15 March 2021
Visiongain has published a new report on Animal Healthcare Market Report to 2031: Forecasts By Product (Vaccines (Live Attenuated Vaccines, DNA Vaccines, Recombinant Vaccines, Inactivated Vaccines, and Others), Pharmaceuticals (Parasiticides, Anti-infective, Anti-inflammatory, Analgesics, and Others), Feed Additives (Nutritional and Medicinal), Diagnostics (Instruments and Consumables), and Others), By Animal Type (Production (Poultry, Swine, Cattle, Sheep & Goats, and Fish), Companion (Dogs, Cats, Horses, and Others), By Distribution Channel (Retail, E-commerce, and Veterinary Hospitals & Clinics), By End-User (Reference Laboratories, Point-of-care Testing/In-house Testing, Veterinary Hospitals & Clinics, and Others) PLUS COVID-19 Recovery Scenarios.
Global Animal Healthcare market size is projected to reach US$ XX Million in 2021 and is expected to display strong revenue growth through to 2031.
COVID-19 Impact on Animal Healthcare Market
The COVID-19 pandemic has deleteriously affected all the countries and industries. Similarly, the animal healthcare market is anticipated to take a hit. The target industry is now facing challenges to manage the interrupted demand and supply of components. Also, unpredictable and disturbing supply chain activities and the unavailability of human resources are anticipated to impact the target industry growth. The target market growth is expected to have an impact on the growing incidence of zoonotic infections, such as SARS-CoV-2 aka Covid-19, globally. There has been growth in animal health spending in current years, which is anticipated to push the target industry growth in the given time frame.
The High Growth of Livestock and Increased Intake of Milk and Other Food Products
The antimicrobial and antibiotic products have noteworthy advantages to human food safety and animals. Scientists have revealed that an increase in the frequency of animal illness perpetually results in a greater number of diseases among humans. Therefore, livestock dealers rely largely on animal antimicrobial and antibiotics to deliver non-toxic food. An additional factor fueling the target industry growth is the growing demand for milk, meat, and other food products. The use of several types of meats and a range of milk in dairy products, particularly in the western diet, and the prompt acceptance of these intake habits around the world are anticipated to lead to an increase in demand for animal healthcare worldwide.
Increasing Occurrences of Zoonotic Diseases
The increasing occurrence of zoonotic diseases in livestock is expected to help in the development of the target market. The rising prevalence of animal disease epidemics, a growing population of livestock, and favorable financial conditions of developing countries including Brazil, China, and India, are boosting the antimicrobials and antibiotics market growth. The outbreak of animal diseases, such as avian influenza or African swine fever is growing day after day, thus disturbing new areas too. Hence, it is further boosting the animal healthcare market growth.
Growing Animal Health Expenditure
Spending on pet healthcare in the U.S. remains high. As per the American Pet Products Association (APPA), veterinary care is the second-highest source of expenditure. As per the APPA’s yearly expenditure figures, money spent on veterinary care totaled around $18.11 billion. In 2019, yearly expenditure is expected to be $18.98 billion. The APPA also says the frequency of veterinary appointments has likely amplified owing to lower cost, making pet care services more available to a larger population base. The reason behind this huge spending is the rise in the number of houses and American households own at least one pet. Also, veterinary technology has advanced significantly and complicated medical procedures have become easy and available to pet owners who are willing to pay for them. Thus, animal health expenditure is not going to decelerate any soon.
Key players operating in the global Animal Healthcare market are Boehringer Ingelheim GmbH, Bayer AG, Intas Pharmaceuticals, Ltd., Merck Animal Health, Virbac SA, Zoetis, Inc., Elanco (Eli Lilly and Company), Zydus Animal Health, Dechra Pharmaceuticals, Vetoquinol SA, Ceva Sante Animale, and others.
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