The global animal healthcare market is expected to grow at a CAGR of 7.1% in a forecast period from 2014 to 2019. Though, in 2013 it was recorded at USD 27,861.2 Mn but by the end of 2019, the market is expected to reach USD 41,929.1 Mn.
Companion animals serve man by guarding their houses as well as by giving companionship while production animals serve mankind with their fur, meat and milk. Globally the driving factor behind the market of animal healthcare is the rising population of production as well as companion animals.
Global escalation of this animal healthcare market is also due to various types of new animal diseases which further get transferred to humans through their companionship and product consumption. While some other hampering factors of the market are in the form of rules and regulations imposed on production animals against excess use of antibiotics. Also protest and legislations of several activists of animals and institutions against research of animals.
As the market of animal healthcare is very competitive so companies are focusing on R&D activities for producing better vaccine and pharmaceutical products for diagnosed diseases. The increasing meat consumption across the globe is due to changing lifestyle, rise in level of per-capita income and the growing population.
As the demand for foods that are rich in protein like eggs, milk and meat is rising so the number of animal farms are also increasing. And this in turn is increasing the expenditure on healthcare.
Segmentation of the animal healthcare market is done on the basis of feed additives, vaccines and pharmaceuticals. Feed additives had the largest market share in the product segment and are also classified as medicinal and nutritional feed additives. Medicinal feed activities include enzymes, hormones, probiotics, feed acidifiers, prebiotics and immune-modulators targeting specific diseases in companion and production animals while Nutritional feed additives like vitamins, minerals and amino acids are used for optimal growth of production animals.
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