VALLEY COTTAGE, New York, Dec. 08, 2017 (GLOBE NEWSWIRE) -- Increasing disposable income of urban population and shifting inclination of a larger mass towards independent living are two of the primary driver of the global animal healthcare market, according to a recent business intelligence study by Future Market Insights (FMI), which has predicted the demand to increment at a formidable CAGR of 4.3% during the forecast period of 2017 to 2027. The report, a product of a selected group of professional and experience healthcare and veterinary professionals, has evaluated that the opportunities available in the global animal healthcare market will translate into a revenue of US$54,548.0 mn by the end of 2027, which reflects enough meat for the stockholders to aspire further profitability in the near future.
As per the FMI analytical study, the time is ripe to invest into the value chain of the global animal healthcare market, as a number of pharmaceutical companies have noticed the growing demand and are developing products that ideally meet the requirements. Not only the medicinal products, consumers are now willing to pay extra for extra-protein and other nutritious products for their pets as it helps them grow stronger and make the desired impression. Training programs for the pets is on the rise too, prompting a need for animal healthcare products that aid to proper upbringing of adopted animals. The number of animal health organizations has increased in the recent past, spreading awareness with animal vaccination programs.
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Apart from the growing trend of adopting various pet animals, factors such as rising prevalence of food borne and zoonotic diseases, incrementing demand for animal protein in human food, favorable government initiatives to promote admiration for pet as well as wild animals, and recent technological advancements pertaining to animal health drugs are expected to keep the market in good stead in the near future. On the other hand, stringent regulations pertaining to the usage of antibiotics, lack of veterinary infrastructure in various developing countries, and prohibitive costs related to animal tests are a few factors challenging the global animal healthcare market from flourishing.
Based on product type, the analysts of the FMI report have segmented the animal healthcare market into pharmaceuticals, feed additives, and vaccines. In 2017, the feed additive segment provided for 45% of the total demand. On the other hand, the pharmaceutical segment, which includes analgesics, antiparasitics, antibiotics, anti-inflammatories, and fertility drugs, is projected to produce a demand worth of US$20,767.8 mn by 2027. Increasing awareness among the pet owners to keep their animal companions disease free by the means of medication and drug consumption is expected to drive the market.
Based on animal type, the market has been gaining maximum demand from production animals such as swine, poultry, equine, cattle, and aquaculture, considerably more than companion animals including dog and cat. The production animals segment is estimated to be worth US$35,041.9 mn by the end of 2027, while the companion animals category will produce rest of the revenue, incrementing at a below average CAGR of 3.6% during the said forecast period.
Geographically, the FMI report rates North America as most lucrative region, driven by the developed country of the U.S. wherein the trend of animal companion has been long existent and the veterinary infrastructure of strong. In addition to that, the U.S. government has strict regulations to maintain pet animals in good health and maintain hygiene, which is expected to keep the North America animal healthcare market in good stead. That being said, the emerging economies such as China, India, Japan, and Malaysia are expected to boost the demand from the region of Asia Pacific.
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