Global Veterinary & Pet Health Industry
The global veterinary industry is a part of the wider healthcare sector. Veterinary pet care market encompasses various veterinary health products such as biologicals, medicated feed additives, and veterinary pharmaceuticals.
Pet owners are spending more and more on caring for their pets’ health. Market growth will be fuelled by an expanding pet population and changing attitudes that see owners treat their pets as companions or family members. Due to this new trend, the pet health market has fared the economic recession well, with owners reluctant to cut back on pet spending.
Animal health product ranges are becoming more extensive, now including metabolic drugs, anti-infectives, reproductive aids, feed additives, vaccines, imaging diagnostics, topical solutions and parasite controls, reports TriMark Publications. Products used to treat chronic illnesses including cancer, cardiovascular disease, and osteoarthritis, also fall into this market category.
Key Veterinary & Pet Health Market Segments
The bulk of the animal health market is comprised of products that aim to increase animal longevity and improve quality of life, such as vaccines, medical feed additives, antifungals, anthelmintics, and parasiticides. Koncept Analytics breaks down the market in terms of categories based on animal species. The market can be broken down according to products used, with medicinal feed additives, biologics, and parasiticides representing the three leading market segments. Pharmaceuticals represent the leading category and encompass anti-infectives, parasiticides, and other drugs.
Products emphasizing prevention continue to record strong market growth, including parasiticides and dietary supplements. Prior to 2010 pharmaceuticals replaced parasiticides as the leading market segment. Due to the array of medical conditions affecting domestic animals, rising veterinary costs and greater awareness, many owners are opting to cover their pets with pet insurance policies. Owners are therefore in a better position to pay for costly veterinary procedures.
Regional Veterinary & Pet Health Market Share
The Americas and the EU hold the lion’s share of the global animal health care market, reports Koncept Analytics. Veterinary industry statistics show that both regions combined represent over 75% of the overall market.
Industry Veterinary & Pet Health Leaders
The 10 leading companies in the global animal health care market hold the majority share of the overall market, with consolidation set to increase in the future. Leading names operating in the market include Bayer, Virbac, Alpharma, Merial, Pfizer, Tetnate, Novartis, Schering-Plough, Elanco/Eli Lilly, Merial and Fort Dodge/Wyeth.