The Prospect of the Pet Medicine Industry in China

With the development of China's economy, more and more people are joining the ranks of keeping pets, and the demand for pet medicine in China is increasing day by day. What is the industry prospect of pet medicine in China?

Here is the content list：

l The increase of household pet penetration rate and the increase of single pet medicine consumption are the main driving forces for the growth of China's pet medicine market in the future.

l The upstream links of China's pet medicine industry chain are generally weak, and pet drugs and vaccines will become the focus of the sustainable development of upstream enterprises.

l The concentration and specialization of pet hospitals in China need to be improved, and the scale and chain of pet hospitals will become a trend in the future.

l Strengthening the training of veterinary talents and further improving the standardization of the industry is the only way for the high-quality development of the industry.

The increase of household pet penetration rate and the increase of single pet medicine consumption are the main driving forces for the growth of China's pet medicine market in the future.

At present, the scale of China's pet medicine market is growing steadily. In the future, with the increase of the population living alone in cities and towns, the population structure such as aging and declining birthrate will gradually take shape, and the demand for pet companionship will be more vigorous, and the penetration rate of domestic pets in China will have room for further improvement. In addition, with the increase of per capita disposable income and the continuous improvement of single pet consumption levels, pet owners pay more attention to pet health, and the consumption potential of the pet medicine industry is still huge.

The upstream links of China's pet medicine industry chain are generally weak, and pet drugs and vaccines will become the focus of the sustainable development of upstream enterprises.

At present, in the field of pet vaccines, equipment, and consumables the upstream of domestic pet tablets industry chain, the international giants with mature technology still have the main right to speak. On the one hand, the related research and development work in China is late and the technical level is weak; On the other hand, it is due to the low recognition of domestic brands by domestic consumers. This situation eventually leads to the weak bargaining power of domestic pet hospitals, squeezed profit margins, and even greater expenses of end consumers. In the future, the domestic pet medicine industry should focus on strengthening the construction of upstream links, increase the R&D investment of domestic equipment, vaccines and medicines through independent R&D or cooperative development, and strive to realize domestic substitution as soon as possible.

The concentration and specialization of pet hospitals in China need to be improved, and the scale and chain of pet hospitals will become a trend in the future.

At present, single pet hospitals in China still account for the vast majority of the market, most of which have difficulties in drainage, low profit, and short capital chains. Compared with smaller pet hospitals, large-scale chain pet hospitals are more likely to gain cost advantages and can provide higher quality services and products, so large-scale chain pet hospitals will become a trend in the future. At present, the leader of the pet hospital chain in China mainly expands through equity investment and M&A, which is very similar to the development process of American pet hospitals. It is expected that this expansion mode will continue in the future, and leading enterprises in the industry will further grow by capital advantages. The scale and specialization of domestic pet hospitals will further promote the integration of the upstream and downstream of the pet medicine industry chain and promote the sustainable development of the pet medicine industry.

Strengthening the training of veterinary talents and further improving the standardization of the industry is the only way for the high-quality development of the industry.

At present, the uneven medical level of pets has become a major pain point for domestic pet hospitals. The training of high-level pet doctors is a long-term process. Therefore, it is necessary to strengthen the training of pet doctors in China, set up specialties in colleges and universities or set up colleges independently, and provide opportunities for technical exchanges within the industry and overseas to improve the professional level of veterinary doctors. In addition, at present, there are widespread phenomena in the domestic pet tablets industry, such as non-compliant drug use, no document number of products, the substitution of human drugs for pet drugs, etc. In the future, it is necessary to speed up the introduction of standard policies for veterinary and pet tablets industries, accelerate the approval process of converting human chemicals to pet chemicals, and improve the standardization of the industry, to promote the "sound and rapid" development of the domestic pet medicine industry.

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