Animal Healthcare Market size is forecast to grow over 7% CAGR from 2016 to 2024 and reach over USD 45 billion.
Global animal healthcare market size is driven by increase in trend of adopting a companion animal. Pets such as cats and dogs are adopted for various therapeutic and psychological benefits. Adoption of pet animals has increased in the developing countries such as China and India due increased imitation of western culture and other lifestyle changes.
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Growing prevalence of food borne and zoonotic diseases will be a potential concern to the health of pet animals. In several countries such as U.S., brucellosis is increasing and it can cause still birth or abortion in animals. The bacterial infection generally affects goats and other livestock animals, thus leading to the growth in the industry.
With the increase in pet population, animal bite cases have gone up, leading to increased chance of disease transmission to human population. This concern is acted upon by the regulatory authorities and the effect is expected to drive industry growth.
Based on products, market can be segmented into feed additives, vaccines and pharmaceuticals. Animal feed additives market can be further segmented into nutritional and medicinal additives. Nutritional products include vitamins, minerals and amino acids. Medicinal feed additives include amino acids, probiotics, prebiotics, immune modulators and enzymes. Pharmaceuticals include antibiotics, anti-inflammatories, endo-parasiticides, ecto-parasiticides, and medicines for reproductive problems.
U.S. animal healthcare market size contributed to majority of North American industry in 2015, and is anticipated to increase its share owing to increased adoption of companion animals and growing consumer focus on their health and feed additives. Increasing importance of livestock animals will further accelerate the market growth.
UK contributed to majority of Europe animal healthcare market share in 2015. It was due to increase in the zoonotic diseases such as avian influenza, anthrax, tularemia among others. Germany veterinary health care market is the second largest in Europe. This has been due to the increased spending on vaccinations by the pet owners. The pharmaceuticals are anticipated to account for majority of Germany revenue share.
Animal healthcare market plays a significant role in safeguarding the animal husbandry industry in India. Feed additives accounted for a majority of market share in 2015. The increased adoption of innovative technologies for prevention and cure of various diseases of farm and companion animals is expected to drive the industry.
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Brazil expects to explore the industry potential in coming years owing to increased pets’ humanization trend and rising awareness of animal healthcare.
Major players in global animal healthcare market share include Merck & Co. Inc., Zoetis Inc.,Boehringer Ingelheim GmbH., Elanco Products Company., Bayer AG, MERIAL Limited, Novartis Animal Health Inc. Virbac SA. Ceva Sante Animale., Vetoquinol SA. Major strategies include strategic collaborations such as merger and acquisitions, contracts, R&D investment to consolidate market share.
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