The animal healthcare market is registering impressive growth in the global arena. In 2013, the market stood at US$27,861.2 million. From 2014 to 2019, analysts expect this market to rise at a CAGR of 7.1% to reach US$41,929.1 million by 2019. The demand for proper animal healthcare is on the rise nowadays owing to growing consumer awareness and increase in the consumption of animal products across the globe.
High Cost of Animal Testing to Hamper Market Growth
The rising trend of adopting pets in middle and upper middle class demographics, coupled with the growing prevalence of food-borne and zoonotic disorders, is adding to the growth of the global animal healthcare market.On the other hand, regulatory authorities in several economies have imposed strict rules regarding the usage of drugs on animals, which is impacting the sales of antibiotics and limiting the growth of the animal healthcare market. Further, the high costs associated with animal testing are restricting the scope of companies working in the animal healthcare market to research and develop new and innovative drugs. However, occurrence of unidentified diseases at regular intervals presents untapped opportunities for major players in the animal healthcare market.
Feed Additives: Leading Animal Healthcare Market
The market for feed additives leads the global animal healthcare market, surpassing the other two market segments: pharmaceuticals and vaccines. Although the feed additives market is developing on account of the rise in the population base of production animals, the main driving forces behind the growth of the markets for pharmaceuticals and vaccines are the increase in the prevalence of communicable diseases in animals and the rising awareness pertaining to the benefits of vaccination of animals against diseases. This is expected to help the other two segments register steady growth during the forecast period.
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North America: To Maintain Dominance among Regional Animal Healthcare Markets
The global animal healthcare market was led by North America in 2013. The region accounted for a 31.7% share that year, followed by the animal healthcare markets in Europe and Asia Pacific. Analysts expect the regional market in North America to maintain its dominance over the period from 2014 to 2019, but the market in Asia Pacific is projected to take up a significant share in the market, resulting in a decline of the market share of North America.
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Historically, the animal healthcare market in Asia Pacific showed the highest growth rate during the period of 2010-2013, on account of the growing population of both companion and production animals. Increasing income levels, particularly the growth in disposable income of the average consumer in India and China, are giving rise to the trend of pet adoption among the middle-class customers in these economies, presenting an opportunity market for players in the animal healthcare industry.
The global market for animal healthcare is extremely competitive but moderately consolidated, with Zoetis Inc., MERIAL Ltd., Merck & Co., Inc., Bayer AG, Virbac SA, Novartis Animal Health Inc., Ceva Santé Animale, Elanco Products Co., Boehringer Ingelheim GmbH, and Vétoquinol SA as the major players operating in this market. These top 10 players jointly account for 75% of the overall animal healthcare industry.
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