(PharmaNewsWire.Com, December 07, 2017 ) According to the report Global Companion Animal Health Care Industry, published by Market Data Forecast, The Global Industry has been estimated at USD 12.73 Billion in 2016 and is projected to reach USD 17.20 Billion by the end of 2021, at a CAGR of 6.20% during the forecast period from 2016 to 2021.
Increasing adoption of companion animals is driving the Industry. Companion animals are the animals which serve man by giving companionship and guarding their houses or offices. Various types of diseases in animals and their transfer to humans via their product consumption and companionship are escalating the Industry globally. The Industry is very competitive with major players accounting for about three fourth of the Industry. So, the companies are focusing more on their research and advancement in developmental activities to produce better pharmaceutical and vaccine products for their existing and newly diagnosed diseases. Greater investment in Research and Development to develop drugs would fetch companion animal healthcare companies’ lucrative profits in the coming 15-20 years.
•Drivers, Restraints, Opportunities, and Challenges Analysis (DROC) • Industry Segmentation o By Product •Geographical Analysis •Pipeline Product Analysis •Strategic Analysis •PESTLE analysis •Porter’s Five analysis
Growing incidence of zoonotic and food borne diseases will be a potential concern to the health of pet animals. In many countries such as U.S., brucellosis is increasing and causes abortion in animals. Increasing pet/companion ownership, growing health care concerns of pets, rising demand for improved nutrition, are the major factor driving the growth of the Industry. The factors that are hindering the growth of the Industry are restrictions by regulatory bodies have a negative impact on the sales of antibiotics, soaring costs and increasing regulations on animal testing have hindered a number of healthcare companies from manufacturing newly advanced drugs.
Some of the major companies operating in global Companion Animal Health Care market are Pfizer Animal health Ltd, Merck & Co Inc., Sanofi Aventis Animal Health, Zoetis Inc., Boehringer Ingelheim GmbH, Elanco Products Company, Bayer AG, Novartis animal Health Inc., Virbac SA, Ceva Sante Animale, Vetoquinol SA.
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