The "China Companion Animal Health Market - Growth, Trends, and Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The China companion health market is primarily driven by the rising popularity of pet ownership and growing spending on animal healthcare and rising awareness regarding the various treatments available for companion animal diseases.
In recent years, there has been a significant increase in the adoption of dogs and cats that has been observed in China, as they are the most favourite companions of human beings. According to the National Bureau of Statistics of China, it has been estimated that China is the third-largest country, in terms of dog ownership, a total of 27.4 million pet dogs, standing behind the United States and Brazil, with 55.3 million and 35.7 million dogs, respectively. China also stands second in the ownership of pet cats (58.1 million).The pet industry in China is booming and the growth rates in the region are comparable to the other developed countries. Hence, the increase in pet adoption has helped in driving the companion health market.
With the increase in the number of companion animals, owners are becoming increasingly aware of their pet's health and nutrition, and are also seeking veterinary services. This, in turn, is creating a growing demand for diversified forms of companion animal healthcare products.
Furthermore, there are also increasing initiatives by the government and animal welfare association for creating awareness about the various disease against companion animals which will augment the growth of the market as awareness can prevent various animal related disease.
In addition, The growing investments by key market players to develop advanced solutions for pet care is also one of the key contributors to the growth of the china companion animal health market.
The availability of a considerable number of counterfeit animal products and drugs in the market, including a number of fake or copied companion animal drugs being identified as an obstruction to the growth of the market for genuine animal drug products. These drugs are found to be unsafe and ineffective that are found to be harmful for the health and well-being of pets, and may affect a large section of the pets population. This is likely to hamper the market growth over the forecast period.
Key Market Trends
Vaccines Contributed the Largest Share, in Terms of Revenues, in the Therapeutics Segment
The three major types of vaccines available for companion animals are inactivated (killed) vaccines (which contain bacteria and virus that have been grown in cultures and then killed by heating or chemical treatments), live attenuated vaccines (which contain live viruses or bacteria that have been severely weakened), and subunit vaccines (which contain viral or bacterial antigens that can trigger an immune response).
In 2017, more than 3,500 cats and dogs were cured of various diseases in China through animal welfare programs, funded by the Animals Asia Foundation. The animals were cured and vaccinated efficiently, thus protecting their health and saving their life.
Moreover, the growing R&D towards the development of new vaccines likely to positively impact the segment growth in China.
For Instance, in 2018, Zoetis expanded animal vaccine R&D in Suzhou, China. The new facility will focus on the development and production of quality vaccines for swine, cattle, fish and companion animals that help protect against the strains of diseases prevalent in China.
Leading global companies are partnering with the Chinese companies for their distribution in the country. For instance, Meili Omni-Honesty is a joint venture between Boehringer Ingelheim, a leading global pharmaceutical company and the world's second-largest animal health company, Beijing KangMu Omni-Honesty Animal Health Products Co. Ltd.
Key market players in the market include Bayer AG, China Animal Husbandry Co. Ltd, Dachang, Elanco Animal Health, Merck & Co., Vetoquinol SA, Virbac, and Zoetis Inc., among others.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increase in Pet Adoption, Mostly by Nuclear Families
4.2.2 Increasing in Initiatives by the Governments and Animal Welfare Associations
4.2.3 Advanced Technology in Animal Healthcare
4.3 Market Restraints
4.3.1 Use of Counterfeit Medicines
4.3.2 Increasing Costs of Animal Testing and Veterinary Care
4.4 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 By Products
18.104.22.168 Medicinal Feed Additives
22.214.171.124 Other Therapeutics
126.96.36.199 Immunodiagnostic Tests
188.8.131.52 Molecular Diagnostics
184.108.40.206 Diagnostic Imaging
220.127.116.11 Other Diagnostics
5.2 By Animal Type
5.2.1 Dogs and Cats
5.2.3 Other Companion Animals
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Bayer AG
6.1.2 China Animal Husbandry Co. Ltd
6.1.4 Elanco Animal Health
6.1.5 Merck & Co.
6.1.6 Vetoquinol SA
6.1.8 Zoetis Inc.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/4xmfdg
View source version on businesswire.com: https://www.businesswire.com/news/home/20201029005629/en/
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900