Animal Healthcare Market Growing at a significant CAGR of 5.1% during the foreca
Posted by Shristi on November 4th, 2019
“The Global Animal Healthcare Market was valued around US$ 32 Bn by 2018 and growing at a significant CAGR of 5.1% over next seven years 2019-2025 due to favorable government initiatives to promote animal healthcare practices”
The global animal healthcare market accounted for US$ 32 Bn in 2018 and burgeoning over the forthcoming years. Favorable government initiatives to promote animal healthcare practices, adoption of diverse types of pets, increasing prevalence of food-borne zoonotic diseases, rising disposable income together with the need for companionship and entertainment in urban societies, growing animal healthcare awareness and growing animal healthcare awareness are some key factors fostering the market growth. However, factors such as restrictions imposed by regulatory authorities on the use of antibiotics and declining veterinarian population are hampering the market growth.
Global animal healthcare market segmented on the basis of product type, animal type, dosage form, distribution channel and region.
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Feed additives dominate the Global Animal Healthcare Market
Based on product type, global animal healthcare market is segmented into drugs, drugs for chronic diseases and feed additives. Feed Additives held considerable market growth during estimated period. Feed additives form an important part of animal nutrition, which improve the feed quality, yield & quality of food from animal origin, and animal health. Feed additives represent various classes of molecules, compounds, or organisms that promote ingestion, absorption, assimilation of nutrients, growth, and health. Additives do not meet any nutritional requirement. Medications or additives that prevent or treat disease are considered drugs and are highly regulated in animal feed products by the U.S. Food and Drug Administration (FDA) or by similar agencies in other countries.
North America Leads the Global Animal Healthcare market
PBI’s global animal healthcare market report analyses the market in different regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. According to regional analysis. North America accounted for larger revenue share in global animal healthcare market with considerable CAGR. The growth in this region is owing to the presence of big pharmaceutical companies in the region, rising incidences of animal disease and huge animal population both milch and meat cattle. Also, Asia Pacific held substantial growth during the estimated period owing to higher disposable income to keep companion animals.
Strategic Collaborations are the Key Strategies Adopted by Market Players
Global animal healthcare market further reveals that the key players increasingly adopting strategies such as launch of newer products, frequent product approvals, and long term alliance to improve market revenue share and gaining significant geographic presence across the region. For Instance, In January 2017, Jaguar Animal Health collaborated with Elanco Entered for development and co-promotion of Canalevia, a Jaguar’s drug product candidate under investigation for treatment of acute and chemotherapy-induced diarrhea (CID) in dogs
Key player’s profiles in the report are Boehringer Ingelheim Gmbh, Zoetis Inc., Elanco, Merck & Co. Inc., Bayer Animal Health, Virbac SA, Ceva Sante Animale, Vetquinol SA.
For More Information @ https://www.precisionbusinessinsights.com/market-reports/global-animal-healthcare-market/
Precision Business Insights (PBI) in its report titled “Global Animal Healthcare Market: Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2014-2018 and Forecast 2019-2025” assesses the market performance over seven years forecast period over 2019-2025. The report analyses the market value forecast and provides the strategic insights into the market driving factors, challenges that are hindering the market revenue growth over forecast period. Moreover, the report also includes the total revenue and volume for the market.
By Product Type
By Animal Type
By Dosage Form
By Distribution Channel
Middle East and Africa (MEA)
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About the AuthorShristi
Joined: September 17th, 2019
Articles Posted: 60
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