The animal healthcare market is registering impressive growth in the global arena. In 2013, the market stood at US$27,861.2 million. From 2014 to 2019, analysts expect this market to rise at a CAGR of 7.1% to reach US$41,929.1 million by 2019. The demand for proper animal healthcare is on the rise nowadays owing to growing consumer awareness and increase in the consumption of animal products across the globe.
The global animal healthcare market is growing due to the increasing animal population of both types: companion and production. Companion animals are those which people tame or adopt for companionship, house/office guards and production animals are raised for meat and milk-related products.
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The new diseases in animals and their transfer to humans via their product consumption and companionship are also propelling the animal healthcare market globally. However, some challenges have emerged in the form of regulations against the excess use of antibiotics in production animals, and legislations and protest of animal activists and institutions against animal research.
According to this report, rising incidence of diseases in animals and their subsequent carry-over to human beings owing to consumption of animal products and animal companionship is the main factor that is contributing to the growth of the overall animal healthcare market. Surging global demand for milk and meat and growing population of dietary and companion animals are the other factors which drive the animal healthcare market.
Rising consumption of meat can be attributed to high income levels, changing lifestyle patterns, and a high population growth rate. The growing trend of pet adoption also fuels the demand for animal healthcare products.
The research report segments the global animal healthcare market on the basis of animal type, product, and region. On the basis of animal type, the animal healthcare market is classified into production animals and companion animals.
Based on product type, this market is segmented into vaccines, feed additives, and pharmaceuticals. Owing to a rapidly growing animal population, the segment of feed additives holds the highest share within the product segmentation of the animal healthcare market.
The segment of vaccines and pharmaceuticals is expected to expand in the forthcoming years owing to high focus on animal immunization and high incidence of animal diseases. Geographically, the global animal healthcare market is led by North America.
This research report identifies and profiles the following companies in the global animal healthcare market: Vetoquinol, Elanco Products Company, Boehringer Ingelheim Gmbh, Ceva Sante Animale, Virbac SA, Novartis Animal Health Inc., Bayer AG, Merial Ltd., Merck & Co. Inc., and Zoetis Inc.
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