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Companion Animal Healthcare Industry 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.
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Companion Animal Healthcare Market - Overview
The Global market for companion animal healthcare is growing continuously and expected to grow at a CAGR of 9.6% from 2017 to 2023.
Companion animal market is increasing due to an 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 2017 to 2023.
Additionally, developments in animal health medicines and vaccines, along with the increased medical treatments are fostering the market growth of Companion Animal Healthcare Market.
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.
Zoetis Animal Healthcare is a global animal healthcare company providing wide range of products for animal care. It provides specific products for dogs, cats and horses. Apoquel, Cerenia, Convenia, Cytopoint, Palladia, Rimadyl are the products for dogs.
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 Market - Segmentation
Global Companion animal healthcare market has been segmented on the basis product which include feed additives, pharmaceuticals and vaccines. Feed additives can be divided into categories namely nutritional feed additives and medicinal feed additives. Nutritional feed additives include proteins, minerals and vitamins and medicinal feed additives include hormones, enzymes, immune-modulators, probiotics and prebiotics and others. Pharmaceutical products mainly comprise of anti-infectives, antibiotics and anti-inflammatories.
The market is also segmented on the basis of diagnostic tests which include diagnostic imaging, immunodiagnostic tests, molecular diagnostics and other tests.
On the basis of end users, the market is segmented into veterinary hospitals, veterinary clinics and home care.
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