Companion Animal Healthcare Market - Growth, Trends, and Forecast (2020 - 2025)
NEW YORK, Feb. 20, 2020 /PRNewswire/ --
Market Overview
Certain factors that are responsible for the growth of the companion animal healthcare market are increasing pet adoption across the globe, rising government initiatives for the sake of animal health, and growing technological advancements in the animal healthcare.
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With the increasing nuclear families trend across the world has accelerated the pet ownership trend and is expected to continue during the forecast period.
Over the years, the trend of imbuing pets with human characteristics has increased the health and safety concerns among pet owners. According to a survey conducted by the American Veterinary Medical Association, in recent years, found that the expenditure towards pet's health and veterinary care has witnessed a rise by 40%. This rise owes to the growing human-animal bond, which defines consumers' willingness to spend more money on their pets. Further, the rising demand for pet healthcare insurance in the United States is expected to support this argument.
Scope of the Report
Companion animals provide companionship to human beings, as well as guard their houses and offices. Currently, the various types of health diseases developed in animals increased the demand for vaccines and diagnostic tests. This surge in demand is primarily due to the need to treat and cure a variety of diseases associated with the health of cats and dogs.
Key Market Trends
Vaccines are Expected to Dominate the Therapeutics Segment
The three major types of vaccines available for companion animals are inactivated (killed) vaccines, which contain bacteria and virus that are grown in cultures and then killed by heating or chemical treatments, live attenuated vaccines, which contain live viruses or bacteria that have been severely weakened, and subunit vaccines, which contain viral or bacterial antigens that can trigger an immune response. Some of the common diseases in dogs are Canine Parvovirus, Canine Distemper, Parainfluenza, and diseases, such as feline viral rhinotracheitis, feline calicivirus, and feline panleukopenia are common among cats. These diseases can be cured by vaccines. Thus, an increase in the number of diseases is expected to augment the growth of the vaccines market for companion animals.
Asia-Pacific Region is Expected to be the Attraction for This Market
The APAC region is an important and high potential market. The western matured markets contrast with the Asian countries that are showing higher growth potential, during the forecast period. Further, over the past several years, the market has witnessed a steady growth, owing to the changing perception of pet treatments and the increasing nuclear family system, in the region.
The region is endowed with a diverse set of markets. The Australian and Japanese markets are more aware of the products and have a quality-conscious pet owner. The buying pattern and social culture of the pet owners make them stand out from most of the other countries in the region. The Indian, Chinese, and Indonesian markets are the rapidly emerging markets, with great potential for growth during the forecast period. The great economies, such as Taiwan, Malaysia, and South Korea are few ideal targets for the pet care companies.
Competitive Landscape
The market for companion animal healthcare is majorly dominated by the few players such as Zoetis Inc., Bayer AG, Elanco, Virbac, etc. The largest share of the markets goes to such global players. However, there are few companies that are penetrating the market currently and are expected to hold substantials share in the market.
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