The Asia-Pacific Companion Animal Health Care Market was worth $ 2.04 Billion in 2016 and estimated to reach $ 2.76 Billion by the end of 2021 with a growing potential of 6.30 %.
Companion animals should be domesticated animals whose emotional, physical, behavioural and social needs can be readily met as companions, or in close daily relationship with humans in home. The companies are focusing more on the research for the development of new drugs and vaccines for the exciting and newly diagnosed diseases. Companion Animal healthcare market has seen some of the important mergers and acquisitions to attain expertise in developing new active pharmaceutical ingredients /drugs.
Major drivers that are driving the growth of the market are increasing incidence of zoonotic and food borne diseases, Increasing pet/companion ownership, growing health care concerns of pets, rising demand for improved nutrition. Restrictions by regulatory bodies have a negative impact on the sales of antibiotics, soaring costs and increasing regulations on animal testing have hindered a number of healthcare companies from manufacturing newly advanced drugs are the factors hindering the growth of the market.
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Based on product type, the market is segmented into Feed additives, Pharmaceuticals, and vaccines. The feed additives segment is further segmented into Nutritional feed additives and Medicinal feed additives. Nutritional feed additives are given to animals for ensuring their growth. Nutritional feed additives include Proteins, minerals, amino acids, and vitamins. On the other hand, medicinal feed additives target particular types of diseases in companion animals. Medicinal feed additives include enzymes, probiotics, hormones, immune modulators, prebiotics, and feed acidifiers. Pharmaceutical products in the Companion animal healthcare market include ectoparasiticides, endectocides, antibiotics, anti-inflammatories, and medicines for curing reproductive problems. Based on Geography, the Asia-Pacific Companion Animal Health care market is analysed under various regions namely China, Japan, India and Australia.
Some of the key players in Asia-Pacific Companion Animal Health Care market are Pfizer Animal health Ltd, Merck & Co Inc., Sanofi Aventis Animal Health, Zoetis Inc., Boehringer Ingelheim GmbH, Elanco Products Company, Bayer AG, Novartis animal Health Inc., Virbac SA, Ceva Sante Animale, Vetoquinol SA.
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