According to the recent study by Zion Market Research, global animal healthcare market was valued at approximately USD 30.65 billion in 2017 and is expected to generate revenue of around USD 41.78 billion by end of 2024, growing at a CAGR of around 4.53% between 2018 and 2024.
New York, NY, Aug. 07, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Animal Healthcare Market by Drug Type (Anti-Infective Agents, Anti-Inflammatory Agents, Parasiticides, Vaccines, Hormones and Substitutes, and Others), by Animal Type (Companion Animals and Farm Animals), by Route of Administration (Oral, Parenteral, Topical, and Others), and by Distribution Channel (Veterinary Hospitals, Veterinary Clinics, Pharmacies and Drug Stores, and Online Pharmacies): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2024”. According to the report, global animal healthcare market was valued at approximately USD 30.65 billion in 2017 and is expected to generate revenue of around USD 41.78 billion by end of 2024, growing at a CAGR of around 4.53% between 2018 and 2024.
For many pharmaceutical companies, animal healthcare has become a focus area in the past decade. The animal healthcare market has become more important due to greater incidences of disease outbreaks along with large-scale farming which requires animal feed additives of high quality, vaccines as well as hygiene management products. Since pet owners are willing to pay for the veterinary care, there has been an upsurge in the demand for food supplements and other treatments for companion animals. Additionally, the rising consumer concerns as to from how and where the feed for animals is produced is giving rise to a tougher scrutiny of rearing and feeding practices of animals in the market.
Browse through 87 Tables & 36 Figures spread over 110 Pages and in-depth TOC on “Animal Healthcare Market by Drug Type, by Animal Type, by Route of Administration, and by Distribution Channel: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 - 2024”.
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Rising prevalence of parasitic and infectious diseases has led to the innovations in managing animal healthcare. The distinction between animal health and animal production has been changed in the recent times due to the increasing prevalence of animal diseases. Modern medicine in association with technology is more focused on improving livestock and animal health production. Other driving factors such as the rising concerns related to zoonotic diseases which impact both humans and animals have a great effect on the economies of countries globally. This has led to a collective focus on improving the safety and quality of food products thus assuring efficacious animal healthcare products in order to reduce the impact on the economies worldwide.
The significant rise in animal farming has led to a rise in demand for animal health services to improve veterinary public health and food safety systems in order to safeguard human health. The adoption of animal healthcare services is highly dependent on the fiscal, political, and institutional factors of the country. Governments are taking initiatives to increase the adoption of animal health services by increasing awareness among the general population regarding animal diseases and privatization of animal healthcare services. Livestock insurance is one such scheme in Europe, which is implemented to increase the efficiency and effectiveness of animal healthcare systems. Another initiative is of the U.K. government compensating on direct losses incurred due to the outbreaks from the U.K. national budget and Europe compensation schemes.
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The animal healthcare market is segmented on the basis of drug type, animal type, route of administration, and distribution channel. Based on drug type, the market is segmented into anti-inflammatory agents, anti-infective agents, parasiticides, vaccines, hormones and substitutes, and others. Based on the animal type, the animal healthcare market is segmented into companion animals and farm animals. Based on the route of administration, the market is segmented into topical, oral, parenteral, and others. Distribution channel segment is divided into veterinary clinics, veterinary hospitals, pharmacies and drug stores, and online pharmacies.
North America is anticipated to be the leading region for the animal healthcare market. As the pet humanization is increasing, the animal healthcare market players are taking utmost care of the services which is rising up greater vet payments for the pet owners. For instance, a clinic in Hollywood owned by VCA which is an animal hospital chain provides advanced health care services, such as hip alternative, stem-cell remedy, and underwater treadmill for cats. Animal healthcare in this region focuses on providing to the end consumer’s safer food sources, instead of just equipping producers with tools for better productivity of livestock. This shift in priorities has resulted in an increased demand to a greater extent in animal healthcare in North America.
Browse the full "Animal Healthcare Market by Drug Type (Anti-Infective Agents, Anti-Inflammatory Agents, Parasiticides, Vaccines, Hormones and Substitutes, and Others), by Animal Type (Companion Animals and Farm Animals), by Route of Administration (Oral, Parenteral, Topical, and Others), and by Distribution Channel (Veterinary Hospitals, Veterinary Clinics, Pharmacies and Drug Stores, and Online Pharmacies): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2024" report at https://www.zionmarketresearch.com/report/animal-healthcare-market
Europe is estimated to be the second leading market in the animal healthcare market accounting for almost more than 28% of the revenue share in the forecast period. The industry participants in this region are considerably spending on research and development activities in order to develop better solutions for animal healthcare. The UK is among the leading regional animal healthcare markets.
The Asia Pacific region is anticipated to grow at highest CAGR owing to extensive animal husbandry practices in the developing countries like China and India. China is estimated to grow at fastest CAGR over the forecast years. Increasing knowledge among pet owners about pet disease, favorable government initiatives for pet keeping, and advancement in new product development is raising the industry growth in this region. India is a home for more than 18% of the global population of livestock and also ranks among the largest producers of chicken, fish, and cattle. Growing awareness of animal health is boosting the demand for animal healthcare products in this region. Many leading players are venturing this market with the objective to exploit lucrative growth opportunities.
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Some of the key players in the animal healthcare market include Pharmaceutical Clinical Trial Phase Development, LLC. (PPD), F. Hoffmann-La Roche Ltd., Accenture plc, Cognizant End-User Solutions, Covance, Inc., ICON plc, iMEDGlobal Corporation, Pfizer, Inc., PAREXEL International Corporation, Bristol-Myers Squibb, Clinquest Group B.V., GlaxoSmithKline plc (GSK), iGATE Corporation, Novartis International AG, inVentiv Health, Inc., and others.
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This report segments the global animal healthcare market as follows:
Global Animal Healthcare Market: Drug Type Segment Analysis
- Anti-Infective Agents
- Antibiotics and Antimicrobial
- Anti-Inflammatory Agents
- Hormones & Substitutes
Global Animal Healthcare Market: Animal Type Segment Analysis
- Companion Animals
- Farm Animals
Global Animal Healthcare Market: Route of Administration Segment Analysis
Global Animal Healthcare Market: Distribution Channel Segment Analysis
- Veterinary Hospitals
- Veterinary Clinics
- Pharmacies & Drug Stores
- Online Pharmacies
Global Animal Healthcare Market: Regional Segment Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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