Animal healthcare is an act of protecting animals from diseases and providing them required veterinary services in order to increase their yield and lifespan and yield. The animal healthcare market is anticipated to show significant growth over the forecast period on the account of the rising incidents of animal diseases and also expansion of industries that requires animal food preservatives, vaccines and also hygiene management products.
Market Size and Forecast
The global animal health market size is expected to value at 8 Billion by 2016. It is anticipated to grow at a CAGR of 12.0% during the forecast period. Increasing incidence of zoonotic disease and also food borne diseases globally are the major key trends driving market growth. The increasing animal disease incidences are encouraging companies to develop advanced vaccines used for curing animals. The companies are continuously expanding in order to regulate pathogen contamination risks and also food-borne diseases in order to fuel the animal healthcare market globally.
The animal healthcare market can be segmented on the basis of product, animal type, route of administration and distribution channel. The drug type segment consists of anti-inflammatory agents, hormones vaccines, anti-infective agents paraciticides and substitutes. The drug type segment is anticipated to exhibit robust growth over the forecast period owing to the rise in the number of animal disease. The animal type segment consists of companion animals and farm animals. Companion animal is anticipated to dominate the global animal healthcare market .This is attributed to the rising zoonotic diseases and increasing need for animal immunization globally. The administration route segment can be sub-segmented into topical, oral, parenteral, and others. On the basis distribution channel animal healthcare market is segmented into veterinary clinics, veterinary hospitals, pharmacies and drug stores, and online pharmacies. The online stores and veterinary market is expected to increase owing to the consumer preference for using e- commerce worldwide.
By region, global animal healthcare market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. North America is the leading region in the global animal healthcare market. This is attributed to various factors such as increasing animal population and growing demand for protein rich diet.
Europe is also projected to be the second leading region in the animal healthcare market which consists of approximately 29.5% of the market share during the forecast period. Companies operating in the animal healthcare market are continuously investing on research and development in order to upgrade technology which provides better solutions for the animal healthcare. Asia-Pacific is anticipated to witness healthy growth over the forecast period owing to the factors such as rising incidences of animal diseases, government regulations supporting the animal healthcare market
Our in-depth analysis segmented the Global animal healthcare market in the following segments:
By Product/Drug Type
By Animal Type
By Route of Administration
By Distribution Channel type
Global Animal Healthcare Market is further classified on the basis of region as follows:
Growth Drivers and Challenges
The rapid increase in the pet adoption coupled with increasing nuclear families across the world is driving the pet ownership trend .This trend is anticipated to drive the global animal healthcare market over the forecast period. The other growth factor is high internet connectivity in various regions of the world promote sales through e-commerce websites, making it an effective and efficient distribution channel. Moreover, the rapid urbanization by the developing economies is expected to boost the global animal healthcare market. The major challenge in the global animal healthcare market is the rise in price of the healthcare product and also growing cost of animal testing.
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