NEW YORK, March 9, 2016 /PRNewswire/ --
The global animal healthcare market is expected to increase from $29,537.4 million in 2014, and reach $44,203.2 million by 2020, with a CAGR of 7.0% during 2015 - 2020. The global animal healthcare market is mainly driven by increasing trend of pet adoption. The adoption of western culture and changing lifestyles in the developing countries, such as India and China, has increased the adoption of pet animals, which in turn is supporting the growth of the animal healthcare market. Pet ownership is one of the major status symbols observed in the developing countries. Cats and dogs are adopted by the people for psychological and therapeutic benefits. India animal healthcare market is expected to witness fastest growth, with a CAGR of 10.1% during 2015 - 2020. The booming trade of meat products and increasing meat consumption has led to upsurge in the production animal's population within the region. There has been a considerable growth in zoonotic diseases, due to the upsurge in the animal population, which has supported the growth of the animal healthcare market in the region.
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The evolution of new diseases offers untapped opportunities for the animal healthcare market. To find enhanced solutions for the prevailing and new diseases, the companies in the animal healthcare market are increasing their research and development activities. As the prevention drugs are not available in the market, the recently diagnosed diseases acts as threat for the owners of animal farm. Under such circumstances, they have to follow the natural method of stopping the disease from spreading, as suggested by the veterinarians and the animal health boards. One such disease is porcine epidemic diarrhea virus (PEDV), which is caused by corona virus. It leads to infection in the cell lining within the small intestine of pigs.
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The major companies operating in the global animal healthcare market include Zoetis Inc., Merck & Co. Inc., Merial Limited, Bayer AG, Virbac SA, Ceva Sante Animale S.A., Boehringer Ingelheim GmbH, Elanco Animal Health Inc., and Vetoquinol S.A.
ANIMAL HEALTHCARE MARKET SEGMENTATION
Animal Healthcare by Product
- Feed Additives
Animal Healthcare by Animal Type
- Companion Animals
- Production Animals
Animal Healthcare Market by Region
- North America
- The U.S.
- Rest of North America
- The U.K.
- Rest of Europe
- Rest of Asia-Pacific
- Rest of the World (ROW)
Browse Ongoing Research by P&S Market Research
Animal Feed and Feed Additives Market - https://www.psmarketresearch.com/market-analysis/animal-feed-and-feed-additives-market
Animal Antimicrobials and Antibiotics Market - https://www.psmarketresearch.com/market-analysis/animal-antimicrobials-and-antibiotics-market
Animal Vaccines Market - https://www.psmarketresearch.com/market-analysis/animal-vaccines-market
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