Seattle, WA -- (SBWIRE) -- 11/11/2019 -- NEWS RELEASE CMI -- Animal healthcare has received significant attention in the recent due to growing animal disease, vaccination, animal adoption, and increasing livestock. Animal healthcare includes medical diagnostic, surgical, wellness procedures and also preventive health checkup for all types of animals.
Increasing adoption of animals coupled with growing consumption of meat and milk is driving growth of the global animal healthcare market. Rising adoption of western culture and dynamic lifestyle in emerging economies such as China and India has increased adoption of pets, which is expected to drive the market growth. Pets are adopted around the world for psychological and therapeutic benefits. Significant increase in new animal diseases such as white nose syndrome and anthrax has created lucrative growth opportunities in the global animal healthcare market. Globally, Australia holds the leading position in pet ownership. According to the Australian Veterinary Association, there were around 4.2 million dogs and 3.3 million cats accounting for 39% and 29% market share respectively.
Market Dynamics- Drivers
Pet adoption and increase in livestock fuels the growth of animal healthcare market
According to the Animal Health Institute, the global market for animal medicines is about one-fortieth of that spent on human medicines. Furthermore, that investment covers animal health innovations for 24 billion chickens, 750 million swine, 500 million dogs, 400 million cats, and 1 billion cattle and sheep. According to Animal Health Institute, companies yearly invest around 10-12% of their sales in innovations for animal health. Moreover, scientists have developed various medicines that result in improvement, prevention, and treatment of animal diseases such as flea and tick infestation, rabies, Lyme disease, leukemia. Animal medicines are important in food safety as it accounts for production animal as well. According to the American Society for the Prevention of Cruelty to Animals, in U.S., around 3.2 million shelter animals adopted each year, which includes 1.6 million dogs and 1.6 million cats. According to American Pet Product Association, in U.S. from 2015 to 2016, 34% dogs are purchased from breeders at the same time 23% of dogs and 31% of cats are obtained from the animal shelter. Globally the adoption of pets has increased in the recent past and demand for meat and milk also has increased to support the growing population which is expected to fuel the animal healthcare market in the near future.
Download A Readymade Sample PDF Copy: https://www.coherentmarketinsights.com/insight/request-sample/550
Developed regions are major growth engines of animal healthcare market
Globally the market is segmented into North America, Europe, Latin America, Asia Pacific, Middle East, and Africa. According to American Pet Product Association, during 2013-2014 North America is the leading market and it contributes around 68% owning the pet population has triple in from 2009 to 2014 in North America followed by Europe with a population of pets around 62 million and Asia Pacific due to the adoption of western lifestyle and increase in animal adoption. North America and Europe are expected to account for the largest market share in vaccine and pharmaceuticals. Asia Pacific will be the largest market for feed additives. In Asia Pacific, It is expected that pharmaceutical and vaccine segment will grow at a faster rate due to increased animal adoption and increased demand of meat and milk. According to IIPTF, in India 600,000 pets are adopted every year.
Key players of Global animal healthcare market
Key players in the market are focused on various growth strategies such as merger and acquisitions to develop new drugs. In 2016, Sanofi completed a merger with Boehringer Ingelheim to develop new and improved drugs for animal healthcare.
Some of the key market players of animal healthcare market includes Zoetis, Eli Lilly & Co., Novartis, Bayer Healthcare, Ceva Sante Animale, Evonik Industries AG, and ADM Alliance Nutrition.
Get Customized Report as per your Need: https://www.coherentmarketinsights.com/insight/request-customization/550
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.