Global animal healthcare market expected to reach around USD 41.78 billion by end of 2024, growing at a CAGR of around 4.53% between 2018 and 2024. The animal healthcare market is segmented on the basis of drug type into anti-inflammatory agents, anti-infective agents, parasiticides, vaccines, hormones and substitutes, and others.
Sarasota, FL -- (SBWIRE) -- 07/09/2018 -- Zion Market Research has published a new report titled "Animal Healthcare Market by Drug Type (Anti-Infective Agents, Anti-Inflammatory Agents, Parasiticides, Vaccines, Hormones and Substitutes, and Others), by Animal Type (Companion Animals and Farm Animals), by Route of Administration (Oral, Parenteral, Topical, and Others), and by Distribution Channel (Veterinary Hospitals, Veterinary Clinics, Pharmacies and Drug Stores, and Online Pharmacies): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2024". According to the report, global animal healthcare market was valued at approximately USD 30.65 billion in 2017 and is expected to generate revenue of around USD 41.78 billion by end of 2024, growing at a CAGR of around 4.53% between 2018 and 2024.
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For many pharmaceutical companies, animal healthcare has become a focus area in the past decade. The animal healthcare market has become more important due to greater incidences of disease outbreaks along with large-scale farming which requires animal feed additives of high quality, vaccines as well as hygiene management products. Since pet owners are willing to pay for the veterinary care, there has been an upsurge in the demand for food supplements and other treatments for companion animals. Additionally, the rising consumer concerns as to from how and where the feed for animals is produced is giving rise to a tougher scrutiny of rearing and feeding practices of animals in the market.
The animal healthcare market is segmented on the basis of drug type into anti-inflammatory agents, anti-infective agents, parasiticides, vaccines, hormones and substitutes, and others. The anti-infective and antiparasitic drugs are anticipated to be the major contributors in the animal healthcare market. Rising needs to keep the food animals free from diseases is driving the industry growth over the forecast period. Growing awareness among the pet owners regarding the prevention of pet diseases is increasing the drug consumption. Additionally, rising drug developments by industry players are augmenting the market to become more lucrative in the coming years.
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Based on the animal type, the market is segmented into companion animals and farm animals. The demand for animal protein is increasing due to consumption of meat which has become a major factor contributing to the growth of farm animal market size. The use of various animal healthcare products like biologicals, drugs, and medicated feed additives has been increased considerably with the objective to scale up the production of healthy animals. Due to the ever-growing population, the demand for animal meat is increasing which is augmenting the market growth. The companion animal healthcare market is also poised to expand rapidly in the coming years. Rising adoption of pets is increasing the market growth for animal healthcare as people are opting for animal companionship.
Based on the end user, the market is segmented into veterinary clinics, veterinary hospitals, pharmacies and drug stores, and online pharmacies. Veterinary clinics are emerging as the leading distribution channel for animal healthcare products and are expected to dominate the market over the forecast period. Growing prevalence of veterinary diseases and rising population of animals are the key factors leading to the progress of veterinary clinics globally. Along with this, the pharmacies and drug stores and the veterinary hospital's segments are also anticipated to witness a healthy growth rate in the market shares, due to increasing concerns over animal health in the emerging economies.
Regionally, the animal healthcare market is segmented into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa. Asia Pacific region is anticipated to grow at highest CAGR owing to extensive animal husbandry practices in the developing countries like China and India. India is a home for more than 18% of the global population of livestock and also ranks among the largest producers of chicken, fish, and cattle. Increasing awareness about animal health is boosting the demand for animal healthcare products in this region. Many leading players are investing in this market with the objective to exploit lucrative growth opportunities. China is estimated to grow at fastest CAGR over the forecast years. Increasing awareness among pet owners about pet diseases, favorable government initiatives for pet keeping, and advancement in new product development is raising the industry growth in this region.
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Some of the key players in animal healthcare market include Pharmaceutical Clinical Trial Phase Development, LLC. (PPD), F. Hoffmann-La Roche Ltd., Accenture plc, Cognizant End-User Solutions, Covance, Inc., ICON plc, iMEDGlobal Corporation, Pfizer, Inc., PAREXEL International Corporation, Bristol-Myers Squibb, Clinquest Group B.V., GlaxoSmithKline plc (GSK), iGATE Corporation, Novartis International AG, inVentiv Health, Inc., and others.