The global animal healthcare market is expected to grow from $29,537.4 at a CAGR of 7.0% during 2016-2022. Among the various products, the pharmaceuticals segment including, ectoparasiticides, endoparasiticides, anti-inflammatories and others accounted for largest share in the global animal healthcare market in 2015.
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The increasing population of production animals and companion animals is supporting the growth of the global animal healthcare market. The production animals are nurtured by the consumers for milk and meat related products; whereas, companion animals are adopted for office or house guards and companionship.
The increasing transfer of diseases from animals to humans, through companionship and consumption of products sourced from them, are driving the demand of the global animal healthcare market. Legislations and protest of animal institutions and activists, and excess use of antibiotics in production animals are some of the factors restraining the growth of the animal healthcare market. Most of the animal healthcare companies are concentrating on research and development activities to offer better vaccine and pharmaceutical products for the prevailing diseases. The top ten competitors in the global animal healthcare market accounts for 75% of the total market share, which creates more competition in the market.
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To find enhanced solutions for the prevailing and new diseases, the companies in the animal healthcare market are active in research and development activities. Porcine epidemic diarrhea virus (PEDV), which is caused by corona virus, leads to infection in the cell lining within the small intestine of pigs.
Some of the major companies operating in the global animal healthcare market include Zoetis, Merck, Merial, Bayer, Virbac, Ceva Sante Animal S.A., Boehringer Ingelheim GmbH, Elanco, and Vetoquinol.
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