The animal
healthcare market is registering impressive growth in the global
arena. In 2013, the market stood at US$27,861.2 million. From 2014 to
2019, analysts expect this market to rise at a CAGR of 7.1% to reach
US$41,929.1 million by 2019. The demand for proper animal healthcare
is on the rise nowadays owing to growing consumer awareness and
increase in the consumption of animal products across the globe.
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Research Report of Animal Healthcare Market :
High Cost of
Animal Testing to Hamper Market Growth
The rising trend of
adopting pets in middle and upper middle class demographics, coupled
with the growing prevalence of food-borne and zoonotic disorders, is
adding to the growth of the global animal healthcare market.On the
other hand, regulatory authorities in several economies have imposed
strict rules regarding the usage of drugs on animals, which is
impacting the sales of antibiotics and limiting the growth of the
animal healthcare market. Further, the high costs associated with
animal testing are restricting the scope of companies working in the
animal healthcare market to research and develop new and innovative
drugs. However, occurrence of unidentified diseases at regular
intervals presents untapped opportunities for major players in the
animal healthcare market.
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Feed Additives:
Leading Animal Healthcare Market
The market for feed
additives leads the global animal healthcare market, surpassing the
other two market segments: pharmaceuticals and vaccines. Although the
feed additives market is developing on account of the rise in the
population base of production animals, the main driving forces behind
the growth of the markets for pharmaceuticals and vaccines are the
increase in the prevalence of communicable diseases in animals and
the rising awareness pertaining to the benefits of vaccination of
animals against diseases. This is expected to help the other two
segments register steady growth during the forecast period.
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Release of Animal Healthcare Market :
http://www.transparencymarketresearch.com/pressrelease/animal-healthcare-industry.htm
North America: To
Maintain Dominance among Regional Animal Healthcare Markets
The global animal
healthcare market was led by North America in 2013. The region
accounted for a 31.7% share that year, followed by the animal
healthcare markets in Europe and Asia Pacific. Analysts expect the
regional market in North America to maintain its dominance over the
period from 2014 to 2019, but the market in Asia Pacific is projected
to take up a significant share in the market, resulting in a decline
of the market share of North America.
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Animal Healthcare Market :
Historically, the
animal healthcare market in Asia Pacific showed the highest growth
rate during the period of 2010-2013, on account of the growing
population of both companion and production animals. Increasing
income levels, particularly the growth in disposable income of the
average consumer in India and China, are giving rise to the trend of
pet adoption among the middle-class customers in these economies,
presenting an opportunity market for players in the animal healthcare
industry.
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The global market
for animal healthcare is extremely competitive but moderately
consolidated, with Zoetis Inc., MERIAL Ltd., Merck & Co., Inc.,
Bayer AG, Virbac SA, Novartis Animal Health Inc., Ceva Santé
Animale, Elanco Products Co., Boehringer Ingelheim GmbH, and
Vétoquinol SA as the major players operating in this market. These
top 10 players jointly account for 75% of the overall animal
healthcare industry.
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