Transparency Market Research has announced the addition of the “Animal Healthcare Market Global Industry Analysis and Opportunity Assessment, 2014 - 2019"report to their offering.
Albany, NY -- (SBWIRE) -- 12/07/2017 -- Animal Healthcare Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2019," the global animal healthcare market was valued at USD 27,861.2 million in 2013 and is expected to grow at a CAGR of 7.1% from 2014 to 2019, to reach an estimated value of USD 41,929.1 million in 2019. The Global Animal Healthcare Market is growing due to the increasing animal population of both types: companion and production. Companion animals are those which people tame or adopt for companionship, house/office guards and production animals are raised for meat and milk-related products.
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Increasing global consumption of meat and milk, new diseases in animals and their transfer to humans via their product consumption and companionship are propelling the animal healthcare market globally. The changing lifestyle, increasing per-capita income level and growing population have led to an increase in meat consumption globally. Demand for protein rich food such as meat, eggs and milk, is rising and it is increasing the number of animal farms globally. The healthcare expenditure in farms is increasing, due to the increasing number of animals and the growing concern for their health. According to the European Food Safety Authority (EFSA), around 3,20,000 cases of food-borne and zoonotic diseases are reported each year in the European Union. Campylobacteriosis was the most-commonly observed zoonoses in animals which affected 220,209 people in 2012 in the European Union (EU) countries, due to the consumption of infected broiler meat.
Some challenges have emerged in the form of regulations against the excess use of antibiotics in production animals, and legislations and protest of animal activists and institutions against animal research. Feed additives had the largest share among the product segments in the animal healthcare market. The other two segments included pharmaceuticals and vaccines. While the feed additives market is growing mainly due to the increasing production of animal population, the pharmaceuticals and vaccines segments are being driven by the increasing incidence of animal diseases and increasing concern for animal immunization against diseases.
Among the regions, North America dominated global sales with 31.7% share in 2013, followed by Europe and Asia-Pacific. North America is expected to continue with its leadership position by 2019, but it is expected to witness a fall in market share, due to increase in the market share of Asia-Pacific. The animal healthcare market in Asia-Pacific had the highest growth rate during 2010-2013 due to the increase in the population of both production and companion animals. The region is also estimated to continue with the highest growth rate during 2014-2019. The increasing population and income levels in China and India are encouraging pet adoption as part of the western culture among the middle- and upper-class population in these countries. This offers opportunities for the animal healthcare market in the region.
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Global animal healthcare market is fragmented with the top 10 players accounting for less than 75% share. The market is highly volatile with a lot of mergers, acquisitions and joint ventures taking place in the last few years. The competition is expected to reduce in the long run in the animal healthcare market due to increasing consolidation activities taking place. However, the changing regulatory environment in this domain and emergence of regional and country-specific companies, may introduce competition of a new dimension in the global market.