Global animal healthcare market expected to reach around USD 41.78 billion by end of 2024, growing at a CAGR of around 4.53% between 2018 and 2024. 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.

Sarasota, FL -- (SBWire) -- 02/01/2019 --With the presence of a large pool of participants, the global animal healthcare market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). GlaxoSmithKline plc (GSK), F. Hoffmann-La Roche Ltd., Accenture plc, Cognizant End-User Solutions, Covance, Incorporation, and ICON plc are some of the key vendors of animal healthcare across the world. These players across the animal healthcare market are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the animal healthcare market study.

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Citing an instance, in September 2018, Bayer Animal Health GmbH – a key player researching & manufacturing animal health and pest control products- signed a global license pact with NeuroCycle Therapeutics Incorporation – a biopharmaceutical firm- for providing new allergy treatment alternatives for pet animals. Reportedly, as per the terms & conditions stated in the agreement, Bayer will manufacture and commercialize new compounds based on the expert knowledge & intellectual property of NeuroCycle Therapeutics.

As estimated in this report, the global animal healthcare market stood at US$ 30.65 billion in 2017. Witnessing a tremendous rise during the period from 2018 to 2024, the revenue in this animal healthcare market is expected to reach US$ 41.78 billion by the end of the forecast period. The main drug types available in this animal healthcare market are anti-inflammatory agents, anti-infective agents, parasiticides, vaccines, and hormones & substitutes. Among them, the demand for anti-infective agents is relatively higher and the trend is anticipated to remain so over the next few years, notes the animal healthcare market research report.

Immense Necessity For Disease Prevention In Animals To Accelerate Growth

"Escalating requirement for keeping animal feed coupled with need for keeping animals free from any kind of infection is anticipated to drive animal healthcare market trends in the near future, "says the author of this study. Apart from this, widespread awareness among the pet owners pertaining to disease prevention in their pets is expected to result in massive drug use in animal healthcare, thereby elevating the animal healthcare market demand. In addition, burgeoning demand for meat as a result of growing trend of animal protein consumption along with population explosion is expected to augment the progress of animal healthcare market in the years to come.

Improvement Witnessed In Animal Healthcare Services To Aid Regional Growth

Regionally, North America has been leading the worldwide animal healthcare market and is anticipated to continue on the dominant position in the years to come, states the animal healthcare market study. Rise in pet humanization along with improvement in animal healthcare services is the main factor behind the dominance of the North America animal healthcare market. The high number of market players being headquartered in North America is another significant factor that is supporting the growth of this regional animal healthcare market. In addition, change in the priorities of the pet owners leading to escalated demand for animal healthcare in North America is expected to spur the regional growth over the ensuing years.

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The global animal healthcare market is segmented as follows:

By Drug Type

Anti-Infective Agents
Antibiotics and Antimicrobial
Antifungal
Antiviral
Anti-Inflammatory Agents
Parasiticides
Ecto-Parasiticides
Endo-Parasiticides
Endectocides
Vaccines
Hormones & Substitutes
Others

By Animal Type

Companion Animals
Farm Animals

By Route Of Administration

Oral
Parenteral
Topical
Others

By Distribution Channel

Veterinary Hospitals
Veterinary Clinics
Pharmacies & Drug Stores
Online Pharmacies

By Region

North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa