Animal healthcare has turned its focus area by the animal medicine industry because of upsurge in animal disease, vaccination, animal adoption and livestock. The global animal healthcare market is predictable to gain foremost traction, on the backdrop of swelling pet adoption and high consumption of milk and meat.
New York, April 4, 2019: Axiom Market Research & Consulting™ added a report on global animal healthcare market which includes study on various animal type, products, distribution channels across various countries of key regions across the globe. The global animal healthcare market was projected to grow at a CAGR of 4.91% for the forecast period 2019 to 2025. The global market is estimated and forecasted in terms of revenue (USD billion) generated by the animal healthcare market.
Various animal types studied for animal healthcare market include farm animals (poultry, swine, cattle, sheep & goats and fish) and companion animal (dogs, cats, horses and other animals). The products used for animal healthcare comprise of feed additives (nutritional and medicinal additives), pharmaceuticals (anti-parasitic drugs, anti-inflammatory medications, antibiotics and others), vaccines (live attenuated vaccines, DNA vaccines, recombinant vaccines and inactivated vaccines) and diagnostics (instruments and consumables).
The animal healthcare products are supplied through distribution channels including veterinary hospitals, veterinary clinics, pharmacies & drug stores, point-of-care/in-house testing and online pharmacies. Moreover, the key regions considered for the study were North America, Europe, Asia-Pacific and Rest of the World.
China is the largest regional segment for the APAC animal health market and is expected to witness the highest growth rate during the forecast period
Asia-Pacific will be the fastest growing market chiefly due to factors such as rising prevalence of zoonotic, presence of major market players involved in the manufacture of animal healthcare products and mandatory immunization of animals by the regulatory agencies and higher disposable income to keep companion animals.
Animal healthcare products are mostly distributed through veterinary hospitals and thus dominated the market in 2018
Sales of animal health products to animal owners are made either through the veterinarian, over the counter to the animal owner, or direct to the food animal producer from the manufacturer. The veterinarian is the key customer for the animal pharmaceutical industry. Many veterinary care service providers are adopting big data technologies to offer treatment for pets, livestock and animals. This technology is used to diagnose and assess potential diseases.
Pharmaceuticals are anticipated to register faster growth in the product types segment
The evolution of new diseases in animals and emerging economies offer ample opportunities for the growth of animal pharmaceuticals market. To find enhanced solutions for prevailing and new diseases, the companies in the animal pharmaceuticals market are active in research and development activities.
Surging demand for animal protein due to increasing consumption of meat is a major factor for farm animal market growth
The livestock sector has been undergoing change at an unprecedented pace over the past few decades. Flourishing demand in the world’s most rapidly growing economies for food derived from animals has led to large upsurges in livestock production, supported by major technological innovations and structural changes in the sector. This surging demand has been mostly met by commercial livestock production and associated food chains.
The key companies having strong hold in animal healthcare vertical includes Bayer AG, Boehringer Ingelheim International GmbH, Cargill, Incorporated, Ceva, Elanco, Evonik Industries, Merck & Co. Inc. (Intervet), Nutreco N.V, Sanofi, Vetoquinol S and Pharmaceutical Product Development and LLC among others.
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