Companion Animal Healthcare Market - Growth, Trends, and Forecasts (2020 - 2025)
|出版商||Mordor Intelligence Pvt Ltd||商品編碼||907038|
|出版日期||內容資訊||英文 114 Pages
|全球寵物用醫藥品市場:成長，趨勢，預測 Companion Animal Healthcare Market - Growth, Trends, and Forecasts (2020 - 2025)|
|出版日期: 2020年06月01日||內容資訊: 英文 114 Pages||
Certain factors that are responsible for the growth of the companion animal healthcare market are increasing pet adoption across the world, rising government initiatives for animal health, and growing technological advancements in animal healthcare.
The popular nuclear family trend across the world has accelerated pet ownership 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. This increase is a result of 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.
Vaccines are Expected to Dominate the Therapeutics Segment
Diseases related to companion animals are more probable to get transmitted to the human population. The bite caused by dogs and cats develops many infections in humans. Other diseases such as neoplasia, distemper, parvovirus, leukaemia, panleukopenia, and viral rhinotracheitis are found in various pet animals. many of these diseases are fatal even with proper medication, so the majority of the pet owners get the animals vaccinated regularly. Vaccination becomes essential for pets as well as humans to protect against such diseases. The increasing demand for prophylactic vaccines will increase segment growth.
Asia-Pacific Region is the Fastest Growing Region in the Forecast Period
The APAC region is an important and high potential market. The Western matured markets are in contrast to the Asian countries, which are expected to have 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 treatment and the growing 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 pet products and have quality-conscious pet owners. The buying pattern and social culture of pet owners make them stand out from most of the other countries in the region. The Indian, Chinese, and Indonesian markets are rapidly emerging markets, with great potential for growth during the forecast period. Economies, such as Taiwan, Malaysia, and South Korea, are a few ideal targets for pet care companies.
The market for companion animal healthcare is majorly dominated by a few players, such as Zoetis Inc., Bayer AG, Elanco, Virbac, etc. The largest share of the market is captured by these global players. However, there are few companies that are penetrating the market currently and are expected to hold a substantial share in the market.