Outlook of Animal Healthcare Market status and development trends reviewed in new report
Category: #health  By Rahul Varpe  Date: 2020-04-17
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Outlook of Animal Healthcare Market status and development trends reviewed in new report

With the increasing awareness among owners regarding animal health issues, the global animal healthcare market is projected to witness a lucrative rate of growth over the forecast timespan. Various government initiatives and growing support for pet care across the world is further anticipated to drive the animal healthcare market growth.

Furthermore, on a global level, several government and private organizations are working towards the development of animal healthcare sector. For instance, the United States government recently introduced Feed the Future initiative, a public initiative by the government that gives training to both public and private animal health workers. This initiative also provided breeding programs, while working to create various business opportunities for slaughterhouses that are privately held in the United States.

Growing demand for online veterinary pharmacies in the developed areas to effectively diagnose animal health will also stimulate industry expansion.

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Along with these factors, several initiatives undertaken across the globe to ensure safety of animals and to provide animal healthcare are further anticipated to fuel industry expansion. The animal healthcare market is also driven by growing populations of livestock and pet as well as increasing awareness regarding animal health.

As per a research report by Global Market Insights, Inc., global animal healthcare market is estimated to surpass $172 billion by 2025.

The animal healthcare market product segment is bifurcated into medical devices, pharmaceuticals and veterinary services. Among these the pharmaceuticals segment registered a market value of $29 billion in 2018 and is further expected to leverage significant growth opportunities over the forecast time period.

Furthermore, the pharmaceuticals segment is divided into vaccines, drugs and medicated feed additives. Drugs for animal health play a crucial role since it maintains welfare of animals, reduces the risk of parasitic zoonoses as well as protects the health of animals. Moreover, these drugs are easy to administer thereby, augmenting the overall market growth.

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With respect to the animal type segment, the industry in classified into two types, namely livestock and companion animals. Companion animals segment is projected to witness a revenue share of 60% over the coming years. Availability of companion animal medicines for fruitful animal health outcomes is likely to further increase the segmental progress. In addition, companion animals have started to live longer because of rise in pet ownership and growing focus on pet healthcare.

By distribution channel, the market is segmented into online, pharmacies and distributors. Among these, the distributors segment accounted for $57 billion in 2018. Segmental growth can be attributed to various factors such as wide range of services, strong geographical network and product portfolio offered by distributors.

On the geographical front, Europe animal healthcare market is anticipated to record more than 4% CAGR owing to rising burden of animal illnesses. This growth is ascribed to rising healthcare expenditure on companion animals as well as strong foundation of prominent players in Europe.

Furthermore, various associations have also undertaken strategic initiatives to give education concerning animal health amid the population of Europe, leading to enhancement in the regional growth.

All in all, the above-mentioned determinants are likely to offer a diverse array of growth opportunities for global animal healthcare market players. The competitive landscape of global animal healthcare market includes companies like Medtronic, B. Braun Vet Care, Merck, Zoetis, Elanco, Boehringer Ingelheim, IDEXX Laboratories, Dechra Pharmaceuticals, and Neogen among others.

Moreover, implementation of organic and inorganic growth strategies is quite active among the market players as they work to sustain their respective market positions. Citing an example, Bayer Animal Health partnered with Mitsui Chemicals Agro, back in July 2018, for the development of parasiticides for companion animals. This collaboration further helped the firm expand its product portfolio.



About Author

Rahul Varpe

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Rahul Varpe

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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