Global Animal Healthcare Market To Reach Worth US$ 53.4 Bn By 2025
According to the latest report published by Brisk Insights “Animal Healthcare Market - Growth, Future Prospects and Competitive Analysis, 2017-2025,” the global animal healthcare market was valued at US$ 32,054 Mn in 2016, and is expected to reach US$ 53,420 Mn by 2025, expanding at a CAGR of 5.6% from 2017 to 2025.
Market Insights
Animal healthcare has become a prime focus area for feeds and pharmaceuticals manufacturers over the last several years. This market has gained prominence due to improving diagnostics solutions, and increasing prevalence of severe veterinary diseases, urging the need for novel animal healthcare solutions in the form of feeds, pharmaceuticals and vaccines. Furthermore, large-scale animal farming and demand for healthy companion animals and animal-based foods have additionally augmented demand for animal healthcare products worldwide.
Some primary factors influencing the demand for animal healthcare products are growing meat and dairy consumption, increasing burden of zoonotic and foodborne diseases and increasing pet adoption. The demand for natural animal healthcare products is also high in the developed countries, therefore urging the introduction of transparent labeling of products. Some of the factors that may hold back the growth of this market are highly stringent government regulations and the high cost of animal testing. Furthermore, restrictions from regulatory authorities on the high usage of antibiotics are also affecting the sale of veterinary pharmaceuticals.
Browse the full report Animal Healthcare Market - Growth, Future Prospects and Competitive Analysis, 2017–2025 report at https://www.briskinsights.com/report/animal-healthcare-market
Based on product types, the global animal healthcare market is segmented into additive feed, pharmaceuticals, and vaccines. The additive feed segment is further categorized into medicinal feed additives (minerals, vitamins, & amino acids), nutritional feed additives (enzymes, hormones, prebiotics and probiotics, immune modulators & feed acidifiers); and pharmaceuticals segment comprises ectoparasiticides, endoparasiticides, anti-inflammatories, and antibiotics. Among these, the additive feed segment currently occupies the largest share in the global market. Large volume consumption and lesser costs are the key factors supporting the dominance of this segment. On the other hand, vaccines and pharmaceuticals segment will advance at faster rates due to a perpetual increase in new product launches and growing need for animal immunization.
North America currently holds the dominant position in the global animal healthcare market. elaborate healthcare policies on control of zoonotic diseases and the safety of the general population form the key factors supporting the prominence of North America. Government support for widespread use of feed additives and vaccines in farm and companion animals alike also drive the North America animal healthcare market. Greater affordability also plays a critical role in the region. On the other hand, increasing exports of meat products from Asian countries and rising incidence of zoonotic diseases the animal production in Asia Pacific has witnessed accelerated growth. This has rendered the fastest market growth to Asia Pacific region. Governments in the region are initiating efforts to optimize veterinary healthcare through better policies focused on control of endemic diseases. The uptake of vaccines in farm animals is also picking pace in Asia Pacific market. increasing expenditure on pets has also led to the growth of the animal healthcare market in the region.
The global animal healthcare market is highly competitive and is characterized by the widespread presence of major market players. The emerging markets of Asia Pacific and Latin America are also witnessing the rapid entry of local players offering generic products at cheaper rates. Some of the major players operating in the global animal healthcare market include Bayer Healthcare AG, Boehringer Ingelheim GmbH, Cargill Inc., Ceva Sante Animale, Eli Lilly and Company (Elanco/Novartis), Evonik Industries, Merck & Co. Inc. (Intervet), Nutreco N.V., Sanofi S.A. (MERIAL Limited), Vetoquinol SA, Virbac SA and Zoetis Inc. (Pfizer).