Companion Animal Health Market Size, Share & Trends Report

Companion Animal Health Market Size, Share & Trends Analysis Report By Animal Type (Dogs, Cats), By Distribution Channel (Retail, E-commerce), By Product (Diagnostics, Vaccines), By End-use, And Segment Forecasts, 2023 - 2030

  • Report ID: GVR-2-68038-260-0
  • Number of Pages: 150
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2021
  • Industry: Healthcare

Research Methodology

A three-pronged approach was followed for deducing the companion animal health market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for companion animal health market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of companion animal health market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Companion Animal Health Market Categorization:

The companion animal health market was categorized into five segments, namely product (Vaccines, Pharmaceuticals, Feed Additives, Diagnostics), animal type (Dogs, Cats, Equine), distribution channel (Retail, E-commerce, Hospital Pharmacies), end-use (Point-of-care/In-house Testing, Hospitals & Clinics), and region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).

Segment Market Methodology:

The companion animal health market was segmented into product, animal type, distribution channel, end-use, and region. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The companion animal health market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into thirty-two countries, namely, the U.S.; Canada; the UK; Germany; Italy; France; Spain; Russia; The Netherlands; Switzerland; Sweden; Ireland; Poland; Japan; China; India; South Korea; Australia; Thailand; Singapore; Malaysia, Indonesia; Philippines; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE; Turkey; Iran; Israel.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Companion animal health market companies & financials:

The companion animal health market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Merck Animal Health - Merck Animal Health is a global healthcare company that operates as a subsidiary of Merck. The company operates through the following business segments: Pharmaceuticals, Animal Health, and Healthcare Services. The animal health segment develops, manufactures, and markets vaccines & products, which include products for livestock, poultry, companion animals, and aquaculture. Some of the major therapeutic areas in which the company operates are oncology, neurodegenerative diseases, endocrinology, fertility, cardio-metabolic care, general medicine, infectious diseases, respiratory diseases, and immunology. The key locations of its business include Europe, Africa, Japan, and the U.S. The company operates in more than 140 countries and conducts business outside the U.S., primarily through subsidiaries.

  • Ceva Santé Animale - Ceva (Ceva Santé Animale) is involved in discovering, developing, manufacturing, and commercializing animal health pharmaceuticals & vaccines for production and companion animals globally. The company offers products in the fields of cardiology, reproduction, dermatology, vaccination, and others. The company has over 13 R&D centers and 21 production sites worldwide.

  • Vetoquinol S.A.- Vetoquinol S.A. is a veterinary pharmaceutical company involved in developing and marketing of veterinary drugs and other products for livestock and companion animals. The company offers products in therapeutic areas such as cardiology, nephrology, pain management, anti-infective, behavior, and reproduction. It is present in 24 countries across Europe, North & South America, and Asia Pacific regions. The company sells its products globally through a network of 140 distributors.

  • Zoetis - Zoetis is engaged in discovering, developing, manufacturing, and commercializing animal health pharmaceuticals & vaccines for production and companion animals globally. The company is also involved in providing medicated feed additives and nutritionals. The company markets its products to livestock producers and veterinarians through its sales representatives and technical & veterinary operations specialists.

  • Boehringer Ingelheim GmbH - Boehringer Ingelheim GmbH is a leading healthcare company that develops and manufactures vaccines, pharmaceuticals, and other healthcare products. The company’s business segments include: Consumer Health Care, Prescription Medicines, Biopharmaceuticals, and Animal Health. The company operates globally through its 145 affiliated companies. It is a leading animal healthcare products provider globally. It is focused on the development of innovative vaccines and pharmaceuticals for livestock & pet protection, as well as on the R&D of new drugs for animal healthcare.

  • IDEXX Laboratories, Inc. - IDEXX Laboratories, Inc. is involved in pet healthcare, veterinary diagnostics, veterinary practice software, and water microbiology testing. It has a small animal diagnostics unit, which includes products and services, pet tests, and laboratory systems for veterinary practices. The reference laboratories and consulting unit of the company provides featured tests, research, and consultations with certified pathologists & veterinary specialists to veterinary practitioners & consumers. The practice management unit of the company focusses on software and other informatics solutions. Livestock, poultry, and dairy unit provides software & diagnostic tests for managing health and productivity of these animals.

  • Elanco - Elanco researches, develops, and commercializes animal products. It manufactures tablets for dogs for treating various disorders and conditions, such as separation anxiety and fast flea relief. Its animal products are used to treat ailments such as internal & external parasites, arthritic pain, and allergic diseases. It also provides products for behavior modification and endocrinology. All the animal health products of Bayer are now sold under Elanco’s brand name.

  • Indian Immunologicals Ltd. - Indian Immunologicals Ltd. is a leading biotechnology company with a portfolio of over 150 products. It operates through its 5 business units namely— Animal Health, Human Health, Institutional Business, International Business, and Contract Manufacturing. Its Animal Health division offers various products for livestock and companion animals, such as nutraceuticals, vaccines, & anti-infectives. It provides generic as well as over-the-counter drugs.

  • Virbac - Virbac is involved in developing, manufacturing, and distributing veterinary pharmaceutical products. The company caters to customers through field veterinarians in the U.S. and Canada. It was formerly known as Agri-Nutrition Group Limited. The company was founded in 1993 and is based in the U.S. It operates as a subsidiary of Interlab S.A.S.

  • Agrolabo S.p.A - Agrolabo S.p.A is a privately held manufacturing and distribution company. It provides nutritional, diagnostic, and therapeutic products for livestock and companion animals. The company dominates over 60% of the Italian zootechnical market. It also offers a vast line-up of diagnostic test kits for infectious diseases detection in companion and livestock animals. The company also offers a range of specialized services to laboratories and veterinarians.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Companion Animal Health Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Companion Animal Health Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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