Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
Product Overview
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.CLICK TO DOWNLOAD FREE SAMPLE
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
Market Segmentation
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
By Regional
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.
KEY PLAYERS
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