Animal Healthcare Market worth over $190bn by 2027

Animal Healthcare Market size is set to surpass USD 190 billion by 2027, according to a new research report by Global Market Insights, Inc.
 

Growing preference for adoption of companion animals across the world, rising awareness among consumers regarding hygiene and medications are among the primary factors propelling the market growth. Demand for improved and enhanced medical care for livestock and pets are also contributing to the market expansion. Major companies in the industry are focusing on expanding their product portfolio and global reach by investing in advance R&D activities or by acquiring other players.

 

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Increasing pet adoption for companionship among the elderly population will fuel the animal healthcare market value

Numerous animal shelters, rescue groups, and local NGOs promote adoption of pets to citizens in order to make a difference in both the animal and consumers life. Various research studies show that having a companion animal at home makes a great company for the owner. According to a poll finding conducted in the U.S. by the University of Michigan Institute for Healthcare Policy and Innovation, around 55% of adults aged between 50 to 80 own a pet. The same study concluded that companion animals help the elderly people to reduce their stress and give them a sense of purpose in life. Around 70% of the adults claimed that their pet helps them to cope with physical or emotional symptoms. Around 46% of the elder people said that their pets help them take their mind off pain. Furthermore, companion animals keep their owners active, guard the home, and at the same time remain friends especially for the elders and children. Also, the growing preference for online pharmacies offer convenience to elderly people and availability of better healthcare facilities keep them relieved for pet’s health.
 

Rising instances of animal injuries will expand the veterinary services segment growth

Global Animal Healthcare Market By Product

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Veterinary services segment in the animal healthcare market accounted for around USD 71 billion in 2020. Veterinary services include providing non-clinical services such as veterinary boarding, grooming, training of animals, day care services and other non-clinical services. Veterinary services also include providing preventive care services (avoiding the spread of diseases), managing provision of drugs, vaccines and range of other products, and maintaining supervision on breeding centers among others. In addition, pet grooming service, pet travelling services, surgery services, and other emergency related treatment services are also part of the veterinary services. Thus, the increasing availability of veterinary services especially from private leaders across the globe will spur the market progression during the forecast period.
 

Browse key industry insights spread across 300 pages with 627 market data tables & 16 figures & charts from the report, Animal Healthcare Market Size By Product (Pharmaceuticals {Drugs [Antiparasitic, Anti-inflammatory, Anti-infectives], Vaccines [Modified Live Vaccines, Killed Inactivated Vaccines], Medicated Feed Additives [Antibiotics, Vitamins, Amino acids, Enzymes, Antioxidants, Prebiotics and Probiotics, Minerals]}, Medical Devices {Veterinary Diagnostic Equipment, Veterinary Anaesthesia Equipment, Veterinary Patient Monitoring Equipment, Veterinary Surgical Equipment, Veterinary Consumables}, Veterinary Services), By Animal Type (Livestock Animals {Poultry, Swine, Cattle, Fish}, Companion Animals {Dogs, Cats, Horses}, By Distribution Channel (Pharmacies, Online, Distributors), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/animal-healthcare-market
 

Growing adoption of companion animals’ segment will foster the industry growth

The companion animals segment is expected to witness 4.3% growth rate till 2027 led by the rise in acceptance of pet animals, demand for pet insurance, and increased focus on companion animal's health. Increase in the R&D spending on animal specific drugs and vaccines are providing consumers with enhanced product offerings including feed additives. Moreover, rising urbanization and rise in disposable income are other factors supporting the animal healthcare market demand.
 

Increased healthcare spending on animals via pharmacies will further impel the market growth

The animal healthcare market for pharmacies segment exceeded USD 35 billion in 2020. Growing consumption of medicines in the animal healthcare sector is acting as the major focal point for the growth of pharmacies in the animal healthcare sector. Rise in number of farm and pet animals, surge in number of animal surgeries, and increasing incidences of zoonotic diseases are some of the factors responsible for the segment expansion. Also, a large number of consumers prefer the availability of veterinary pharmacies in the nearby location which suits their requirement, thereby contributing to the increased demand for pharmacies.
 

Rising companion animal adoption coupled with stricter government norms will result in the industry expansion

The Brazil animal healthcare market size was over USD 6.3 billion in 2020. Supportive government initiatives in the country promoting pet adoption is among the primary factor driving the market revenue. For example, as per the legislation passed in 2014, anyone caught mistreating pet animals can be punished in the country. Following Argentina and Mexico, Brazil holds the third spot in terms of highest pet ownership in the region. Additionally, according to the Brazilian Beef Industry Association Abrafrigo, the country showcased an 8% growth in 2020 to reach over 2 million metric ton (MMT) in the global beef export market. Rising adoption of companion animals, increase in meat production are the leading factors anticipated to record healthy growth rate in the country's animal healthcare sector.
 

Key players are adopting several business strategies to gain a substantial market share

Some of the major companies operating in the animal healthcare market include Bayer, Boehringer Ingelheim, Dechra Pharmaceuticals, Elanco, Merck & Co., Inc., Zoetis, and Neogen. Product launch is among the primary strategies adopted by market participants as they are focusing on developing and launching of new products in the industry.

 

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