Animal Healthcare Market Size By Pharmaceuticals (Ectoparasiticides, Endoparasiticides, Anti-inflammatories, Anti-infectives), By Vaccines (Poultry, Cattle, Swine, Equine, Dogs, Cats, Horses), By Medicated Feed Additives( Antibiotics, Vitamins, Amino acids, Enzymes, Antioxidants, Prebiotics and Probiotics, Minerals), By Animal Type ( Farm Animal And Companion Animal), Regional Outlook (U.S., Canada, Germany, UK, Spain, Italy, France, Poland, Netherlands, China, Japan, India, South Korea, Australia, Brazil, Mexico, South Africa, Saudi Arabia), Technology Development, Competitive Landscape & Forecast, 2018 - 2024
Animal Healthcare Market is poised to cross USD 36 billion by 2024, as per a new research report.
Around the world, growing trend of animal adoption as pets and companions is driving the demand for various animal healthcare products; thus, augmenting veterinary healthcare market growth.
Increasing demand for protein from animal source will be a high impact rendering factor on animal healthcare industry size. With human population escalating at rapid rate, there should be great demand for animal source protein in near future, resulting in introduction and adoption of new veterinary healthcare products.
Government support and incentives in different regional markets is most likely to spur more research and development as well as, adoption of various animal medicines over the forecast period.
On the other side, market expansion restraining factors such as anitibiotics and antimicrobials prohibition in animal food in number of regions across the globe will be animal healthcare industry growth impeding factor. Also, affordability issues faced by pet owners in developing countries will hinder industry augmentation.
Veterinary vaccines market is anticipated to expand with 3.9% CAGR during the projection years; owing to rapid increasing number of new products resulting from innovative research and development in the field. Farm animal vaccine market should reach USD 6 billion by 2024; as a result of mandatory vaccination of farm animals.
Global animal feed market is most likely to proliferate rapidly across the globe. With increasing demand for animal source protein, rocketing use of animal feed is observed worldwide. During the forecast period, a healthy 4% CAGR is estimated to drive the veterinary medicated feed industry growth.
Europe animal healthcare market is forecast to expand with 2.7% CAGR over the forecast period, due to high number of pet animals, disposable incomes, increasing animal husbandry practices for meeting ever increasing demand for non-vegetarian food.
France animal healthcare market is the largest in European region and is estimated to with expand at CAGR 2.2% over the forecast period, owing to having large population of farm and pet animals. As per Eurostat, it accounted for nearly 20% of total cattle population in European region, 12% of poultry population, 8.6% of pig population and 11.3% of goat and sheep population. High income of pet owners as well as availability of pet insurance augment pet healthcare practices across the country.
Leading companies in the industry include, Zoetis, Elanco, Bayer, Boehringer Ingelheim, Virbac, Merck, Ceva Sante Animale, Vetoquinol, Phirbo Animal Health. Timely introduction of new products and efforts on geographical expansion happen to be some of major strategies adopted by these enterprises to increase market foothold.