Industries Study Report

17 June 2019, The global animal healthcare market is expected to value at USD 32.04 billion by 2022. The market is subject to witness a substantial growth due to the growing prevalence of zoonotic and food-borne diseases across the globe. Development of advanced vaccines and pharmaceuticals by healthcare manufactures are expected to drive the growth of animal healthcare market over the forecast period.

Increase in the number of promotional activities by both government as well as private bodies across the globe are expected to fuel market demand in the upcoming years. In addition, several healthcare organization are making serious efforts to control pathogen contamination risks and food-borne diseases. These factors are predicted to propel market demand in the near future. Globally, the market is predicted to grow at a significant CAGR in the forecast period, providing numerous opportunities for market players to invest for research and development in the animal healthcare market.

The recent technological advancements animal healthcare sector coupled with development of novel drugs are expected to play vital role in future market growth. Furthermore, increasing need for expanding the existing food supply through large-scale adoption of livestock is expected to favor market growth as well. Elevated manufacturing of animal-based food products is projected to steer substantial price reduction. These factors offer easy access to food at lower prices, thus propelling the market growth. Current advances in veterinary healthcare are predicted to offer lucrative growth opportunities for industry participants over the upcoming years.

The market is broadly categorized into four major segments based on the application type such as vaccines, food additives, pharmaceuticals and diagnostic consumables. The vaccines are considered as one of the growing segment in the animal healthcare market with substantial revenue generation in the last few years. Growing popularity of the vaccines segment is attributed to the recent technological advances in veterinary healthcare. The pharmaceuticals segment has also witnessed substantial growth owing to the rise in consumer awareness associated to farm animal healthcare.

The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in use of latest technologies in healthcare sector, increase in number of research & development activities in the region and existence of well-established medical infrastructure.

Asia-Pacific region is predicted to hold major market share in the animal healthcare market with massive growth in forecast period. Countries such as India, China, Australia and Singapore are leading the Asia-Pacific market due to increasing adoption of range of definitive measures by local government animal welfare organizations and significant investment by leading industry players considering potential growth opportunities in the region. The key players in the animal healthcare market are Zoetis, Inc., Nutreco N.V., Merck& Co., Inc., Elanco, Inc., and Bayer AG.

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