China Companion Animal Health Market is segmented By Product Type (Vaccines, Anti-Infectives, Medicinal Feed Additives, Parasiticides, Diagnostics, Others), By Animals (Cats, Dogs, Equine, Others), By End User (Veterinary Hospitals & Clinics, Homecare, and Others) – Size, Share Outlook, and Opportunity Analysis, 2024-2031
China Companion Animal Health Market Size
The China Companion Animal Health Market reached US$ 1.6 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 3.7 billion by 2030. The China companion animal health market is expected to exhibit a CAGR of 11.4% during the forecast period (2024-2031). The companion animal health market trends show rising regulatory approvals for companion animal health therapeutics owing to the rising incidence of infectious disorders and increasing research and development.
Due to rising pet adoption figures and rising costs for pet healthcare, companion animal health goods and services are becoming increasingly popular in China.
Furthermore, rising demand for pet health insurance, wide availability of pet medications, cutting-edge veterinary diagnostic and therapeutic devices, and an increase in the number of new product launches is driving up the companion animal health market size. The market is experiencing a growth in demand for products from China as a result of the rising research and regulatory approvals in these fields. With significant competitors like Boehringer Ingelheim International GmbH, China Animal Husbandry Group, Zoetis Services LLC, and others actively operating in the market.
China Companion Animal Health Market Summary
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Metrics |
Details |
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CAGR |
11.4% |
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Size Available for Years |
2022-2031 |
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Forecast Period |
2024-2031 |
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Data Availability |
Value (US$) |
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Segments Covered |
Product Type, Animals, and End User |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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China Companion Animal Health Market Dynamics
Increase in Pet Adoption, Mostly by Nuclear Families Drive the Growth of the Companion Animal Health Market
Pet ownership has increased due to the widespread nuclear family tendency, which is anticipated to continue over the projected period. Owners' concerns about their pets' health and safety have grown as a result of the tendency of imbuing them with human traits. The expanding human-animal attachment, which determines consumers' willingness to invest a greater amount on their pets, is the cause of this increase.
In China, 25% of individuals own a pet dog and 10% own a cat. Companion animals are kept in homes by a significant section of the population. In China, many pet owners have multiple companion animals. China's pet business is booming, and the region's growth rates are on pace with those of other affluent nations.
Owners are getting more concerned about their pets' health and nutrition as the proportion of companion animals rises, and they are also seeking medical care. As a result, there is an increasing need for a variety of companion animal healthcare items.
Rising Initiatives by the Government and Animal Welfare Associations Create Lucrative Opportunities for Manufacturers
There is a growing companion animal health market opportunity owing to rising initiatives by the government and NGOs such as animal welfare associations and regulatory approvals by the authorities owing to the increasing awareness of companion animal health. The rising clinical trials by major key players are also a companion animal health market trend driving the market.
The government as well as animal welfare organizations have launched a huge number of programs to raise awareness about the numerous diseases that affect companion animals, which will accelerate market growth because raising knowledge can help avoid various animal-related diseases. Over the course of the forecast period, these organizations are likely to support the expansion of China's companion animal health market by publishing guidelines for boosting veterinarian health.
For instance, the WTO's OIE International Standards framework issues standards to enhance pet care and advance the trade of veterinary goods internationally. In addition, one of the major factors driving the expansion of the China companion animal health market is the increasing expenditures made by major market players in the creation of cutting-edge pet care products.
Use of Counterfeit Medicines in the Country will Hamper The Growth Of The Market.
However, the market for authentic animal drug products is said to be constrained by the abundance of fake or duplicated companion animal drugs, among the many other counterfeit animal drugs that are readily available. Pets' health and well-being are shown to be negatively impacted by certain drugs, which are hazardous and ineffective and may have an impact on a significant portion of the pet population.
The market expansion during the anticipated term is projected to be hampered by this. The research found that 87% of customers bought pet parasite prevention items from unaccredited websites that are known to sell fake pet medications, indicating that the illicit sale of counterfeit goods continues.
China Companion Animal Health Market Segment Analysis
The China companion animal health market is segmented based on product type, animals, end user and country.
Owing to rising Infections, the Vaccines Therapeutics Segment in Accounted for Approximately 40.8% of the Companion Animal Health Therapeutics Market Share
The market is anticipated to grow throughout the projection due to the sector known as vaccines. Due to the rising incidence of infectious diseases in animals and increased research and development, the market trends for animal vaccines indicate an increase in regulatory approvals for vaccines. The immunization of a domestic, livestock, or wild animal is referred to as animal vaccination. The company is in the veterinary medical industry. Diseases that can transmit between animals and humans are protected through vaccinations.
Information regarding the different vaccines that are accessible to the general public is included in the Summary of Product Characteristics (SPC) for each vaccination that the UK has authorized. The American Animal Hospital Association (AAHA) divides companion animal vaccines into two categories: core and non-core vaccines.
Core immunizations are indicated for all cats and dogs, even if non-core vaccinations are sometimes administered based on risk factors (such as a pet's lifestyle and geographic location). The market for companion animal health will expand as a result of an increase in animal vaccine production due to a rise in infections. As a result, this market segment will be dominant.
Source: DataM Intelligence Analysis (2023)
China Companion Animal Health Market Companies
The major China players in the companion animal health market include Boehringer Ingelheim International GmbH, Vetoquinol, Zoetis Services LLC, Elanco, MSD Animal Health China (Merck & Co. Inc.), China Animal Husbandry Group, Virbac, Jinyu Bio-technology Co., Ltd., Ceva and Bimeda, Inc. among others.
COVID-19 Impact on China Companion Animal Health Market
Russia Ukraine Conflict Analysis
The Russia-Ukraine conflict is estimated to have a low impact on the companion animal health market, owing to the low prevalence and absence of key market players in this region. However, the impact of the import and export of raw materials is expected to have little influence over the companion animal health market growth over the forecast period.
Key Developments
- On May 5, 2023, according to a statement from Zoetis Inc., the FDA granted approval for Librela (bedinvetmab injectable) for use in treating dogs with osteoarthritis (OA)-related pain. Librela is the sole and initial anti-NGF monoclonal antibody medication for canine OA pain that is administered once a month. It has been found to be both safe and successful in giving dogs long-term relief from the symptoms of OA pain, which can enhance their mobility and general quality of life.
- On June 14, 2022, the animal health company Boehringer Ingelheim and the biopharmaceutical business CarthroniX, which specializes in creating small molecule-based treatments for age- and degenerative-related diseases, announced that both companies have collaborated on research to explore small molecule therapeutics for canine oncology. In accordance with the contract, Boehringer Ingelheim will examine a particular selection of small molecules supplied by CarthroniX to ascertain their effect on canine tumors.
- On November 30, 2022, the opening of Virbac's new R&D facility in Taiwan's Pingtung Agricultural Biotechnology Park (PABP) was a significant turning point for the company's R&D efforts. The main goals of the R&D center will be to create a center of superiority for R&D in South East Asia by creating novel vaccines and immune stimulants, fighting new diseases, and/or improving current offerings in terms of safety, efficacy, and ease of application for all species.
Why Purchase the Report?
- To visualize the China companion animal health market segmentation based on product type, animals, end user and country, as well as understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous data points of companion animal health market-level with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as Excel consisting of key products of all the major players.
The China companion animal health market report would provide approximately 53 tables, 54 figures and 195 Pages.
Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
