Research

3.4 Market Size Estimation

Chapter 4. Market Dynamics

4.1 Drivers

4.2 Restrains

4.3 Opportunities

4.4 Challenges

4.5 Macroeconomic Indicators

4.6 Technology Trends & Assessment

Chapter 5. Market Factor Analysis

5.1 Porters Five Forces Analysis

5.1.1 Bargaining Power Of Suppliers

TOC Continued…

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