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(Medical-NewsWire.com, October 17, 2019 ) Market Overview:
Companion animals are domesticated or domestic-bred animals whose physical, emotional, behavioral and social needs can be readily met as companions in the home or a close daily relationship with humans. Companion animal health market mainly comprises of medicines, medicinal feed additives, and vaccines and caters to both foods producing and companion animals.
Market Dynamics:
The primary driver of the companion animal health market in China is the willingness of owners to increase spending on their pet’s health. According to a survey, pet ownership is increasing despite the costs, found that 11% of Chinese families spend more than $1,574 annually on pet care, while about 32% spend $145-435 annually.
Rising Chinese government initiatives to promote veterinary care products is anticipated to drive the market in the foreseeable future. For instance, initiatives such as ‘One Health Initiative’ aimed to improve animal healthcare standards, has boosted the market growth prospects in the country.
The high cost of animal testing is the biggest barrier to the growth of the market. Further, several restrictions and regulations on animal testing have made it expensive for several healthcare companies to set up a new advanced drugs manufacturing facility for the companion animals in China.
Market Segmentation:
China Animal Health Companion Market is segmented based on the product type and animal type.
Based on the product type, the market is segmented as –vaccines, anti-infectives, medicinal feed additives, paraciticides, diagnostic, and others. Amongst all product categories, paraciticides accounted for the largest market share of about 28% in 2018. Demand for paraciticides is rising because of an increase in flea and tick-infested Lyme disease in dogs and cats.
Vaccines segment is anticipated to exhibit the next highest market share during the forecast period as they are being used to companion animals to help boost their immune system against disease-causing pathogens.
Based on the animal type, the Companion Animal Healthcare is segmented by Animals into Cats, Dogs, Equine, and Others. Dogs accounted for the largest share of the market owing to health benefits associated with the adoption of the pet and rise in demand for efficient care for dogs. Dogs pet owners in China are 24% of the population compared to 12% of the population owns cats.
Geographical Analysis:
The growing popularity of owning pets in China represents a cultural shift. China’s pet ownership is booming as 24% of the population owns dogs and 12% of the population owns cats.
With urbanization and even more hectic lifestyles, the emotional demand for animal companions is growing rapidly. Companion animal, health market value, have estimated to grow during the forecast period due to rising pet populations.
China has the highest average number of pet ownership between 2002 and 2016 worldwide, 273,474,190 pets in total. In 2017, a 34% market share the majority of a pet in China were dogs, followed by cat with a share of 20%. The two largest cities Shanghai and Beijing of China account for much of that pet ownership, with 24% of Shanghai’s residents owning dogs and 11% owning cats. Twenty-five percent of Beijing residents own dogs, while eight percent own cats.
Pet ownership is on the rise in China, which has led to increased demand for veterinary care. Owners have become more conscious of the health and well-being of their pets. Of the roughly 1.1 million animal clinics in China, 70 % are family-run practice, and the rest are mostly small medical institutions.
Competitive Analysis:
The China companion animal health market is fragmented with the presence of multiple local and international players. More than 40% of the China companion animal health market is attributed to top five players –Boehringer Ingelheim, Zoetis, Bayer Healthcare, MSD Animal Health (Merck), and Virbac.
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Sai Kiran
+1 877 441 4866
pr@datamintelligence.com
Source: EmailWire.Com 
Source: EmailWire.com
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