Pune, India, Feb. 10, 2021 (GLOBE NEWSWIRE) --
Global animal healthcare market size is slated for robust growth during the forecast period due to demand for online veterinary pharmacies making headway. A paradigm shift witnessed in healthcare system has leveraged owners with automated feeders and pet cams. A marked rise on the adoption of pet has furthered the industry outlook, while the demand for generic drugs, vaccination, surgeries, and ideal diet will continue to rise dramatically.
Some of the industry trends and dynamics driving the animal healthcare market on regional fronts are elucidated below:
Traction for livestock animals to become more noticeable in North America
Traction for livestock animals is likely to fuel the trend for healthcare considering risks for food-borne diseases in the U.S. More importantly, robust initiatives undertaken by stakeholders and rise in human consumption have driven the penetration of livestock animals in North America.
It is pertinent to mention that expanding footfall of vaccines, drugs, and medicated feed additives has triggered growth in pharmaceutical portfolio. With a surge in number of pet animals and increased risk of infections, investment in pharmaceutical segment is slated to surge in the next five years. North America animal healthcare market size is projected to surpass US$ 70 billion by 2026.
Adoption of companion animals poised to surge
Forward-looking companies have upped efforts towards developing healthcare services and products for companion animals. Notably, adoption of dogs, cats and horses has become pronounced in recent years in the U.S. and Canada, projecting a bullish growth—companion animal segment was valued at over US$35,000 million in 2019. It is pertinent to mention that the Veterinary Services Directorate in the U.S. strives to create animal health system and render animal health services to enhance livestock production and efficiency.
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Infusion of funds and robust initiatives in the U.S. and Canada
With trend for companion animals soaring by leaps and bounds, stakeholders are likely to perceive the U.S. as a favorable investment hub. End-users in the country have upped their budget on pet health, encouraging advancements in animal healthcare products. The U.S. animal healthcare market is projected to expand at a compound annual growth rate of around 3.2% through 2026.
Favorable government initiatives and rampant zoonotic diseases have accentuated growth in Canada market which was projected to surpass US$ 5.5 billion by 2019. In what has come as a favorable future outlook is that veterinary hospitals and veterinarians hospitals in the North American country boost animal health as a part of animal health week celebrations conducted every year.
Veterinary services to witness pressing demand in the U.S.
Of late, growth opportunities in veterinary services are likely to be more noticeable with trend for integrated medical care and hospitalization for ailing animals soaring to new heights. Not to mention that veterinary clinics, animal healthcare hospitals and mobile veterinary services are instrumental to streamline veterinary services. Veterinary services in North America is likely to grow at a steady CAGR of around 3.2% through 2026.
Europe to witness profound traction for veterinary services
Europe is likely to witness mega-trend for veterinary services that include emergency treatment service, comprehensive preventive care services, surgery service, pet traveling and grooming service, among several others.
Moreover, demand for meat products tested for foodborne diseases has triggered growth in Europe animal health market. The European Union ensures the certification for import of all meat products in the region. Europe veterinary services segment is likely to grow at a steady CAGR of around 3.2% through 2026.
Spain and Germany to be replete with investments
Traction for dogs and horses in Europe will become more noticeable in the next five years, with Spain and Germany leading from the front. Spain is witnessing influx of investments in animal healthcare market as governments have upped efforts in pet health. For instance, the Spain government has rolled out operations on pet ownership responsibility, aimed at boosting awareness pertaining to companion animals.
Growing footfall of companion animals in Germany has furthered the projection of European industry share. Germany market was projected to surpass US$ 7 billion by 2019, credited to traction for companion animals. Besides, Europe animal healthcare industry expanded at a CAGR of 3.5% through 2026.
Europe companion animal segment value was pegged at over US$32,500 million in 2019. According to the People’s Dispensary for Sick Animals in 2018, 24% of the owned pets in the U.K. were pet dogs, while 25% were cats.
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Supply of animal healthcare products through pharmacies in Europe
Even though online mode is garnering attention among the millennial population, pharmacies will still hold prominence for the supply of animal healthcare products in the Europe market. A marked rise in animal surgeries and prevalence of technologically sophisticated instruments have augured well for stakeholders eyeing to expand their footfall in Europe industry. Pharmacies segment is touted to grow at a CAGR of around 4% through 2026.
Asia Pacific to witness traction for pharmacies
Emerging economies in the APAC are slated to infuse funds in pharmacies considering technological developments in diagnostic instruments to boost health of their pets. Pharmacies segment in the APAC animal healthcare market is likely to grow at a robust CAGR of around 6.2% through 2026, partly attributed to soaring disposable income in the region.
While pharmacies and online mode of distribution channels will continue to thrive, distributors mode will garner substantial attraction among end-users. Distributors mode market size is likely to be pegged at over US$ 24,500 by 2026, mainly attributed surge in demand for pets for security and traction for vaccines for companion animals.
Veterinary services continue to boost trend
Veterinary services have become the mega trend in Asia Pacific following the demand for protecting the health and welfare of animals through integrated medical care and hospitalization for diseased animals.
End-markets in India, China and Australia have exhibited inclination for comprehensive preventing care services, emergency treatment services, pet travelling service and grooming service.
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China and India to reign supreme
Robust growth projection of APAC is majorly attributed to prominence of China and India as leading companies in these countries gear to boost the business outlook. Asia Pacific animal healthcare market share is projected to surpass US$ 56 billion by 2026, expanding at a robust CAGR of more than 5.1% from 2019 to 2026.
With an upsurge in zoonotic diseases and robust government initiatives to foster livestock’s health, China has come up as a favorable investment hub and set the trend for investments in the APAC region. For instance, the China National Agriculture National Agriculture Development Group Corporation (CNADGC) has infused funds in R&D activities to bring a paradigm shift in surveillance and vaccination of livestock.
China animal healthcare market was projected to surpass US$ 7 billion in 2019, mainly attributed to increased demand for quality meat products.
With a marked rise in adoption of companion animals and favorable government initiatives, India has come up as a favorable investment hub. For instance, the Animal Welfare Board of India (AWBI) underpins animal welfare and is allegedly India’s largest funded organization. India market is poised to grow at a healthy CAGR of around 5.7% through 2026.
Robust insurance schemes in Thailand, Nepal, Sri Lanka, and other emerging economies in the region have triggered growth in APAC market revenue. Simply put, banks come to the rescue of farmers seeking loan or credit for insurance of their livestock animals. Besides, noticeable dairy production in India has furthered the significance of maintaining the health of animals.
Stakeholders are likely to count on surge in pet ownership that has stimulated demand for healthcare products. Traction for vaccination will become more noticeable, with veterinary services setting the trend in the regional landscape in animal healthcare industry.
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