Veterinary healthcare Industry: Market Research Reports, Statistics and Analysis

Key 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 Market Share

The Americas and the EU hold the lion’s share of the global animal health care market, reports Koncept Analytics. Both regions combined represent over 75% of the overall market.

Industry 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.

Market Outlook

The global animal health care market is set to continue recording strong growth, driven by the humanization of domestic animals, reports Koncept Analytics. Owners are growing increasingly attached to their pets, and are therefore willing to dedicate a higher percentage of the household budget to caring for them.

Pet health spending will continue to expand due to developments in the realm of veterinary technology, while increasing pet longevity means that age-related illnesses like cancer and arthritis should continue to rise. With almost 40% of pets overweight or obese, weight-related medical conditions such as heart disease and diabetes are also on the up. Increasingly aware of the health issues that can face their pets, owners are investing more in preventative medicine to keep their pets healthy.

Leading Industry Associations

• American Veterinary Medical Association www.avma.org
• World Veterinary Association www.worldvet.org/
• British Veterinary Association www.bva.co.uk
• Canadian Veterinary Medical Association http://canadianveterinarians.net
• Australian Veterinary Association www.ava.com.au