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Animal Healthcare Market(CAGR of 62.2%): Recent Changes and Developments in the Market | Competitive Scenario and Opportunity Outlook 2021
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global animal healthcare market has been segmented by healthcare products into vaccines, anti-infectives, medicinal feed additives, paraciticides and various other pharmaceuticals. The pharmaceuticals segment dominated the overall global animal healthcare market by holding the largest market share of around 62.2 percent in 2014.
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Factors such as increasing awareness about animal health combined with new animal diseases and food safety are anticipated to boost the growth of animal healthcare market over the forecast period.
The global market of animal healthcare is expected to flourish at a significant compound annual growth rate over the forecast period owing to outbreak of new animal diseases in recent years. Further, hygiene management products and vaccines combined with modifications in factory farming practices for bulk production are some of the factors that are estimated to benefit the expansion of global animal healthcare market with noteworthy revenue by the end of 2020.
In the regional segment, North America accounted as the leading market in animal healthcare by reaching USD 6,800 million in 2014 where U.S. and Canada are anticipated to dominate the animal healthcare market in the region. The U.S. animal healthcare market is anticipated to be driven by the increasing requirement in the production of animal related products such as milk, egg and meat among other dairy products.
Growing Trend of Pet Ownership to boost the Market
The global animal healthcare market is driving on the back of rising concern for animal healthcare and demand for safer animal products among people. Further, the development of zoonotic and foodborne diseases combined with rising trend of pet ownership across the globe are some of the factors that are anticipated to benefit the expansion of the global animal healthcare market around the globe.
According to a study, U.S. owns about 65.1 percent of households with pets which is further anticipated to increase the number of pets while supplementing the growth of global animal healthcare market.
However, scarcity of arable land, stringent regulatory guidelines and licensing of animal healthcare products are some of the factors that are restraining the growth of global animal healthcare market.
This report also provides the existing competitive scenario of some of the key players of the global animal healthcare market which includes company profiling of Zoetis, Merck, Bayer Health Care, Pfizer, Sanofi-Aventis, Ceva, Virbac, Boehringer Ingelheim, Heska Corporation, Bioniche Animal Health Canada Inc., Merial and others.
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The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global animal healthcare market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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