Increasing trend of pet ownership in North America is also fuelling the animal healthcare market

Research Nester Upcoming Research on ‘Global Animal Healthcare Market Analysis & Opportunity Outlook 2021’Animal healthcare is an act of preserving, guiding and protecting animals from diseases and providing them needful veterinary services with the aim of increasing their lifespan and yield.
The animal healthcare market has emerged as a market of very prime importance in the world in past few years. The main reason behind increased focus on animal healthcare industry can be attributed to the outbreak of new animal diseases in recent years. In addition to that, changes in factory farming practices for bulk production, which requires good quality animal feed additives, hygiene management products and vaccines etc. have allowed the animal healthcare market to expand.

Geographically, animal healthcare market is segmented into North America, Latin America, Europe, Asia Pacific, Africa and Middle East. In 2014, North America dominates the animal healthcare market with around 35 percent of market share followed by Europe at 28%. Emerging markets like Asia – Pacific is anticipated to have a rapid growth in animal healthcare market by 2020. This burgeoned growth in animal healthcare market in countries like Asia and China can be attributed to the increased trend of adopting pet animals in these countries. The animal healthcare market of India is estimated to have a fastest growth at around 10% CAGR by 2020.

North America Animal Healthcare market overview

North America dominates the animal healthcare market in the world with approximately 35 percent share of market recorded in 2014. It leads in almost every animal healthcare market segment including vaccine, medical feed, anti-infective or diagnostic market. The U.S. and Canada are the two prominent markets of animal healthcare in North America. The market of animal healthcare in North America is mainly boosted by the rising awareness about animal related diseases and food safety. Furthermore, it is expected that North America will continue to maintain its largest share globally for animal healthcare products and services in near future.

Growth Drivers and Challenges

The evolution of zoonotic and foodborne diseases in recent years have become a major driving cause for animal healthcare market in North America. People are now more concerned about animal health and demand for safer animal products for their consumption, which has led to innovation of new technologies and pharmaceuticals in animal healthcare market.
Apart from this, increasing trend of pet ownership in North America is also fuelling the animal healthcare market. According to a survey, U.S. owns approximately 65.1 percent of households with pets. As number of pets is on a rise, the cases of animal bites is also increasing, which is strengthening the growth of veterinary vaccine market.

However, strict regulatory guidelines and complex procedures for obtaining approval and licensing of animal healthcare products is a major restraint in front of the veterinary healthcare market in North America. Considering the existing hurdles and legal procedures, it is quite evident that approval of a newly developed veterinary vaccine from USDA Center for Veterinary Biologics in the U.S. may take approximately 4 to 5 years of time.
Moreover, scarcity of arable land and rise in competition for cultivated land are also creating hurdles for the animal healthcare market in North America.

Market Size and Growth

North America is the leader of animal healthcare market in the world and touched USD 6,800 million in 2014. Further, it is anticipated that the veterinary market in North America will escalate at a CAGR of around 6% during 2015-2020. Increasing awareness about animal related diseases and rising demand for safer animal related products have fuelled the animal healthcare market of North America in recent times.

The U.S. and Canada are the two major animal healthcare markets in North America. It is anticipated that the animal healthcare market in the U.S. will grow at a CAGR of 5.25% in next five years. The future of animal healthcare market in the U.S. will be driven by the requirement to enhance the production of animal related products (milk, egg, meat and other dairy products).

Following the same trend, the animal healthcare market in Canada will also receive a significant boost in near future. The animal vaccine market in Canada is expected to expand from USD 490 million USD in 2014 to approximately USD 630 million by 2019 at around 5.4% CAGR.

To know more, click the link below:

http://www.researchnester.com/reports/global-animal-healthcare-market-analysis-opportunity-outlook-2021/134

Related Reports:

http://www.researchnester.com/reports/global-dengue-vaccine-market-analysis-opportunity-outlook-2021/123

http://www.researchnester.com/reports/global-pediatric-vaccines-market-analysis-opportunity-outlook-2021/120

researchnester.com/reports/global-transdermal-drug-delivery-market-analysis-opportunity-outlook-2021/111

Ajay deniel is head of sales and marketing team of Research Nester. Research Nester is a leading & tracking every movement on global industry Analysis in sectors like healthcare, pharma, ICT & electronics, food & beverages, textiles, oil & gas, energy & power & information service company operating with a network of partner firms across the US, Asia and Europe.

Contact for more info:
Ajay Daniel
Email: ajay.daniel@researchnester.com
Phone : U.S. +1 646 586 9123
U.K. +44 203 608 5919

This release was published on openPR.