The global veterinary healthcare market is fragmented, with a large number of small players in the market. The top ten competitors in the market made up to 22.01% of the total share in 2018. This fragmentation of the market can be attributed to the presence of large number of healthcare service providers in different geographies. The market is expected to show some consolidation in the near future, with rising number of mergers between the major players in the veterinary healthcare market. The market is expected to consolidate further with the reports on a potential merger of Bayer’s animal health unit with Elanco. Zoetis, Inc. was the largest competitor with 4.18% share of the market in 2018, followed by Boehringer Ingelheim GmbH with 3.21%. Other major players in the global vet healthcare market include Merck & Co, Koninklijke DSM N. V, Mars Inc., Elanco Animal Health Incorporated (Elli Lilly And Company), Idexx Laboratories, Bayer AG, Ceva Sante Animale, and Virbac S.A.
Zoetis Inc., the largest competitor in the global veterinary healthcare market, is an animal healthcare company involved in discovering, developing and manufacturing, and commercializing animal health medicines, vaccines, and diagnostic products. The company provides commercializing products for species such as cattle, swine, poultry, fish, sheep, dogs, cats, and horses. It was founded in 2012 and has around 10,000 employees. Zoetis is headquartered in Parsippany-Troy Hills, USA. Zoetis, Inc. is estimated to have generated revenues of $5.83 billion for the financial year 2018 from the veterinary healthcare market, a 9.8% increase from the previous year.
Zoetis Inc.’s growth strategy in the veterinary healthcare market aims at expanding its veterinary medical devices business through strategic acquisitions. For instance, in 2018, the company acquired Abaxis, a leading veterinary medical device manufacturer, for a value of $2 billion. This move of Zoetis will leverage its position in the global veterinary medical devices market. Also, this would help the company to expand its customer base.
Boehringer Ingelheim GmbH was the second largest competitor in the veterinary healthcare market. It is a pharmaceutical company that manufactures pharmaceutical products, prescription medicines, and consumer healthcare products for human and animal health. The company was established in 1947 and is headquartered in Rhein, Germany. Boehringer Ingelheim GmbH is estimated to have generated revenues of $4.47 billion for the financial year 2018 from the veterinary healthcare market, a 1.5% increase from the previous year.
Similar to Zoetis, Boehringer Ingelheim GmbH’s growth strategy in the veterinary healthcare market aims to expand its business through acquisitions. In 2017, the company acquired an animal health company, Merial Animal Health- a subsidiary of Sanofi SA- for an undisclosed amount. Merial produces pharmaceutical products and vaccines for pets, horses, and wildlife in France.