The research report ” Global Animal Healthcare Market by Product Type (Drugs, Drugs for Chronic Diseases, Feed Additives), by Animal Type (Farm Animals, Livestock, Poultry, Swine,Equine, Companion Animals, Feline, Canine, Avian, Aquaculture), by Dosage Form (Orals, Parenteral, Topicals, Others), by Distribution Channel (Veterinary Pharmacies, Veterinary Hospitals, Veterinary Clinics, E-Commerce) and Geography – Global/Region/Country Forecast to 2027″, Global Animal Healthcare Market was valued at USD 45 Billion in 2020 and is anticipated to grow at USD 73.69 Billion till 2027 recording a CAGR of 7.3% during the forecast period 2021-2027.
Glance our 200 slides market research and competitive intelligence research report, 25 Tables and 65 Figures and other qualitative sections with an in-depth TOC on “ Global Animal Healthcare Market by Product Type (Drugs, Drugs for Chronic Diseases, Feed Additives), by Animal Type (Farm Animals, Livestock, Poultry, Swine,Equine, Companion Animals, Feline, Canine, Avian, Aquaculture), by Dosage Form (Orals, Parenteral, Topicals, Others), by Distribution Channel (Veterinary Pharmacies, Veterinary Hospitals, Veterinary Clinics, E-Commerce) and Geography – Global/Region/Country Forecast to 2027″,
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Increasing Consumption of meat will foster the Animal Healthcare Market
Animas play an important role in human life. Animal healthcare is crucial part of companion animal disease management as well as livestock. The main goal of animal healthcare is to reduce pain, illness and injury through diagnosis, prevention and treatment. Animal healthcare becomes vital part of herd management for avoiding animal loss due to different illnesses. There is increase in Interaction between animals and human being, which prompting the key stakeholders to give more concentration on healthcare of animal. The global healthcare market is anticipated to grow rapidly due to the growing cases of zoonotic illness in numerous developing and developed countries. Tens of thousands people become ill because of this disease every year, which spread from animals to people.
Furthermore, factors such as increasing meat consumption and growing adoption of companion animals in significant economies are anticipated to drive the market for animal healthcare products during the forecast years 2021-2027. Apart from these driving factors, there are a few more crucial factors that enhance the market growth such as huge-scale animal production in the factory farm and increasing cases of disease outbreaks in animals. On the other hand, increasing regulatory needs due to the abuse of medicinal feed additives and dearth of knowledge amid veterinarians about animal disease are the factors evaluated to hinder the animal healthcare market growth over the forecast period.
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North America accounts for the largest revenue share in Global Animal Healthcare Market
North America dominated the market with large revenue share witnessing stable CAGR due to the increasing awareness amid cattlemen in U.S about animal health, their vaccination and careful use of antibiotics in animals and animal rearing. Occurrence of communicable illnesses has been reduced due to the right use of antibiotics in animals. Animal healthcare market in Asia pacific is projected to record considerable rate due to the increasing conditions of numerous communicable diseases and huge pool of animal population.
Competitive Analysis
A few of the prominent players of the market are Boehringer Ingelheim Gmbh, Zoetis Inc., Elanco, Merck & Co. Inc., Bayer Animal Health, Virbac SA, Ceva Sante Animale and Vetquinol SA. There is huge competition in animal healthcare products market due to the presence of numerous local as well as multinational players in the market. Key players of multinational animal healthcare products market obtained a crucial market share as they have different product offerings.
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