Animal Healthcare Market to Expand at 7.10% CAGR from 2014 to 2019
According to the report, the animal healthcare market is stimulated by the rising consumption of milk and meat around the world. In addition, the rising prevalence of zoonotic and food-borne diseases and their transfer to human beings through consumption of animal products is also propelling the growth of the market. Furthermore, the growing trend of pet adoption is also augmenting the growth of the animal healthcare market.
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On the other hand, a number of restrictions posed by regulatory authorities have negatively impacted the sales of antibiotics within the animal healthcare market, thus inhibiting the market. In addition, soaring costs and rising regulations on animal testing have impeded a number of healthcare companies from manufacturing new drugs for animal welfare, thus restraining the growth of the market. A key challenge for the market is the decreasing population of veterinarians, while the emergence of new diseases provides untapped opportunities for the growth of the market for animal healthcare.
On the basis of animal type, the report segments the market into production animals and companion animals. Production animals are raised for milk and meat and related products, while companion animals are adopted for companionship and/or protection. On the basis of product, the report segments the market into pharmaceuticals, vaccines, and feed additives.
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Feed additives held the largest share in the market in 2014 due to the swiftly growing animal population. On the other hand, the segments of pharmaceuticals and vaccines are predicted to grow exponentially in forthcoming years due to the increasing occurrence of animal diseases and the rising focus on animal immunization.
Pharmaceutical products in the animal healthcare market include ectoparasiticides, endoparasiticides, endectocides, anti-inflammatories, antibiotics, and medicines for curing reproductive problems. Feed additives are further segmented into medicinal feed additives and nutritional feed additives.
Nutritional feed additives are given to production animals for ensuring their optimal growth. Nutritional feed additives include minerals, vitamins, and amino acids. On the other hand, medicinal feed additives target particular types of diseases in companion and production animals. Medicinal feed additives include enzymes, hormones, probiotics and prebiotics, immune modulators, and feed acidifiers.
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Geographically, the report segments the market into Europe, Asia Pacific, North America, and Rest of the World (RoW). Amongst these, North America held the largest share in the market for animal healthcare in 2014.As stated in the report, the prime players operating in the market are Elanco Products Company, Vetoquinol, Boehringer Ingelheim Gmbh, Virbac SA, Ceva Sante Animale, Novartis Animal Health Inc., Merial Ltd., Bayer AG, Zoetis Inc., and Merck & Co. Inc., among others.
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