According to the report “Global Veterinary Healthcare Market,” published by Market Data Forecast, the global market is projected to reach USD 39.56 billion by 2021 from USD 161.4 billion in 2016, at a CAGR of 7.94% from 2016 to 2021.
Veterinary medicine can be defined as the science associated with the diagnosis tests, treatment and prevention of diseases in animals that are carried out for the detection of various diseases in animals. These processes are executed through various methods that use blood, faeces, and tissue sample from animals.
The scope of Veterinary medicine is broad covering various animal species both domestic and wild. The increasing importance for the production of livestock animals is generating growth in the animal healthcare market. Ever increasing population, stable economy is expected to result in increased demand for protein rich foods, especially in the developing countries. Veterinary healthcare market is gaining importance as a result of manufacturers focus on production of products with specialized formulations and specialized manufacturing processes. These are essentially beneficial for animal lovers and companion animal owners
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Global Veterinary Healthcare Market: Drivers & Restraints
Increased love for pets leading to an upsurge in the number of animal ownerships, increasing awareness among the people about animal health and very few requirements for animal health drugs approval are the major factors driving the market for Veterinary healthcare. Growing number of foodborne diseases is also fuelling the animal healthcare market. However increasing regulation on antibiotics is expected to remain a major restraint for the market. Apart from that increasing costs regulation related to animal testing is also a major hurdle for the growth of animal healthcare market.
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Global Veterinary Healthcare Market: Segmentation
By Animal Type
- Farm Animals
- Companion Animals
- Feed Additives
- Nutritional Feed Additives
- Medicinal Feed Additives
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Global Veterinary Healthcare Market: Overview
Veterinary healthcare market is gaining importance as a result of manufacturers focus on production of products with specialized formulations and specialized manufacturing processes. These are essentially beneficial for animal lovers and companion animal owners. The growing meat consumption, especially, for chicken and pork, is adding to the exposure of dangerous foodborne pathogens. The E. coli and Salmonella infections cause serious diseases among people, and can even be fatal at times, which is possible during the intensive production systems. Moreover, there is a risk of emerging new strains of influenza viruses, due to the long distance transportation of animals.
The farms are often in the same area, with a concentration of confined animals, which potentially enhances the risk of avian influenza transferring to pigs. The reassortment of the virus can lead to new strains and cause infections among humans. Further, these farms increase the risk of spreading and mixing of virus strains. Intensive farm practices are causing the risk of emergence of these bacteria in the food, as stressed animals become more susceptible to infection. The risk from zoonotic diseases is fuelling the market for veterinary health care. Inter-Governmental Organizations and the food production are making reforms to ensure health by the process of surveillance and vaccination, investing in R&D, and transfer with respect to vet health.
Global Veterinary Healthcare Market: Region-wise Outlook
Based on Geography Global Veterinary Healthcare market is analyzed under various regions namely North America, Europe, Asia-Pacific, Latin America and Middle-East and Africa. Europe and North America are the dominating markets for veterinary healthcare accounting for a combined share of around 60% of the market due to a number of pet owners. Asia-Pacific is one of the major producers of animal meat and estimated to be the fastest growing region during the forecast period.
Key Questions Answered
- What is the current and future Veterinary Healthcare Market outlook worldwide? What trends are affecting the Global market?
- What is the competitive landscape and market share of major players in the Veterinary Healthcare space globally?
- What are the key, high growth markets that Veterinary Healthcare manufacturers should expand into? Which market segments are growing the fastest?
- What are the unmet needs with the Veterinary Healthcare currently on the market? How will emerging technologies fulfil these unmet needs?
- What is physician perception and market outlook of Veterinary Healthcare?
- What are the challenges and barriers that have hindered widespread adoption of Veterinary Healthcare?
Global Veterinary Healthcare Market: Key Players
Some of the major companies covered in the report are Merck & Co., Inc., Bayer AG, Boehringer Ingelheim GmbH, Cargill, Inc., Ceva Santé Animale, Novasep, Eli Lilly and Company, Koninklijke DSM N.V, Novartis AG, Nutreco N.V., Sanofi S.A., SeQuent Scientific Ltd., Virbac S.A., Vétoquinol S.A. and Zoetis Inc..
Reasons to buy Global Veterinary Healthcare MarketReport:
- Global, regional and country-level analysis and forecasts of the study market; providing Insights on the geographical areas in which this industry is prospering
- Segment-level analysis on basis of product type, application, colour along with market size forecasts and y-o-y estimations to detect key areas of industry growth in detail
- Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
- Study of macro and micro environmental factors that affect the market presented in an extensive strategic analyses section containing PESTLE and Porter’s Five Forces Analyses
- A comprehensive listing of key market players along with company overview, product portfolios, key financial information (subjected to availability), SWOT analysis and Analyst overview to study and sustain the market environment
- Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
- Expertly devised Market Outlook along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
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