Companion Animal Health Market |Market Share|Global Industry Insights|Market Forecast to 2026
The global companion animal health market will exhibit a CAGR of 5.7% from 2019 to 2026, having an estimated market value of US $ XX billion by 2026.
(EMAILWIRE.COM, October 28, 2019 ) Market Overview
Companion animals are domesticated or domestic-bred animals whose physical, emotional, behavioral and social needs can be readily met as companions in the home, or in close daily relationship with humans. Companion animals play an important role in the lives of many people by providing a sense of belonging and responsibility. The most popular pets are cats and dogs. In most of the economies, the disposable income of families has increased which has enabled people to adopt pet animals and spend on their healthcare. According to World Organization for Animal Health, the adoption of pets in India has risen from 8 million to 13 million from 2010 to 2018, and this trend is most likely to continue in coming 6-7 years, resulting in continuous demand for various pet animal healthcare products and contribute to total animal healthcare industry size.
Various types of diseases in animals and their transfer to humans via their product consumption and companionship are escalating all over the world. Pet owners insist that their pets should lead the same healthy lifestyles like them. Governments across the globe have initiated animal vaccination programs and made vaccination a mandate. The National Center for Emerging and Zoonotic Infectious Diseases (NCEZID) is engaged in preventing, tracking, detecting, and responding to outbreaks of infectious diseases in the U.S. and other countries. In animal health products, feeds are the most commonly used products for animal healthcare. It also includes pharmaceuticals and vaccines, which contribute significantly to the health and wellbeing of these animals. These products provide nutrition to animals.
Market Dynamics
The major drivers fueling the growth of the market are growing human-animal bond, which defines consumers willingness to spend more money for their pets, increasing the prevalence of zoonotic diseases and efforts undertaken by various animal welfare organizations at the country and regional levels.
Over the last decade progress in biomedical research, virology and microbiology have also fueled the innovation of vaccine research, including a better understanding of the interaction between pathogens and the host immune system, the continuous improvement in the deciphering of the immune response and its components in domestic animals.
Steps taken by many government and non-government organizations like International Cooperation on Harmonization of Technical Requirements for Registration of Veterinary Medicinal Products (VICH) that is a trilateral European Union-Japan-US program aimed at harmonizing technical requirements for veterinary product registration. The role of VICH is to harmonize technical requirements for data necessary for the marketing authorization of a veterinary medicinal product. This is achieved by developing harmonized guidelines on the studies to be submitted in a marketing authorization application.
Changes in distribution channels and increasing cost of animal testing and veterinary services are going to restrain the market in the forecast period.
Generally, companion animal owners purchase their animal health products directly from veterinarians and veterinarians recommend low-cost generic product subtitles. Even there are several restrictions and regulations on animal testing worldwide, which is hindering a number of healthcare companies from manufacturing newly advanced drugs. Also, because of the increasing regulations, animal testing is becoming expensive.
Market Segmentation
The market is segmented by products as Vaccines, Anti-Infectives, Medicinal Feed Additives, Parasiticides, Diagnostics, and Others and by animals like cats, dogs, equine and others.
Parasiticides had a dominant market share in 2018 of more than 25% because of an increase in flea and tick-infested Lyme disease in dogs and cats. According to NCEZID, around 32% of the pets at some point in their life suffers from flea and ticks. Parasiticides are medicinal substances that prevent the spread of internal and external parasites in companion animals. These are effective against flea and tick infestations and internal parasites like heartworms inside companion animals. Companies are focused on product launch and development of existing parasiticides products. Vetoquinol has developed Flevox, a parasiticide for companion animals fighting against tick and flea infestation in pets.
Dogs accounted for the largest share of the animal type segment of more than 60% owing to health benefits associated with the adoption of pets, an increase in awareness, and demand for efficient care for dogs. Healthcare problems in dogs include heartworm (parasitic worm in pulmonary arteries of dogs), kennel cough, parvovirus, Lyme disease, demodectic mange (an inflammatory disease that leads to skin lesions and hair loss) and ringworm. Complex diseases in canines can be identified early by diagnostics or prevented altogether by application of vaccines. Increased awareness about healthcare products from the owners side has driven canine healthcare market. Companies are focused on developing products which are easy to apply. For instance, in 2012, Bayer Healthcare developed Resultix, a spray-on formula that kills attached or crawling ticks on a dogs body.
The significant restraint to the canine healthcare market is the unwillingness on the part of the owners to spend a substantial amount of money on canines after a certain point of time. Companies are focused on developing products which are easy to apply.
For instance, Bayer Healthcare developed Resultix, a spray-on formula that kills attached or crawling ticks on a dogs body.
Geographical Analysis
Geographically, the global Companion Animal Health market is divided into North America, Europe, South America, Asia-Pacific and the Middle East and Africa.
North America accounts for the highest market share of around 40% globally, because of the large adoption of animals and the growing incidence of zoonotic and food-borne diseases is a potential concern for the health of pet animals. In many countries such as the U.S., brucellosis is increasing and causes abortion in animals. Americans view pets as more than just companion animals. Almost all dog and cat owners view their pets as members of their family (95%), and about 12% have pet health insurance. According to Labor Statistics, 84.6 million households own pets and spend around $ 892 per year on pets.
Europe has the second largest market in the world with more than 25% of the market share. In Germany, animal health is secured by legislation and the veterinary administration. As animal diseases do not stop at national borders, the Federal Ministry works continuously with the veterinary authorities of the other Member States and third countries. Similarly, a new EU Animal Health Law, which is due to introduce will provide additional animal health requirements - including provisions on pet travel - across the EU from 2021.
Company Profiles
Some of the major key players are
Merck Animal Health,
Ceva Sante Animale,
Vetaquinol SA,
Nutreco N.V.,
Bayer Healthcare,
Virbac,
Boehringer Ingelheim,
Others
Enquire Before purchase: https://www.datamintelligence.com/enquiry/companion-animal-health-market
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About Us
DataM Intelligence was incorporated in the early weeks of 2017 as a Market Research and Consulting firm with just two people on board. Within a span of less than a year we have secured more than 100 unique customers from established organizations all over the world.
For more information:
Sai Kiran
Sales Manager at Data M Intelligence
Email: info@datamintelligence.com
Tel: +1 877 441 4866
Website: www.datamintelligence.com
Companion animals are domesticated or domestic-bred animals whose physical, emotional, behavioral and social needs can be readily met as companions in the home, or in close daily relationship with humans. Companion animals play an important role in the lives of many people by providing a sense of belonging and responsibility. The most popular pets are cats and dogs. In most of the economies, the disposable income of families has increased which has enabled people to adopt pet animals and spend on their healthcare. According to World Organization for Animal Health, the adoption of pets in India has risen from 8 million to 13 million from 2010 to 2018, and this trend is most likely to continue in coming 6-7 years, resulting in continuous demand for various pet animal healthcare products and contribute to total animal healthcare industry size.
Various types of diseases in animals and their transfer to humans via their product consumption and companionship are escalating all over the world. Pet owners insist that their pets should lead the same healthy lifestyles like them. Governments across the globe have initiated animal vaccination programs and made vaccination a mandate. The National Center for Emerging and Zoonotic Infectious Diseases (NCEZID) is engaged in preventing, tracking, detecting, and responding to outbreaks of infectious diseases in the U.S. and other countries. In animal health products, feeds are the most commonly used products for animal healthcare. It also includes pharmaceuticals and vaccines, which contribute significantly to the health and wellbeing of these animals. These products provide nutrition to animals.
Market Dynamics
The major drivers fueling the growth of the market are growing human-animal bond, which defines consumers willingness to spend more money for their pets, increasing the prevalence of zoonotic diseases and efforts undertaken by various animal welfare organizations at the country and regional levels.
Over the last decade progress in biomedical research, virology and microbiology have also fueled the innovation of vaccine research, including a better understanding of the interaction between pathogens and the host immune system, the continuous improvement in the deciphering of the immune response and its components in domestic animals.
Steps taken by many government and non-government organizations like International Cooperation on Harmonization of Technical Requirements for Registration of Veterinary Medicinal Products (VICH) that is a trilateral European Union-Japan-US program aimed at harmonizing technical requirements for veterinary product registration. The role of VICH is to harmonize technical requirements for data necessary for the marketing authorization of a veterinary medicinal product. This is achieved by developing harmonized guidelines on the studies to be submitted in a marketing authorization application.
Changes in distribution channels and increasing cost of animal testing and veterinary services are going to restrain the market in the forecast period.
Generally, companion animal owners purchase their animal health products directly from veterinarians and veterinarians recommend low-cost generic product subtitles. Even there are several restrictions and regulations on animal testing worldwide, which is hindering a number of healthcare companies from manufacturing newly advanced drugs. Also, because of the increasing regulations, animal testing is becoming expensive.
Market Segmentation
The market is segmented by products as Vaccines, Anti-Infectives, Medicinal Feed Additives, Parasiticides, Diagnostics, and Others and by animals like cats, dogs, equine and others.
Parasiticides had a dominant market share in 2018 of more than 25% because of an increase in flea and tick-infested Lyme disease in dogs and cats. According to NCEZID, around 32% of the pets at some point in their life suffers from flea and ticks. Parasiticides are medicinal substances that prevent the spread of internal and external parasites in companion animals. These are effective against flea and tick infestations and internal parasites like heartworms inside companion animals. Companies are focused on product launch and development of existing parasiticides products. Vetoquinol has developed Flevox, a parasiticide for companion animals fighting against tick and flea infestation in pets.
Dogs accounted for the largest share of the animal type segment of more than 60% owing to health benefits associated with the adoption of pets, an increase in awareness, and demand for efficient care for dogs. Healthcare problems in dogs include heartworm (parasitic worm in pulmonary arteries of dogs), kennel cough, parvovirus, Lyme disease, demodectic mange (an inflammatory disease that leads to skin lesions and hair loss) and ringworm. Complex diseases in canines can be identified early by diagnostics or prevented altogether by application of vaccines. Increased awareness about healthcare products from the owners side has driven canine healthcare market. Companies are focused on developing products which are easy to apply. For instance, in 2012, Bayer Healthcare developed Resultix, a spray-on formula that kills attached or crawling ticks on a dogs body.
The significant restraint to the canine healthcare market is the unwillingness on the part of the owners to spend a substantial amount of money on canines after a certain point of time. Companies are focused on developing products which are easy to apply.
For instance, Bayer Healthcare developed Resultix, a spray-on formula that kills attached or crawling ticks on a dogs body.
Geographical Analysis
Geographically, the global Companion Animal Health market is divided into North America, Europe, South America, Asia-Pacific and the Middle East and Africa.
North America accounts for the highest market share of around 40% globally, because of the large adoption of animals and the growing incidence of zoonotic and food-borne diseases is a potential concern for the health of pet animals. In many countries such as the U.S., brucellosis is increasing and causes abortion in animals. Americans view pets as more than just companion animals. Almost all dog and cat owners view their pets as members of their family (95%), and about 12% have pet health insurance. According to Labor Statistics, 84.6 million households own pets and spend around $ 892 per year on pets.
Europe has the second largest market in the world with more than 25% of the market share. In Germany, animal health is secured by legislation and the veterinary administration. As animal diseases do not stop at national borders, the Federal Ministry works continuously with the veterinary authorities of the other Member States and third countries. Similarly, a new EU Animal Health Law, which is due to introduce will provide additional animal health requirements - including provisions on pet travel - across the EU from 2021.
Company Profiles
Some of the major key players are
Merck Animal Health,
Ceva Sante Animale,
Vetaquinol SA,
Nutreco N.V.,
Bayer Healthcare,
Virbac,
Boehringer Ingelheim,
Others
Enquire Before purchase: https://www.datamintelligence.com/enquiry/companion-animal-health-market
Download free sample: https://www.datamintelligence.com/download-sample /companion-animal-health-market
About Us
DataM Intelligence was incorporated in the early weeks of 2017 as a Market Research and Consulting firm with just two people on board. Within a span of less than a year we have secured more than 100 unique customers from established organizations all over the world.
For more information:
Sai Kiran
Sales Manager at Data M Intelligence
Email: info@datamintelligence.com
Tel: +1 877 441 4866
Website: www.datamintelligence.com
Contact Information:
DataM Intelligence
Sai Kiran
Tel: +1 877 441 4866
Email us
----
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DataM Intelligence
Sai Kiran
Tel: +1 877 441 4866
Email us
----
This press release is posted on EmailWire.com -- a global newswire that provides Press Release Distribution Services with Guaranteed Results