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Animal Healthcare Market to Reach a Valuation of US$ 44,847.2 Mn in 2025
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Animal healthcare providers on the other hand are levelling up the game with the implementation of various strategies. Manufacturers are focused on developing new products to increase the acceptance of Animal Healthcare, thus expecting to increase their respective market shares. The companies are focusing on outsourcing the manufacturing of animal healthcare products in order to reduce their manufacturing costs and also compete in the market with reduced prices. Some of the leading companies operating in the global animal healthcare market are Bayer AG, Boehringer Ingelheim GmbH, Virbac S.A., Zoetis, Inc., Hester Biosciences Ltd., and Intas Pharmaceuticals Ltd.
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According to a report published by Persistence Market Research (PMR), the global animal healthcare market is expected to witness a CAGR of 4.8% from 2017 to 2025. In 2017, the market was worth US$ 30,744.2 Mn and is estimated to rise to a valuation of US$ 44,847.2 Mn by the end of 2025.
Rising Prevalence of Contagious Diseases to Accelerate Adoption of Animal Healthcare
Animals are more susceptible to a wide range of contagious diseases such as peste des petits ruminants, foot-and-mouth disease, bovine pleuropneumonia, Newcastle disease, classical and African swine fever, and influenza (particularly equine and avian influenza), among others, through direct or indirect contact. Peste des petits ruminants (PPR) or goat plague is highly contagious disease that generally affects small ruminants.
According to the Food and Agricultural Organization, PPR virus can infect up to 90% of small ruminant population and can even result in deaths of 30–70% of the animal population.
The continuous outbreaks of contagious diseases can severely impact the production of livestock, resulting in direct & indirect economic losses. Besides, significant resources are required to control the disease outbreak. Owing to the aforesaid reasons, the government organizations along with public organizations have shared financial resources to prevent and control the contagious disease in livestock animals and it is expected to fuel the growth of the global animal healthcare market during the forecast period.
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Use of Counterfeit Medicines to Hinder Market Growth
Mounting concerns over the provision of illicit drugs in developing and under-developed countries are expected to restrain the growth of animal healthcare market. Illegal drugs are unregistered and falsified, counterfeit products, and unapproved parallel imports. This also includes illegal autogenous vaccines and compounded pharmaceuticals. These products are not manufactured or used appropriately in accordance with regulations. The risk of illegal medicines is not only due to lack of efficacy and safety of animals but they also affect the sale of approved drugs. Use of counterfeit medicines for animal health, which are usually cheap and of low quality, has a strong negative impact on the branded drugs market. Trend of counterfeit medicines is more commonly seen in under-developed and developing countries and as a result, the demand of the approved medicines witness a decline.
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