New York, NY, June 28, 2018 (GLOBE NEWSWIRE) -- 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.
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.
Browse through 87 Tables & 36 Figures spread over 110 Pages and in-depth TOC on "Global Animal Healthcare Market Size, Share 2017: Industry Trends, Overview Report, and Forecast to 2024”.
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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.
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.
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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.
North America is anticipated to be the leading region for the animal healthcare market. As the pet humanization is increasing, the animal healthcare market players are taking utmost care of the services which is rising up greater vet payments for the pet owners. For instance, a clinic in Hollywood owned by VCA which is an animal hospital chain provides advanced health care services, such as hip alternative, stem-cell remedy, and underwater treadmill for cats. Animal healthcare in this region focuses on providing to the end consumer’s safer food sources, instead of just equipping producers with tools for better productivity of livestock. This shift in priorities has resulted in an increased demand to a greater extent in animal healthcare in North America.
Browse the full "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" report at https://www.zionmarketresearch.com/report/animal-healthcare-market
Europe is estimated to be the second leading market in the animal healthcare market accounting for almost more than 28% of the revenue share in the forecast period. The industry participants in this region are considerably spending on research and development activities in order to develop better solutions for animal healthcare. The UK is among the leading regional animal healthcare markets.
The Asia Pacific region is anticipated to grow at highest CAGR owing to extensive animal husbandry practices in the developing countries like China and India. China is estimated to grow at fastest CAGR over the forecast years. Increasing knowledge among pet owners about pet disease, favorable government initiatives for pet keeping, and advancement in new product development is raising the industry growth in this region. 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. Growing awareness of animal health is boosting the demand for animal healthcare products in this region. Many leading players are venturing this market with the objective to exploit lucrative growth opportunities.
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Latin America and the Middle East and Africa held the least position in the animal healthcare market in comparison to other regions. However change in consumer perceptions, and a comparatively under-penetrated market will make animal healthcare market a good opportunity for companies in these regions.
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.
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This report segments the global animal healthcare market as follows:
Global Animal Healthcare Market: Drug Type Segment Analysis
- Anti-Infective Agents
- Antibiotics and Antimicrobial
- Antifungal
- Antiviral
- Anti-Inflammatory Agents
- Parasiticides
- Ecto-Parasiticides
- Endo-Parasiticides
- Endectocides
- Vaccines
- Hormones & Substitutes
- Others
Global Animal Healthcare Market: Animal Type Segment Analysis
- Companion Animals
- Farm Animals
Global Animal Healthcare Market: Route of Administration Segment Analysis
- Oral
- Parenteral
- Topical
- Others
Global Animal Healthcare Market: Distribution Channel Segment Analysis
- Veterinary Hospitals
- Veterinary Clinics
- Pharmacies & Drug Stores
- Online Pharmacies
Global Animal Healthcare Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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