AnalystView Market Insights recently introduced Global Companion Animal Health Market study to its report store. The global companion animal health market is expected to grow at growth rate of 4.8% to reach USD 19.7 billion by 2025.
This study focuses on the market status, growth projection, key players’ revenue share, drivers, restraints and opportunities with respect to the global companion animal health market. This published report studies global market in terms of animal type, product, drugs, distribution channel, and application. Also, geographies such as North America, Europe, Asia Pacific, Middle East, and Africa and Latin America are studied in detail.
Cats, dogs, and horses have been most trusted companion animals across the globe. In past few years, the number of pet owners has increased significantly in developed as well as developing regions and thus, the spending per pet. For example, as per the statistics released by the American Pet Products Associations, more than 72.9 million (around 62% of total U.S. population) have one or more pet animals (i.e. cats and dogs) in 2012. In addition, increasing urbanization coupled with rising disposable income in emerging regions support significantly to the market growth.
Presence of advanced companion animal health clinics is also projected to establish the healthy platform for the industry growth. For example, the Companion Animal Health Centre (CAHC) is a veterinary clinic that offers latest equipment, technology, and professional services. This organization is aimed to provide highest quality care for pets and to educate veterinarians on companion services.
Moreover, key players are focusing on widening their product offering under cat’s therapeutics owing to their high sensitivity to diseases as compared to other companion animals. For instance, Ceva extended their range of cardiology products with the launch of Amodip for the treatment of arterial hypertension in cats. However, increasing grey market in veterinary medicine will impact negatively on the overall companion animal health market growth. It has been noticed that some manufacturers are engaged in selling veterinary products to non-veterinary retailers to gain financial benefits. Such practices would, in turn, lower the market value of veterinary therapeutics, hampering the industry growth.
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- Dogs accounted for the largest share of the total market. Increasing demand for dog’s therapeutics coupled with new product approval drives the segment growth
- For instance, in July 2016, Merck received U.S. FDA approval for this product under name Bravecto Topical
- Product segment is divided into Pharmaceuticals, Vaccines, Feed Additives, Diagnostics, and Others
- Types segment is categorized into OTC and Prescription. Whereas, distribution channel segment is bifurcated into Retail, E-commerce, and Hospitals
- The end user segment is divided in terms of Point-of-Care Facilities, Clinics, and others.
- Companies namely Nutreco, Zoetis, Merck, Boehringer, Bayer, and Virbac are profiled in detail
- The competitive rivalry amongst these key players is high. Key players are actively engaged in delivering economic values to their customers in order to satiate unmet demands in the market
- Zoetis is the second-largest player, captured more than 13% share of the global companion animal health industry
- Likewise, Boehringer Ingelheim recorded positive revenue growth under animal health business segment. In 2016, the company posted EUR 1,460 million under animal business, up 7.1% compared to the previous year
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The global companion animal health market is segmented on the basis of:
Market, by Animal Type
- Sheep & Goats
Market, by Product
- Feed Additives
Market, by Drug
Market, by Distribution Channel
Market, by Application
- Point-of-Care Facilities
The following key players are profiled in this study:
- Boehringer Ingelheim
- Bayer AG
USP OF OUR KEY VENDOR ANALYSIS
Well-designed strategic framework design for these key players will help to understand the market movement including regional expansion, mergers & acquisitions, and new product developments
Thorough SWOT i.e. Strength, Weakness, Opportunities and Threat for individual company profiling is analyzed in order to present a detailed market opportunity assessment.
Key benefits of the report:
- The report presents a macro and micro-level outlook regarding the industry. Thus, it becomes easy for our clients to perceive the business landscape and take a glimpse of their own standing in it.
- A thorough analysis of relevant statistical data to estimate the market paradigms
- Exceptional understanding of region and country-specific markets. The report will answer some of the toughest questions regarding the market shares, sizes, forecasts segmentations, and growth specific to the countries.
- Well-designed strategic framework analyzes the market movements including regional expansion, mergers & acquisitions, and new product developments
- Preliminary Data Mining: Secondary Research, Paid Databases, Primary Research
- Data Synthesis & Analysis: Top-Down Approach, Bottom-Up Approach, Supply Side and Demand Side
- Market Formulation: Market Dynamics, Total Addressable Market and Machine Learning Technique
- Data Verification: Quality Assurance and Reach a Conclusion
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