The companion animals are those animals that are domesticated or even the domestically-bred animals, which are analyzed regarding physical, emotional, behavioral and social needs can be readily met as companions in the home, or in the close daily relationship with humans. These companion animals are utilized for helping the old age patients to aid the gaining of the higher dopamine levels to fight with the distress faced, as was studied. Due to this, the companion animal health is a crucial part of the veterinary industry. The companion animals are brought up for the care of the old-age people and allow the increase in the dopamine level which assists in the mental health of the beings. This increases the need for helping the animals to have better health.
COVID-19 scenario analysis:
The COVID-19 impact affected the healthcare industry negatively. The pandemic led to the downfall of the resources and the production of the various products which can be used for animal health. The myth that animals can spread the virus to humans has led to drastic surge in the number of abandoned pets. Furthermore, COVID-19 has weakened the supply chain and has created shortage of animal health products such as nutritional feed as well as vaccines globally. The animal health industry has been impacted adversely as many manufacturers in animal health industry are left with a significantly reduced workforce. Also, a stringent government policy which restricts the import of raw materials from China is expected to hamper the animal health market.
Healthcare facilities are stocking up the animal related health products, considering the high demand. This is expected to further create financial strain on the market due to procurement inefficiencies and wasted speeding. Due to the pandemic situation, many hospitals and veterinary clinics are overstocking the products.
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
The major factor affecting the market include the rise in the adoption of artificial intelligence which has enabled diagnosis would propel the market. Furthermore, the growth in the adoption of companion animals in the U.S. would propel the market. The increase in the availability of the insurances to safeguard from the accidents is anticipated to help the industry grow in the coming years. The surge in incidences of cancer in mostly dogs is anticipated to help the market flourish.
New product advancements to flourish the market
In December 2019, Vivaldis Animal Health, a leading Indian company in the field of Pet Health has joined hands with Rx Vitamins for Pets, an innovative nutraceutical company based in the U.S., providing veterinarians with novel formulations designed to enhance patient outcomes. Rx Vitamins has set the standard in the development of a wide range of scientific formulas that provide the veterinarian with a wide choice of treatment options to complement the conventional care of companion animals.
In February 2017, by collaborating with Henry Schein, Inc., the world’s largest provider of health care products and services to office-based dental, animal health, and medical practitioners, Samsung Electronics today announced that it is entering the world’s largest pet market which is estimated to almost $63 billion. Samsung Electronics displayed the PT10V, its point-of-care (PoC) blood analyzer, for the first time this week at the North American Veterinary Community (NAVC) Conference in Orlando, Florida. At the beginning of the conference, the NAVC announced that it selected the PT10V as one of the conference, which is must see products this year among new products from 700 companies.
Surge in mergers and acquisitions to boost the market
In May 2020, Merck Animal Health, known as MSD Animal Health outside the United States and Canada, a division of Merck & Co., Inc., Kenilworth, N.J., USA, and Virbac announced that the companies have signed a definitive agreement under which Merck Animal Health would acquire the rights to SENTINEL, FLAVOR TABS and SENTINEL, SPECTRUM Chews in the Companion Animal category.
Merck Animal Health will make cash payment of approximately $400 million to acquire the SENTINEL branded products in the U.S. after closing of the acquisition.
Key benefits of the report:
- This study presents the analytical depiction of the global companion animal health industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global companion animal health market share.
- The current market is quantitatively analyzed to highlight the global companion animal health market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global companion animal health market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the companion animal health market research report:
- Who are the leading market players active in the companion animal health market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in tasking further strategic steps?
Companion Animal Health Market Report Highlights
By Animal Type
By Distrubution Channels
By End User
Key Market Players
Merck Animal Health, Virbac, Inc., Dechra Pharmaceuticals, Vetiquinol S.A, Norbrook Inc, Bayer AG, Zoetis, Elanco, Ceva Santé Animale, Boehringer Ingelheim GmbH