The global animal healthcare market is segmented into animal type such as companion animals and commercial animals. Among these segments, commercial animal segment is expected to occupy the top position in the market. The rise of the commercial animal health care segment is backed by increasing animal farming coupled with rising demand for animal protein. Moreover, demand for drugs and medicated feed additives are expected to rise in near future due to increasing concern amongst the farm owners regarding production of healthy animals.
Global animal healthcare market is expected to register a CAGR of 7% over the forecast period. Moreover, the global animal healthcare market is expected to reach at notable revenue by the end of 2021. The market is expected to expand on the back of a number of factors such as increasing prevalence of diseases in animals and growing demand for healthy and safe animals and increasing concern regarding safety and health of animals. Furthermore, increasing adoption of companion animals is also a major factor which is fueling the growth of animal healthcare market.
North America region dominated the overall animal healthcare market in 2014. Increasing consumption of animal pharmaceuticals due to evolution of animal diseases coupled with rising need to keep animals diseases free is anticipated to be the major factor behind the growth of North America animal healthcare market over the forecast period. The North America segment by region is likely to grow at remarkable pace during the forecast period.
Increasing Prevalence of Zoonotic Diseases
Rising incidences of infectious diseases in pet animals are the major factors behind the growth of animal healthcare market. Increasing prevalence of infectious diseases between human and animals is a key factor which is fuelling the demand for animal health-care products. Further, other infectious diseases such as Ebola virus disease, salmonellosis and other are some of the very deadly diseases which are caused by animals. This factor is spurring the demand for animal healthcare as associated infections and diseases and can be life-threating.
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Increasing Demand for Meat
The demand for meat of various animals is increasing which in turn increasing the beef production across the globe. Moreover, increasing competition between farm owners to produce healthy animals and better quality of meat at low price has led them to adopt various medicinal feed additives and proteins. Moreover, rising trend of adoption of companion animals and increasing spending by consumers on their healthcare are also propelling the growth of animal health care market.
Although, strict regulations regarding use of antibiotics in production animals and regulatory guidelines and procedures regarding approval and licensing of animal healthcare products are some of the factors that are likely to inhibit the growth of the animal healthcare market in the near future.
The report titled “Global Animal Healthcare Market Analysis & Opportunity Outlook 2021” delivers detailed overview of the global animal healthcare market in terms of market segmentation by product type, by end-user type and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global animal healthcare market which includes company profiling of Zoetis Inc., Merck & Co. Inc., Bayer Health Care Pharmaceuticals LLC, Pfizer iNC., Sanofi-Aventis, Ceva, Virbac Pharmaceuticals Company, Boehringer Ingelheim, Heska Corporation, and Bioniche Animal Health Canada Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global animal healthcare market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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