Market Forecast for Animal Healthcare by 2024 Key Vendors are Merck, Zoetis Inc., Elanco, Bayer Animal Health, HIPRA, IDEXX Laboratories, Dechra Pharmaceuticals PLC, Norbrook Laboratories ltd, Vetoquinol Global, Virbac, CEVA SANTE ANIMALE
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Furthermore, several government initiatives to promote animal healthcare practices and rapid developments in the field of animal medicine will be high impact rendering factors during the forecast period.
However, prohibition on use of antibiotics and antimicrobials in animal feed in many countries, high cost associated with animal testing and low out-of-pocket pet healthcare expenditure in developing countries will restrain the animal healthcare market size expansion noticeably in years to come.
Ectoparasiticides and endoparasiticides market experienced high growth in past decade, owing to escalated awareness about parasites and their ill-effects on animal and human health. Intensifying use of various parasiticides, especially in rapidly growing number of farm animals should drive animal parasiticides’ demand. Also, rapidly popularizing trend of humanizing animals as companion will augment ectoparasiticides market growth during the projection period.
Veterinary vaccines market is poised to expand with a commanding CAGR of 3.9% in coming 5-7 years. Increasing vaccination of consuming animals as a result of various government and non-government vaccination programs should augment demand. Pet animal vaccines market is estimated to cross USD 2.4 billion by the end of 2024, owing to escalating pet population and availability of new products.
Medicated feed additives market is poised to grow with a high CAGR of over 4% during the forecast timeline. Use of amino acids in feed happens to be most popular practice around the world; with objective to increase meat production, the demand for amino acids aided feeds should rise in years to come.
North America market is estimated to grow with low but steady 2.2% CAGR over the forecast period, owing to sky-high number of pet animals, high disposable incomes of pet owners, escalated awareness about health of food animals, availability advanced animal medicines and presence of established companies.
The United States market is at verge of reaching maturation; however, advancements in animal pharmaceuticals, biologicals and personalized pet medicines should continue to fuel the market growth during the forecast time-frame.
Europe animal healthcare market held more than 25% of market share in 2017 and dominated by France market. Animal source protein in daily diet is a major factor for high use of pharmaceuticals in animal health industry across Europe. With intentions to curb spreading of zoonotic diseases, the demand for endoparacitisides and anti-infectives is mostly like to increase in coming years.
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Zoetis, Merck, Elanco, Bayer, Boehringer Ingelheim, Virbac, Ceva Sante Animale, Phirbo Animal Health, Vetoquinol are some of the major companies in the market. Merger and acquisition, new product development and geographical expansion are some of the strategies adopted to gain market share.
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