Market Overview
Companion animal health market mainly comprises medicines, medicinal feed additives, and vaccines and caters to both foods producing and companion animals. The growing popularity of owning pets in China represents a cultural shift. China’s pet ownership is booming as 24% of the population owns dogs and 12% of the population owns cats. With urbanization and even more hectic lifestyles, the emotional demand for animal companions is growing rapidly. Companion animals, health market value, have estimated to grow during the forecast period due to rising pet populations. China has the highest average number of pet ownership between 2002 and 2016 worldwide, 273,474,190 pets in total. In 2017, a 34% market share the majority of pets in China were dogs, followed by cats with a share of 20%. The two largest cities Shanghai and Beijing of China account for much of that pet ownership, with 24% of Shanghai’s residents owning dogs and 11% owning cats. Twenty-five percent of Beijing residents own dogs, while eight percent own cats. Pet ownership is on the rise in China, which has led to increased demand for veterinary care. Owners have become more conscious of the health and well-being of their pets. Of the roughly 1.1 million animal clinics in China, 70 % are family-run practice, and the rest are mostly small medical institutions. China Animal Health Companion Market is segmented based on the product type, animal type, and end-user. Amongst all product categories, parasiticides accounted for the largest market share in 2018. Demand for parasiticides is rising because of an increase in flea and tick-infested Lyme disease in dogs and cats. Vaccines segment is anticipated to exhibit the next highest market share during the forecast period as they are being used by companion animals to help boost their immune system against disease-causing pathogens. Further, the increasing cases of healthcare problems in companion animals have driven the need for vaccinations against multiple diseases. Owners are increasingly concerned about the safety of their pets and now opt for preventive vaccines beforehand. Based on the animal type, the COMPANION ANIMAL HEALTHCARE is segmented by animals into cats, dogs, horses, and others. Dogs accounted for the largest share of the market owing to health benefits associated with the adoption of the pet and rise in demand for efficient care for dogs. Dogs pet owners in China are 24% of the population compared to 12% of the population owns cats.
Market Dynamics
Drivers
- Increase in Pet Adoption, Mostly by Nuclear Families
- Advanced Technology in Animal Healthcare
- Increasing Initiatives Taken by Governments and Animal Welfare Associations
Restraints
- Use of counterfeit medicines in the country
- Changes in Distribution Channel
Increasing Initiatives Taken By Governments And Animal Welfare Associations
The market for companion animal health is growing due to the various initiatives taken by the government in China, individually as well as collectively for promoting the animal healthcare. Rising Chinese government initiatives to promote veterinary care products is anticipated to drive the market in the foreseeable future. For instance, initiatives such as ‘One Health Initiative’ aimed to improve animal healthcare standards, has boosted the market growth prospects in the country. Several collaborative initiatives unify clinical care, control, disease surveillance, and education and research for improving the management of epidemic diseases.
For instance, in August 2018, Shandong University approved a proposal to create an Ecohealth/One Health Institute in China. This new institute will comprise Chinese and international professionals who work on varied disciplines of veterinary health and environmental health for tackling major and complex health concerns in China. Various animal welfare associations like Animal Health institute are also taking initiatives for promoting the animal healthcare and some of these associations offer vaccines and medicines at subsidized prices or free of cost for the needy ones.
Competitive Analysis
The China companion animal health market is fragmented with the presence of multiple local and international players. More than 40% of the China companion animal health market is attributed to top five players –Boehringer Ingelheim, Zoetis, Bayer Healthcare, MSD Animal Health (Merck), and Virbac. Boehringer Ingelheim, one of the key players in the animal health market, is enhancing market competitiveness through innovations. For instance, in April 2019, Boehringer Ingelheim launched its the first ever registered Stem Cell-Based Veterinary Medicine Arti-Cell Forte in Europe for the reduction of mild to moderate recurrent lameness associated with non-septic joint inflammation in horses.
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