According to Custom Market Insights (CMI), The Global Animal Healthcare Market Size was valued at USD 44.76 billion in 2021 and is estimated to reach USD 94.8 billion by the end of 2030 at a CAGR of approximately 10.7% during the forecast period 2022-2030. The emergence of several animal diseases has boosted the need for better animal healthcare facilities. In addition, the increasing demand for animal products and protein among the people has also helped the market to record considerable revenue over the period.
Browse the full “Animal Healthcare Market Size, Trends and Insights By Animal Type (Companion animal, Production animal), By Product (Pharmaceuticals, Vaccines, Medical feed additives, Equipment and disposables, Diagnostics, Others), By Distribution Channel (Ecommerce, Retail, Veterinary hospitals and clinics), By End User (Reference laboratories, Veterinary hospitals and clinics, Point of care testing, Others), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030” report at https://www.custommarketinsights.com/report/animal-healthcare-market/
Market Dynamics
Drivers
The rapidly increasing demand for various animal products among people has boosted the market for animal healthcare to a great extent. The vast number of benefits obtained from animal products have also made people aware of them, and hence a considerable demand is experienced in the market. In addition, the rapidly increasing number of animal diseases has boosted the need for better healthcare facilities to prevent the spread of diseases in society.
The increasing number of research and development programs carried out by the key market players to introduce modern medicines that have a better effect on the health of the animals with minimum side effects has boosted the animal healthcare market economy. These multiple reasons have emerged as the driving forces for the growth of the animal healthcare market during the forecast period.
Restraints
The government has imposed several restrictions regarding the use of animal products to safeguard the extinction of various animals worldwide. Multiple rules and regulations have been set regarding hunting and manufacturing animal products to protect them from death and rapid climate change.
Lack of animal health and safety awareness has considerably hampered the market’s growth. In addition, the high cost associated with the use of animal products has also hindered the development of the need to a great extent. These multiple reasons have merged as the strains for the growth of the animal healthcare market during the forecast period.
Opportunities
The increasing disposable income available to the people has enabled them to make proper expenditures on the healthcare system of animals. Moreover, the growing demand for better animal products with various benefits has dramatically boosted the animal healthcare market.
Various pharmaceutical products obtained from animals have also boosted the demand for better healthcare facilities for animals. In addition, vaccines have been introduced into the market to prevent various animal diseases, which has increased the need considerably. These multiple reasons have emerged as the growth factors for the animal healthcare system during the forecast period.
Challenges
The high cost associated with healthcare facilities for animals has emerged as a significant challenge for the growth of the animal healthcare market. Furthermore, the lack of facilities for animal healthcare in rural areas has emerged as a substantial obstacle to the market’s growth during the forecast period. In addition, the government has banned several drugs to prevent the various side effects that have been observed over some time.
Report Highlights
Based on animal type, the segment of production animals has emerged as the largest market due to the vast number of products obtained from these animals. In addition, the popularity of the benefits obtained from such animals has boosted the demand for production animals in the market. Based on Product, the segment of pharmaceuticals has emerged as the largest market due to the extensive use of the various medicinal products obtained from animals.
The various medicines used to treat several animal diseases have considerably boosted this segment. Based on end-user, hospitals and clinics have emerged as the largest segment due to the increasing demand for modern healthcare facilities for animals. In addition, the availability of numerous services under a single roof has made this segment very popular among animal owners.
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Regional Snapshots
The region of North America has emerged as the largest market for animal healthcare due to the extensive use of modern technology for various services and diagnoses, which helps the physician decide on a suitable line of treatment with modern medicines. In addition, increasing demand for technological advancement and advanced therapies for animal healthcare has boosted the economy for animal healthcare to a great extent.
Key Players
- Merck Animal Health
- Vetoquinol S.A.
- Zoetis
- Ceva Santé Animale
- BoehringerIngelheim GmbH
- IDEXX
- Heska Corporation
- Virbac
- Elanco
- B.Braun Vet Care
- Televet
- Mars Inc.
- Covetrus
- DRE Veterinary
- Phibro Animal Health Corporation
- Dechra Pharmaceuticals PLC
- Thermo Fisher Scientific Inc.
- IDVet
- Bimeda Inc.
- Midmark Corporation
Table of Contents: https://www.custommarketinsights.com/report/animal-healthcare-market/#table-of-contents
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