China Companion Animal Health Industry Overview
The China companion animal health market size is anticipated to reach USD 2.24 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 11.3% from 2021 to 2028. The key factors driving the market growth include rising initiatives by key market players, a growing pet population, and high usage of e-commerce channels.
China Companion Animal Health Market Segmentation
Grand View Research has segmented the China companion animal health market on the basis of type, animal type, product, indication, and diagnosis method:
China Companion Animal Medicine Insights
- The dogs animal type segment dominated the market in 2020 with a revenue share of over 35%. The equine segment, on the other hand, is anticipated to register the fastest CAGR from 2021 to 2028.
- According to a 2019 survey report on the development of China’s equestrian sector, an increasing number of Chinese citizens are being involved in equestrian sports. The country had 2,160 equestrian clubs. In addition, horses are used for tourism, treatment, and raised as pets.
- By indication, the market was dominated by the non-infectious diseases segment in 2020, while pharmaceuticals held the largest share of the product segment. Chronic kidney diseases, for example, have an incidence of as high as 30% in cats. In older cats aged above 15 years, it can be even as high as 80%. In the early stages, most cats have almost no clinical symptoms.
China Companion Animal Diagnostics Insights
- In terms of animal type, the dogs segment accounted for the largest share of 36% in 2020. The non-infectious diseases indication segment contributed to over 25% share of the overall market. By diagnosis method, the pathology segment led the market owing to the increasing availability of diagnostic tests and awareness about pet health.
- The China veterinary diagnostic market is estimated to register significant growth over the coming years, which can be attributed to increasing awareness about zoonoses, the rising cost of treatment hospitalization of pets, and expansion of service offerings by vet clinics hospitals.
- The Veterinary Specialty Hospital of Hong Kong, for instance, provides a range of services, such as imaging and diagnostic services. These include MRI, CT, radiography, ultrasound, and endoscopy.
- As per an article published by Xinhuanet.com in October 2021, there were about 12,000 pet hospitals in China and a growing number of students were opting for veterinary medicine. This is anticipated to fuel the demand for pet medicine and diagnostic products in the coming years.
Key Companies Profile Market Share Insights
Some prominent players in the China companion animal health market include
- Boehringer Ingelheim International GmbH
- Elanco
- Merck Co., Inc.
- Zoetis
- Ceva
- Virbac
- Bimeda, Inc.
- IDEXX Laboratories
- Thermo Fisher Scientific
- Randox Laboratories
Order a free sample PDF of the China Companion Animal Health Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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