The global market of animal healthcare is anticipated to reach $44,203.2 million by 2020, from $29,537.4 million in 2014, and witness a CAGR of 7.0% during 2015 – 2020. As per P&S Market Research, the global market is mainly propelled by increasing tendency of pet adoption. The western culture influence and changing lifestyle of people in the developing countries, such as India and China, has increased the adoption of pet animals, which 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.
The evolution of new diseases offers untapped growth 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.
The vaccines segment is expected to grow fastest, with a CAGR of 6.1%, during 2015 – 2020 in the global animal healthcare market. As the population of pets is increasing, the animal bite cases have also gone up, thus increasing the chances of disease transfer to human population. This concern has acted as a support to the growth of the vaccines market.
Some of the transmissible diseases, such as zoonosis, in vertebrate animals can be transferred indirectly or directly to humans. If consumers digest worm through undercooked or raw infected fish, then they can get infected through anisakiasis. The increasing prevalence of zoonotic and food borne diseases has raised the concern of animal farm owners, and pet owners regarding the health of their animals. In the U.S. and other countries, brucellosis (bacterial infection) is increasing and it can cause still birth or abortion in animals. The bacterial infection generally affects goats and livestock animals, such as cows and sheep.
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.
News Courtesy: P&S Market Research