Global Animal Healthcare Market 2018-2022
About Animal Healthcare
Animal healthcare involves guarding, preserving, and preventing disease in and providing necessary veterinary services to animals to enhance their quality of life, increase their lifespan, and increase the yield of animal foods.
Technavio’s analysts forecast the global animal healthcare market is expected to grow to USD 32.04 billion during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global animal healthcare market for 2018-2022. To calculate the market size, the report considers the revenue generated from the retail sales of products which includes pharmaceutical, feed additive, and biological in the Americas, EMEA, and APAC.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Animal Healthcare Market 2018-2022
Technavio recognizes the following companies as the key players in the global animal healthcare market: Bayer, Boehringer Ingelheim, Eli Lilly, Merck, and Zoetis
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is growing animal healthcare awareness. As the world becomes more connected through various forms of electronic, print, and digital media, consumers who own pets and animal farmers are increasing their levels of awareness around animal health. As rapidly spreading diseases in animals can compromise the food-supply and the economy of any country or region, it is highly essential that animal health awareness is considered as a significant public concern. Although the current awareness levels are low, it is rapidly increasing as several market vendors and governments are launching animal health awareness campaigns.”
According to the report, one of the major drivers for this market is Increase in animal ownership. There has been an increase in animal ownership in the recent past. Dogs remain the most popular type of pet with almost two in five households owning a dog. Cats were the next most common type of pet with nearly three in 10 households owning a cat.
Further, the report states that one of the major factors hindering the growth of this market is Contamination of animal source foods. Foods containing eggs, meat and dietary products are loaded with hormones, bacteria, dioxins, and other toxins that cause serious health problems in humans. Eating flesh contaminated with bacteria cause food poisoning, with symptoms ranging from stomach cramps and diarrhea to organ failure and death. For instance, in the US., annually there are around 23% cases of food poisoning which is mostly caused by contaminated animal flesh.
Bayer, Boehringer Ingelheim, Eli Lilly, Merck, and Zoetis