SELLBYVILLE, Delaware, Jan. 13, 2020 /PRNewswire/ -- Global Market Insights, Inc. has recently added a new report on veterinary healthcare market which estimates the global market valuation for animal healthcare will surpass US$ 172 billion by 2025. Increasing expenditure on veterinary healthcare will drive market growth over the analysis timeframe.
Favorable government initiatives and increasing support for pet care across the globe is projected to propel veterinary healthcare market growth during the analysis period. Various private and government organizations worldwide are working for the development of animal healthcare sector. The U.S. government introduced Feed the Future initiative, that provided training to public as well as private animal health workers. Additionally, this initiative delivered breeding programs, and worked for generating business opportunities for privately held slaughterhouses in the U.S. Hence, various such initiatives are undertaken globally to ensure animal safety and promote veterinary healthcare that boosts the industry growth.
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Veterinary healthcare market is classified into different segments such as pharmaceuticals, medical devices and veterinary services. Pharmaceuticals segment was valued over USD 29 billion in 2018 and is expected to show lucrative growth during the analysis timeframe. Pharmaceuticals segment is bifurcated into drugs, vaccines and medicated feed additives. Drugs for animal health play a vital role as it maintains animal welfare, minimizes the risk of parasitic zoonoses and protects animal health. Also, these drugs are easy to administer that augments the overall business growth.
Animal type segment covers companion animals and livestock animals. Companion animals segment is anticipated to witness around 60% revenue share over the coming years. Availability of companion animal medicines for effective animal health outcomes further enhances the segmental progress. Additionally, companion animals are living longer due to surged focus on healthcare and rise in pet ownership. Hence, above-mentioned aspects prove beneficial for the veterinary healthcare market growth.
Distribution channel segment is bifurcated into pharmacies, online and distributors. Distributors segment was valued over USD 57 billion in 2018. Factors like strong geographical network and wide range of services and product portfolio offered by distributors contribute to the segmental growth.
Europe veterinary healthcare market is projected to witness more than 4% CAGR owing to rising burden of animal illnesses. The regional growth is attributed to surging healthcare expenditure on companion animals along with strong foothold of prominent players in Europe. Furthermore, different associations have undertaken strategic initiatives to provide education regarding animal health amongst European population that enhances the regional growth.
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Some major findings of the veterinary healthcare market report include:
- Veterinary healthcare market is driven by rising pet and livestock animal populations along with increasing awareness regarding animal health.
- Number of pet adoption has widely surged for companionship that will foster the business expansion.
- Rising livestock animal populations and demand for drugs to manage health conditions as well as to maximize milk and meat production will boost the animal healthcare business growth.
- Growing demand for online veterinary pharmacies in the developed regions to effectively diagnose animal health will spur industry expansion.
Some of the notable industry players operating in the veterinary healthcare market are Elanco, Boehringer Ingelheim, Bayer, Neogen, Dechra Pharmaceuticals, IDEXX Laboratories, Merck, Zoetis, B. Braun Vet Care and Medtronic. The business players have undertaken several organic and inorganic growth strategies to withstand market competition. For instance, in July 2018, Bayer Animal Health patterned with Mitsui Chemicals Agro, for the development of advanced parasiticides for companion animals. This partnership expanded product portfolio of the firm.
Partial chapters from report table of contents (TOC):
Chapter 2. Executive Summary
2.1. Veterinary healthcare market industry 3600 synopsis, 2014 - 2025
2.1.1. Business trends
2.1.2. Product trends
2.1.3. Animal type trends
2.1.4. Distribution channel trends
2.1.5. Regional trends
Chapter 3. Veterinary healthcare market Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2014 - 2025
3.3. Industry impact forces
3.3.1. Growth drivers
184.108.40.206. Increasing pet adoption for companionship among the elderly population
220.127.116.11. Increasing government support for pet care across the globe
18.104.22.168. Growing demand for online veterinary pharmacies in the developed regions
3.3.2. Industry pitfalls & challenges
22.214.171.124. High cost associated with animal healthcare drugs in low-middle income countries
3.4. Growth potential analysis
3.4.1. By product
3.4.2. By animal type
3.4.3. By distribution channel
3.5. Porter's analysis
3.6. Competitive landscape, 2018
3.6.1. Competitive matrix analysis, 2018
3.7. PESTEL analysis
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Browse Related Report:
Animal Drugs Market Statistics, 2019-2025
According to the GMI report, animal drugs market value exceeded USD 29 billion in 2018 and is expected to cross USD 41.2 billion by 2025, with a CAGR of over 4.9%.
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