Global Animal Healthcare Market is projected to grow at a CAGR of 5.7% during the forecast period 2020-2027
A new research report published by Fior Markets with the title Animal Healthcare Market by Type (Production Animal, Companion Animal), Product (Pharmaceuticals, Diagnostics, Vaccines, Feed Additives, Others), Distribution Channel (Veterinary Hospitals & Clinics, E-commerce, Retail), End-use (Point-of-care Testing/In-house Testing, Reference Laboratories, Veterinary Hospitals & Clinics, Others), Regions, and Global Forecast 2020-2027.
The global animal healthcare market is expected to grow from USD 46.8 billion in 2019 to USD 72.92 billion by 2027, at a CAGR of 5.7% during the forecast period 2020-2027. The Asia-Pacific region is expected to grow at the highest CAGR during the forecast period 2020-2027. This growth is due to factors like increasing R&D activities by prominent players in the region, rising awareness regarding pet nutrition & supplies, and rising cases of zoonotic diseases. On the other hand, the North America region accounted for the major market share of 45.2% in the year 2019 and is anticipated to grow throughout the projected period. The large share of this segment is attributed to key factors such as the growing number of pet owners, technological advancements, and increasing incidences of zoonotic diseases.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
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Key players in the global animal healthcare market are Ceva Santé Animale, Zoetis, Vetiquinol S.A., Merck Animal Health, Bayer AG, Boehringer Ingelheim GmbH, Heska, Virbac, and Nutreco N.V., among others. Key companies are mainly focusing on developing new products, forming partnerships, and joint ventures to gain significant market share in the global animal healthcare market.
The type segment includes production animal and companion animal. The companion animal segment is expected to grow at the highest rate due to the associated health benefits of having pets such as greater psychological stability, lower blood pressure, and reduced anxiety attacks. The product segment includes pharmaceuticals, diagnostics, vaccines, feed additives, and others. Feed additives dominated the market and was valued at USD 12.6 billion in the year 2019. The large share of this segment was attributed to factors such as government health care organizations encouraging better animal health & agricultural practices, additives increasing muscle growth, and advancements in feed additives, including the usage of probiotics enzymes, minerals, & metabolic modifiers. The feed additives segment is further divided into two categories: medicinal and nutritional. The distribution segment includes veterinary hospitals & clinics, e-commerce, and retail. The e-commerce segment is expected to witness the highest growth over the forecast period. The end-use segment includes point-of-care testing/in-house testing, reference laboratories, veterinary hospitals & clinics, and others. Veterinary hospitals & clinics dominated the market and was valued at USD 13.5 billion in the year 2019. The majority share captured by this segment was because of the availability of a broad range of diagnostic options & treatment options in veterinary hospitals & clinics and its various applications like therapy, clinical pathology, & toxicology tests.
About the report:
The global animal healthcare market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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