Animal healthcare is important for maintaining the well-being of animals. Poor animal healthcare not only puts the health of animals at risk but also leads to lower production and financial losses. Sound animal healthcare programs can help set the ideal environment where optimal care is provided to animals.
Drivers for Animal Healthcare Market
Today, there is greater understanding about the importance of animal healthcare. Pharmaceutical companies, veterinarians, and other animal healthcare professionals are working on providing the best possible care to animals. Animal well-being is closely linked to the financial output of a farm, or in a broader sense, the economic activity of a region. Due to this, there is an increased emphasis on animal healthcare.
Increasing zoonotic diseases is another factor that has brought back the focus on preventive healthcare. Farm owners now have a greater understanding of how preventive healthcare helps in early detection and treatment of certain diseases. Advances in technology and development of new drugs has made it possible to treat animals in an adequate manner.
Animal Healthcare Market Forecast
According to the research conducted by Future Market Insights on the global animal healthcare market, rising demand for meat, eggs, and dairy products will drive this market. Globally, consumers have become more aware about the food they eat. Demand for organic food products and those that use natural food colours has increased in the recent past, and according to estimates, it will only witness further growth in the future as well. The emphasis on eating healthy foods has prompted farm owners and food processors to pay attention to animal healthcare.
The global animal healthcare market was estimated to be worth US$ 32 Bn in 2014. Taking the above mentioned drivers, and other macroeconomic factors into account, it is projected that the animal healthcare market will witness a CAGR of over 5% between 2014 and 2020. According to FMI’s analysis, the animal healthcare market will be worth US$ 43 Bn by 2020. In other words, the market value of animal healthcare market will grow by US$ 11 Bn till 2020.
Animal Healthcare Market: Application Analysis
A major part of animal healthcare involves the use of feed additives to ensure that animals get all the necessary nutrients in their daily diet. Feed additives become a really important source of nutrients for animals, especially in farms where the quality of food is not up to the market. According to the research conducted by Future Market Insights, the feed additives segment was worth US$ 15 Bn in 2014, and had a share of approximately 47% in the product-type segment of the global animal healthcare market.
Other product-type segments of the global animal healthcare market include pharmaceuticals and vaccines. While pharmaceutical segment had a 37% market share in 2014, vaccine segment was worth US$ 5.2 Bn in 2014. According to FMI’s analysis, the vaccine segment will witness a CAGR of nearly 5% to reach a valuation of US$ 7 Bn by 2020.
Animals are primarily raised for meat, poultry, eggs, and milk (production animals); however, with the increasing humanisation trend making inroads around the world, the number of companion animals has also witnessed an increase. The production animal segment was valued at US$ 21 Bn in 2014 and according to FMI’s estimate, it will witness a CAGR of approximately 5% through 2020. On the other hand, the companion animal segment, which was worth US$ 11 Bn in 2014, is anticipated to witness a relatively higher CAGR of 5.2% through 2020 and reach a valuation of US$ 15.2 Bn.
Animal Healthcare Market: Regional Outlook
Europe and North America were the most lucrative markets for animal healthcare market with a share of 63%. Although these two regions will continue to be the key regions in the future as well, their market share is projected to decrease to 61.4% by 2020, owing to the growth of the market in the Asia Pacific region. Asia Pacific region has the dominant share in production of animal meat, and it is anticipated that the demand for feed additives will be robust from this region. On the other hand, pervasiveness of humanisation trend in North America and Western Europe will create the demand for pharmaceuticals and vaccines for companion/pet animals.
Browse Full: "Animal Healthcare Market: Global Industry Analysis and Opportunity Assessment 2015 - 2020" Market Research Report at http://www.futuremarketinsights.com/reports/details/animal-healthcare-market
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