According to the report, the animal healthcare market is stimulated by the rising consumption of milk and meat around the world. In addition, the rising prevalence of zoonotic and food-borne diseases and their transfer to human beings through consumption of animal products is also propelling the growth of the market. Furthermore, the growing trend of pet adoption is also augmenting the growth of the animal healthcare market. On the other hand, a number of restrictions posed by regulatory authorities have negatively impacted the sales of antibiotics within the animal healthcare market, thus inhibiting the market. In addition, soaring costs and rising regulations on animal testing have impeded a number of healthcare companies from manufacturing new drugs for animal welfare, thus restraining the growth of the market. A key challenge for the market is the decreasing population of veterinarians, while the emergence of new diseases provides untapped opportunities for the growth of the market for animal healthcare.
Future Industrial Survey of Animal Healthcare: http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=2446
Simple changes, such as lacing treats with medications, which bridged the gap between meting out treatments to animals that do not have the intelligence of taking timely dosages have been instrumental in driving the animal healthcare market. Beyond these changes that may seem simple are some of the remarkable innovations. The global animal healthcare market has been riding on the ground-breaking therapeutics devised by industry experts and a growing interest among caregivers to adopt these treatments.
Q. What will drive the progress of global animal healthcare market?
A. A recently published report by Transparency Market Research states that the global animal healthcare market will reach nearly US$41.93 bn by the end of 2019 from US$27.86 bn in 2013. The market is expected to expand at a steady CAGR of 7.1% from 2014 to 2019. Besides the economic and social forces steering the future of the global animal healthcare market, consistent innovations by key operating players will also have a significant impact.
Elanco Products Company, Vetoquinol, Boehringer Ingelheim Gmbh, Virbac SA, Merck & Co. Inc., Ceva Sante Animale, Novartis Animal Health Inc., Merial Ltd., Zoetis Inc., and Bayer AG are some of the important companies in the overall animal healthcare market. Analysts predict that burgeoning demand for dairy products and a high incidence of diseases in animals and the contraction of the same by humans are expected to drive this market in the foreseeable future.
Q. How will the feed additives segment drive the global animal healthcare market?
A. Needless to say, innovation will push the global animal healthcare market, outlining certain segments of the veterinary sector. For instance, the feed additives segment holds the biggest share in the overall market due to a sudden boom in the animal population. Feed additives play a significant role in the growth and development of livestock, which in turn is closely related to human nutrition. Owing to this, several breeders and manufacturers are developing enhanced nutritional solutions that boost the quality of life of animals and their well-being.
Q. Which geographical segment will lead the global market during the forecast period?
A. As of 2013, North America held a share of 31.7%, which was followed by Asia Pacific and Europe. Research suggests that North America will continue to retain its leading position in the overall market all through 2019. However, Asia Pacific is anticipated to surpass this market share due to the increasing poultry and livestock farming projects and rising trend of pet adoption. The improving disposable incomes in China and India are also expected to drive the success of the animal healthcare market in Asia Pacific in the coming years.
Though the investments pumped into the animal healthcare market pale when compared to those made in human healthcare, the former will thrive due to the growing awareness of the relationship between the two. Furthermore, the role of animal healthcare in food security solutions will also boost this market in the near future.
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