The animal healthcare market is very competitive with the top ten players accounting for about three-fourth of the market. The companies are focusing on their research and development activities to produce better pharmaceutical and vaccine products for the existing and newly diagnosed diseases.
New York, NY -- (SBWIRE) -- 01/14/2016 -- Persistence Market Research has published a new research report on the global animal healthcare market. As per the report, the global animal healthcare market stood at US$27.8 bn in 2013 and is predicted to reach US$41.9 bn by 2019 at a 7.10% CAGR.
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The global animal healthcare market is highly competitive, as the top ten leading players account for about 3/4th of the total market. Entry of new players in the global animal healthcare market is predicted to increase the competition level for the prominent companies in the coming few years. However, the level of competition is expected to reduce in the near future due to the increasing consolidations and acquisitions. Some of the leading companies in the global animal healthcare market are Novartis, Zoetis, Merial, Merck, and Bayer. The high number of acquisitions, mergers, and joint ventures taking place is expected to make the global animal healthcare market volatile in the years to come.
The global animal healthcare market is expected to expand rapidly during the period from 2014 to 2019 due to factors such as increasing animal population and consumption of meat and milk, and increasing prevalence of animal diseases. There has been considerable growth of the animal population of both production and companion animals. Companion animals are adopted for companionship or as house/office guards. Production animals are raised for the production of meat and/or milk products.
Factors such as the occurrence of new animal diseases and the increasing possibility of their transfer to humans via consumption of animal products are responsible for the rapid development of the global animal healthcare market. Infectious diseases found in vertebrate animals can be easily transferred to humans, directly or indirectly. The incidence of food-borne diseases is rising rapidly across all regions around the globe, thus increasing the demand for animal healthcare services.
The global animal healthcare market is segmented on the basis of geography, animal type, and product type. By product type, the global animal healthcare market is classified into pharmaceuticals, vaccines, and feed additives. The feed additives segment dominated the global animal healthcare market in 2013. The pharmaceuticals and vaccines segments are expected to develop steadily in the years to come.
Based on geography, the global animal healthcare market is divided into North America, Europe, Asia Pacific, and Rest of the World. In 2013, the global animal healthcare market was dominated by North America with a 31.7% share. North America was followed by Europe and Asia Pacific.
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The increasing cost of animal testing and declining veterinarian population are predicted to be two of the major restraints on the global animal healthcare market during the forecast period. However, changing lifestyles, increase in per-capita income, increase in consumption of milk and meat, and growing animal population has helped expand the global animal healthcare market in the recent past. Increase in the number of animal farms due to rising demand for meat and eggs is expected to propel the global animal healthcare market in the years to come.
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