The global animal healthcare market is observing significant growth due to increasing adoption of pet animals and growing global consumption of meat and milk. The increasing number of health concern of animals has led to an increase in global healthcare expenses in farms. The animal farms are increasing at a rapid pace in global scenario due to increasing demand for protein-rich foods such as eggs, meat and milk. To meet the ever-increasing demand of these products it leads to problematic farming practices for instance, pushing animals into small spaces which enable the contagious diseases to spread rapidly. The farmers are increasingly adopting feed additives and administering vaccines to get rid of such harmful diseases.
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Base on the distribution channel, the animal healthcare market is categorized into veterinary clinics, veterinary hospitals, pharmacies and drug stores, online and retail stores. Among all, veterinary hospitals held the largest share in the global animal healthcare market owing to the growing preference of pet owners for veterinary hospitals as these hospitals offered complete health check-up at one place and also saves the time of pet owners, which is also one of the major factors for opting these hospitals for their pets. This, in turn, increases the market growth of this segment in comparison to all other facilities.
The company is increasingly investing in the animal health industry as the treatments can be used for both the commercial and companion animal markets and is driving the growth of global animal healthcare market. The development of animal health vaccines requires less investment as compared to developing the drugs and therapeutics for humans. The animal health products do not involve spending large amount of investments as on human trials and involve greater longevity and less competition. The development of new animal diseases in a frequent manner is creating opportunities for the animal healthcare market to grow globally.
The adoption of western and changing lifestyles in the developing countries is also driving the growth of the animal healthcare market. The countries in the Asia-Pacific region such as China and India have increased the adoption of pet animals and this supports the growth of the global animal healthcare market. The ownership of pets is considered to be a status symbol in these developing countries and pets such as cats and dogs are adopted by the people for therapeutic and psychological benefits in the country.
The increasing awareness among the people for using vaccination for pets is creating opportunities for the global animal healthcare market.
The huge investments incurred for the manufacturing of animal healthcare drugs are the major restraint observed in the growth of global animal healthcare market. Animal healthcare are used for treating and preventing infectious diseases. The vaccines and pharmaceuticals are used for keeping animals healthy. The vaccinations that are available are required for treating diseases and infections that can be harmful for the humans.
Globally, North America was the largest animal healthcare market as there is a large number of established players in the market that focus on promoting investment opportunities in the animal healthcare industry and these pharmaceutical companies are based out in U.S. The increasing trend amongst the consumers for pet is driving the demand for North American animal healthcare market.
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Asia-Pacific is expected to witness the fastest growth in the global animal healthcare market. Australia is one of the countries in this region which has the highest rate of pets. The increasing awareness related to livestock-related diseases is the key reason due to which the demand for animal healthcare is growing in this region.
Some of the major players operating in the global animal healthcare industry are Zoetis Inc., Merck & Co. Inc., Bayer AG, Virbac Group, Ceva Santé Animale, C.H. Boehringer Sohn AG & Co. KG, Elanco Animal Health, Phirbo Animal Health, Kyoritsu Seiyaku, Dechra Pharmaceuticals, China Animal Husbandry Industry Company, Nippon Zenyaku Kogyo, Hipra, Jinyu Group, Ouro Fino Saude Animal, and Vetoquinol S.A.