What's driving the Animal Healthcare Market Size? Medtronic, B. Braun Vet Care, Merck, Zoetis, Elanco, Boehringer Ingelheim, IDEXX Laboratories, Dechra Pharmaceuticals, and Neogen
With the increasing awareness among owners regarding animal health issues, the global animal healthcare market is projected to witness a lucrative rate of growth over the forecast timespan. Various government initiatives and growing support for pet care across the world is further anticipated to drive the animal healthcare market growth.
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Growing demand for online veterinary pharmacies in the developed areas to effectively diagnose animal health will also stimulate industry expansion.
Along with these factors, several initiatives undertaken across the globe to ensure safety of animals and to provide animal healthcare are further anticipated to fuel industry expansion. The animal healthcare market is also driven by growing populations of livestock and pet as well as increasing awareness regarding animal health.
As per a research report, global animal healthcare market is estimated to surpass $172 billion by 2025.
The animal healthcare market product segment is bifurcated into medical devices, pharmaceuticals and veterinary services. Among these the pharmaceuticals segment registered a market value of $29 billion in 2018 and is further expected to leverage significant growth opportunities over the forecast time period.
Furthermore, the pharmaceuticals segment is divided into vaccines, drugs and medicated feed additives. Drugs for animal health play a crucial role since it maintains welfare of animals, reduces the risk of parasitic zoonoses as well as protects the health of animals. Moreover, these drugs are easy to administer thereby, augmenting the overall market growth.
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All in all, the above-mentioned determinants are likely to offer a diverse array of growth opportunities for global animal healthcare market players. The competitive landscape of global animal healthcare market includes companies like Medtronic, B. Braun Vet Care, Merck, Zoetis, Elanco, Boehringer Ingelheim, IDEXX Laboratories, Dechra Pharmaceuticals, and Neogen among others.
By distribution channel, the market is segmented into online, pharmacies and distributors. Among these, the distributors segment accounted for $57 billion in 2018. Segmental growth can be attributed to various factors such as wide range of services, strong geographical network and product portfolio offered by distributors.
On the geographical front, Europe animal healthcare market is anticipated to record more than 4% CAGR owing to rising burden of animal illnesses. This growth is ascribed to rising healthcare expenditure on companion animals as well as strong foundation of prominent players in Europe.
Table of Content:
Chapter 1. Methodology
Chapter 2. Executive Summary
Chapter 3. Animal Healthcare Industry Insights
Chapter 4. Animal healthcare Market, By Pharmaceuticals
Chapter 5. Animal healthcare Market, By Vaccines
Chapter 6. Animal healthcare Market, By Medical Feed Additives
Chapter 7. Animal Healthcare Market, By Animal Type
Chapter 8. Animal healthcare Market, By Region
Chapter 9. Company Profiles
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