Companion Animal Healthcare Market Introduction:
The animal healthcare market mainly comprises of medicines, medicinal feed additives, and vaccines and caters to both food producing and companion animals. Food producing animals are the species that provide animal protein including cattle (both beef and dairy), swine, poultry, sheep, and fish, whereas companion animals include dogs, cats, birds, fish, and horses among others. Animal pharmaceuticals endow more than half of the overall animal health products markets, replaced by biologicals and medicinal feed additives.
Companion animal healthcare market is gaining importance due to an increase in a number of people having pets, emphasis on animal healthcare and vaccination as well as demand for animal healthcare products. Focus on increasing care of these animals has significantly improved the growth of this market. Due to this reason, the market for companion animal healthcare is growing rapidly. Companion Animal ownership and expenditures have been rising since past few decades. Pet owners are spending more per pet than ever before. Pet owners demand that their pets lead the same healthy lifestyles as they do, a transition that’s largely the result of changing generational attitudes. While the rise in pet ownership boosts overall spending, the amount spent per pet is increasing as well, thereby driving the growth of the Companion Animal Healthcare industry.
Companion animal healthcare Market Trends
- The Push for Protein Alternatives
Consumers need a moderation or complete elimination of antibiotic use in raising livestock. This issue has advanced in activist circles and has now also seeped into the mainstream market, with major competitors like Tyson and Perdue making changes to respond to this shift.
Not only are there are more animals to feed food, but a greater percentage of the world’s population is entering into the middle class, which offers huge growth prospects for the market over the next decade.
- Owners Spending More on Quality of Life
Not only people own pets, but they are investing a huge amount of money on them, with total U.S. pet industry expenditures prominent to rise by almost $3 billion to just over $69 billion. 60 percent of the revenue of U.S. animal health companies comes from companion animal products, and 40 percent comes from livestock products. In the rest of the world, these proportions are reversed. It would be a misinterpretation of viewing the expenditures as mere luxuries. U.S. pet owners are more enthusiastic to invest money on their pets and needs primarily due to cultural inclinations.
- Internet of Animals
As sensors and other gadgets become cheaper and easily available, the Internet of Things is poised to change the scenario of the animal healthcare Industry.
In the pet section, there is a continuously growing market for wearable activity and health monitors, as well as remote monitoring and video-enabled engagement technology. In both sectors, this flood of new data is improving the way owners communicate with their vets, giving rise to a host of telemedicine apps targeted at veterinarians.
Some of the key players
- Zoetis Animal Healthcare (U.S.)
- Merck Co., Inc. (U.S.)
- Elanco Animal Health (U.S.)
- Merial (France), Bayer Animal Health (Germany)
- Ceva Animal Healthcare (U.K)
- Virbac Animal Healthcare (France)
- Vetoquinol S.A. (France)
- Perrigo Company plc. (Ireland)
- Boehringer Ingelheim (Germany) and others.
Drug Development in Animal Health
Similar to the human pharmaceutical industry, innovation is essential to the existence of mainline animal health companies. Perhaps, more than US$100 million to advance an animal health drug from initial concept to market. Veterinary drugs are important in maintaining the health and productivity of agricultural animals and the health of companion animals. Despite a large number of animals treated with veterinary pharmaceuticals, the human healthcare market is about 35 times larger than the combined market for all nonhuman species, which had a Value of US$11 billion. This market is dominated by a large number of products that generate small revenues, and so the balance between the levels of R&D investment required relative to the likely return on this investment is a particularly crucial issue in veterinary drug development. Also, the scientific bibliography in this field is limited. We take one of the most important diseases in dogs, like canine arthritis, as an example. There are only around one thousand publications in the last 5 years related to “canine arthritis drug.”
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