GOOG - Animal Healthcare Market Projected to Have a Stable Growth for the Next Few Years
Global Animal healthcare market is expected to reach $42,926.7 million by 2023. The growth in the market can be attributed to the increasing consumption of milk and meat, rising adoption of companion animals, and increasing prevalence of food-borne zoonotic diseases.
Based on product, the market is classified into feed additives, vaccines, anti-infectives, anti-inflammatories, parasiticides, and others, wherein “others” include oncological and antiemetic products, drugs for reproductive problems, and sedatives for pain relief.
Based on distribution channel, the market is classified into veterinary hospitals, veterinary clinics, pharmacies and drug stores, and others, wherein “others” include online and retail stores. Of these, veterinary hospitals held the largest share in the global animal healthcare market in 2017.
Based on animal type, the animal healthcare market is categorized into farm animals and companion animals. Of these, farm animals held a larger revenue share, of over 55%, in the market in 2017. This can be majorly attributed to the increasing adoption of farm animals to fulfil the demand for animal-based food products across the globe.
Geographically, the animal healthcare market is projected to witness the fastest growth in APAC during the forecast period. China is anticipated to be the fastest-growing market globally during 2018–2023, followed by India and Brazil.
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With increasing animal population and rising incidence of diseases in animals, there has been a rise in the development of medicines for inhibiting the growth of diseases in animals. A lot of animal diseases are reported every year, which offer opportunities to companies in the animal healthcare market for product development.
Some of the other key players operating in the animal healthcare market are Merck & Co. Inc., C.H. Boehringer Sohn AG & Co. KG, Bayer AG, Virbac Group, Ceva Santé Animale, Elanco Animal Health, and Vetoquinol S.A.
Global Animal Healthcare Market Segmentation
Market Segmentation by Product
Feed Additives
Vaccines
Parasiticides
Ectoparasiticides
Endoparasiticides
Endectocides
Anti-Infectives
Anti-Inflammatories
Others (Oncological and Antiemetic Products; Drugs for Reproductive Problems; and Medicines for Pain Sedation)