Animal Healthcare Market Key Players, Challenges and Competitive Strategies
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.
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| Animal Healthcare Market |
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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