Data Bridge Market Research analyses that the animal healthcare market will project a compound annual growth rate (CAGR) of 4.70% during the forecast period of 2021-2028. Growth in the adoption of advanced therapies for the treatment of animal diseases and rapidly increasing industry competitiveness are attributable to the growth of animal healthcare market. This means that the animal healthcare market value, which was USD 139.00 billion in 2020 will climb up to USD 200.71 billion by the year 2028.
From the name itself, it is clear that animal healthcare is protecting the animals from multiple diseases. Not just that, animal healthcare involves the implementation of vital veterinary to improve the lifespan of animals.
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Growing presence of e-commerce platforms promoting online pharmacies will emerge as the major factor fostering the growth of market. Rise in the prevalence of zoonotic diseases in animals and increasing focus towards the adoption of practices that promote good health in animals are other factors fostering the growth of market. Growth in the expenditure for research and development proficiencies in regards to new product launches coupled with increasing personal disposable income will further create lucrative and remunerative growth opportunities for the market. Rising demand for protein foods for animals, surging globalization and expansion in the number of livestock will also carve the way for the growth of the market.
However, stringent regulations imposed by the government for product approvals will pose a major challenge to the growth of market. Also, unavailability of good veterinaries in the developing economies will further slowdown the market growth rate. High costs associated with animal healthcare drugs will further derail the market growth rate.
Key Market Competitors Covered in the Report
- Intervet Inc.
- Ceva
- Vetoquinol S.A.
- Zoetis
- Covetrus.
- BoehringerIngelheim International GmbH.
- IDEXX.
- Bayer AG
- Elanco.
- Nutreco
- Virbac.
- Intas Pharmaceuticals Ltd.
- Zydus Animal Health and Investments Limited
- Eli Lilly and Company
- Hester Biosciences Limited
- Alivira Animal Health Limited
- Norbrook
- Phibro Animal Health Corporation.
- Phibro Animal Health Corporation
- Dechra Pharmaceuticals PLC
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This animal healthcare market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on animal healthcare market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Animal Healthcare Market Scope and Market Size
The animal healthcare market is segmented on the basis of animal type, product type, distribution channel and end use. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- Based on the animal type, the animal healthcare market is segmented into production animal and companion animal. Production animal segment is sub-segmented into poultry, swine, cattle, sheep and goats and fish. Companion animal segment is sub-segmented into dogs, cats, horses and others.
- Based on the product type, the animal healthcare market is segmented into pharmaceuticals, medical devices, veterinary services and others. Pharmaceuticals segment is sub-segmented into drugs, vaccines and medicated feed additives. Drugs segment is further bifurcated into anti-parasitic, anti-inflammatory and anti-infective. Vaccines segment is further bifurcated into modified live vaccines and killed inactivated vaccines. Medicated feed additives segment is further bifurcated into antibiotics, vitamins, amino acids, enzymes, antioxidants, prebiotics and probiotics and minerals. Medical devices segment is sub-segmented into veterinary diagnostic equipment, veterinary, anaesthesia equipment, veterinary patient monitoring equipment, veterinary surgical equipment, and veterinary consumables.
- Based on the distribution channel, the animal healthcare market is segmented into retail, e-commerce, hospital pharmacy and others.
- Based on the end use, the animal healthcare market is segmented into reference laboratories, point-of-care testing/ in-house testing, veterinary hospitals and clinics and others.
Animal Healthcare Market Country Level Analysis
The animal healthcare market is analyses and market size, volume information is provided by country by animal type, product type, distribution channel and end use as referenced above.
The countries covered in the animal healthcare market report are U.S., Canada, Mexico in North America, Germany, Poland, Ireland, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Chile, Rest of South America as a part of South America, UAE, Saudi Arabia, Egypt, Kuwait, South Africa, Rest of Middle East and Africa(MEA) as a part of Middle East and Africa(MEA).
North America dominates the animal healthcare market and will continue to flourish its dominance during the forecast period owing to the rising adoption of animal healthcare drugs coupled with surge in the cases of zoonotic animal diseases. Asia-Pacific region is undergoing substantial gains and the region is set to project the highest CAGR for the forecast period owing to the growing awareness regarding animal wellbeing and expansion in the number of livestock.
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