(I-BusinessNews.Com, October 18, 2019 ) Market Overview:
Veterinary Healthcare includes veterinary services, animal medicine and Veterinary Medical Equipment. Veterinary medicine can be defined as the science associated with diagnosis, treatment and prevention of diseases in animals. The increasing importance for the production of Livestock Animals is generating growth in the veterinary healthcare market.
The Veterinary Healthcare Market is growing due to several factors such as, increasing incidence of zoonotic diseases, rising awareness towards animal health, technological advancements in animal healthcare diagnostics and increasing government initiatives from global veterinary medical association. For instance, in April 2019, CVM launched the Center for Veterinary Business and Entrepreneurship (CVBE), a new inter-disciplinary program intended to spur research, training and outreach in veterinary business to improve animal healthcare.
The veterinary healthcare market is growing due to increasing initiatives from governments and animal welfare associations globally.
However, high costs of veterinary services and animal testing, lack of infrastructure and funding and use of counterfeit medicines are hindering the growth of veterinary healthcare market globally. Also, restrictions imposed by regulatory bodies against the excessive use of antibiotics in animal’s production and protest of activists against the animal research are hampering the market growth.
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By product, the Veterinary Healthcare Market is segmented into therapeutics and diagnostics tools. Among these, the therapeutics is growing at a highest CAGR during the forecast period (2019-2026). The therapeutics market is further segmented into vaccines, parasiticides, medicinal feed additives, nutritional feed additives, anti infectives, and others. Recent advances in technologies and the improved understanding of pathogenicity, immunology and epidemiology have opened new opportunities for preventing infectious diseases at an unprecedented level.
By animal type, companion animal is expected to hold the significant market share during the forecast period due to rising pet ownership along with increased consumer awareness of health issues affecting pets in the developed countries. According to the American Pet Products Association, 68% of U.S. households have a pet. More than 60 million households have dogs, while 47 million have cats. Growing companion animal care expectations and demand also plays an important role in development and growth of companion animal healthcare market.
By geography, the market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA).
North America holds the dominant market share for Veterinary Healthcare in 2018, and it is expected to maintain the growth over the forecast period. The United States holds the largest market share of about 70% of the North America companion animal health market due to increasing number of pet ownership, growing advancement in animal healthcare facilities, and rising animal healthcare expenditure.
Some of the major players in the Veterinary Healthcare Market are: MSD animal health, Novartis International AG, Bayer Healthcare, Cargill Inc., Merck Ltd., Boehringer Ingelheim International GmbH, Ceva Animal Health Inc., Zoetis Animal Healthcare, Elanco Animal Health, and Phibro Animal Health.
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