The latest market report published by Credence Research, Inc. “Global Animal Healthcare Market – Growth, Future Prospects, and Competitive Analysis, 2017 – 2025,” the global animal healthcare market was valued at US$ 32,054 Mn in 2016, and is expected to reach US$ 53,420 Mn by 2025 expanding at a CAGR of 5.6 % from 2017 to 2025.
Browse the full report Global Animal Healthcare Market – Growth, Future Prospects, and Competitive Analysis, 2017 – 2025 at http://www.credenceresearch.com/report/animal-healthcare-market
Rising prevalence of animal diseases and their spread to human beings, growing demand for protein rich diet has resulted into commercial farming of milch and meat cattle’s and increasing trend of adoption of companion animals and the regulatory agencies have made it mandatory for the immunization of the companion animals will result into the growth and deep market penetration for the animal healthcare market. Animal healthcare market is segmented into product types (Feed additives, pharmaceuticals and vaccines), and animal types (production animals and companion animals). Feed additives are leading the product segmentation due to factors such as increasing animal population, rising demand for protein rich diet and to preserve the optimum health of the livestock. Pharmaceuticals are anticipated to register faster growth in the product types segment due to rise in the number of veterinary diseases. Production animals are leading the animal types market due to factors such as increasing consumption of meat and milk and technological advancement in the R&D of animal healthcare. Companion animals will be the fastest growing market in the animal types segment due to rise in zoonotics and animal immunization made compulsory by the regulatory authorities.
North America held the largest market in the geographical segment due to factors such as it houses huge animal population both milch and meat cattle, rising demand for protein rich diet and rising incidences of animal disease. Asia-Pacific will be the fastest growing market chiefly due to factors such as rising prevalence of zoonotics, presence of major market players involved in the manufacture of animal healthcare products and mandatory immunization of animals by the regulatory agencies and higher disposable income to keep companion animals.
The animal healthcare market is technologically driven and includes major players such as Bayer Healthcare AG, Ceva Santé Animale, Virbac S.A, Vetoquinol SA, Boehringer Ingelheim GmbH, Nutreco N.V. and Sanofi S.A. (MERIAL Limited) etc. Several of these companies closely compete to augment their foothold in the market.
Key Market Movements:
– Higher prevalence of zoonotics
– Technological advancement in the R&D of animal healthcare market
– Compulsory immunization of animals by regulatory authorities
– Increasing consumption of protein rich diet e.g. milk, meat and eggs