Animal Healthcare Market size will exceed $36bn by 2024
Published Date: September 20, 2018 Author: Global Market Insights, Inc.
Animal Healthcare Market size is poised to cross USD 36 billion by 2024, as per a new research report by Global Market Insights, Inc.
Burgeoning adoption of pet animals across the world, especially in developing countries is one of the major factors driving the global animal healthcare market growth. With increasing disposable incomes, pet owners afford to spend more on pet healthcare, resulting in expanding animal healthcare industry size.
Constantly growing demand for animal source protein around the world is a highly responsible factor for development of various animal pharmaceuticals and biologicals. With global population expanding at an alarming rate, the demand for animal source protein will only increase, resulting in more animal farming and demand for animal healthcare products during the forecast timeframe.
Furthermore, several government initiatives to promote animal healthcare practices and rapid developments in the field of animal medicine will be high impact rendering factors during the forecast period.
However, prohibition on use of antibiotics and antimicrobials in animal feed in many countries, high cost associated with animal testing and low out-of-pocket pet healthcare expenditure in developing countries will restrain the animal healthcare market size expansion noticeably in years to come.
Browse key industry insights spread across 350 pages with 516 market data tables & 10 figures & charts from the report, “Animal Healthcare Market Size, Industry Analysis Report, By Pharmaceuticals, Vaccines, Medical Feed Additives, Farm Animal, Companion Animal, Regional Outlook (U.S., Canada, Germany, UK, Italy, France, Spain, Poland, Netherlands, China, India, Japan, South Korea, Australia, Brazil, Mexico, South Africa, Saudi Arabia), Growth Potential, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:
Ectoparasiticides and endoparasiticides market experienced high growth in past decade, owing to escalated awareness about parasites and their ill-effects on animal and human health. Intensifying use of various parasiticides, especially in rapidly growing number of farm animals should drive animal parasiticides’ demand. Also, rapidly popularizing trend of humanizing animals as companion will augment ectoparasiticides market growth during the projection period.
Veterinary vaccines market is poised to expand with a commanding CAGR of 3.9% in coming 5-7 years. Increasing vaccination of consuming animals as a result of various government and non-government vaccination programs should augment demand. Pet animal vaccines market is estimated to cross USD 2.4 billion by the end of 2024, owing to escalating pet population and availability of new products.
Medicated feed additives market is poised to grow with a high CAGR of over 4% during the forecast timeline. Use of amino acids in feed happens to be most popular practice around the world; with objective to increase meat production, the demand for amino acids aided feeds should rise in years to come.
North America animal healthcare market is estimated to grow with low but steady 2.2% CAGR over the forecast period, owing to sky-high number of pet animals, high disposable incomes of pet owners, escalated awareness about health of food animals, availability advanced animal medicines and presence of established companies.
The United States animal healthcare market is at verge of reaching maturation; however, advancements in animal pharmaceuticals, biologicals and personalized pet medicines should continue to fuel the market growth during the forecast timeframe.
Europe animal healthcare market held more than 25% of market share in 2017 and dominated by France animal healthcare market. Animal source protein in daily diet is a major factor for high use of pharmaceuticals in animal health industry across Europe. With intentions to curb spreading of zoonotic diseases, the demand for endoparacitisides and anti-infectives is mostly like to increase in coming years.
Zoetis, Merck, Elanco, Bayer, Boehringer Ingelheim, Virbac, Ceva Sante Animale, Phirbo Animal Health, Vetoquinol are some of the major companies in the market. Merger and acquisition, new product development and geographical expansion are some of the strategies adopted to gain market share.