According to the
report, the animal healthcare market is stimulated by the rising
consumption of milk and meat around the world. In addition, the
rising prevalence of zoonotic and food-borne diseases and their
transfer to human beings through consumption of animal products is
also propelling the growth of the market. Furthermore, the growing
trend of pet adoption is also augmenting the growth of the animal
healthcare market. On the other hand, a number of restrictions posed
by regulatory authorities have negatively impacted the sales of
antibiotics within the animal healthcare market, thus inhibiting the
market.
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In addition, soaring
costs and rising regulations on animal testing have impeded a number
of healthcare companies from manufacturing new drugs for animal
welfare, thus restraining the growth of the market. A key challenge
for the market is the decreasing population of veterinarians, while
the emergence of new diseases provides untapped opportunities for the
growth of the market for animal healthcare.
On the basis of
animal type, the report segments the market into production animals
and companion animals. Production animals are raised for milk and
meat and related products, while companion animals are adopted for
companionship and/or protection. On the basis of product, the report
segments the market into pharmaceuticals, vaccines, and feed
additives.
Feed additives held
the largest share in the market in 2014 due to the swiftly growing
animal population. On the other hand, the segments of pharmaceuticals
and vaccines are predicted to grow exponentially in forthcoming years
due to the increasing occurrence of animal diseases and the rising
focus on animal immunization.
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Pharmaceutical
products in the animal healthcare market include ectoparasiticides,
endoparasiticides, endectocides, anti-inflammatories, antibiotics,
and medicines for curing reproductive problems. Feed additives are
further segmented into medicinal feed additives and nutritional feed
additives. Nutritional feed additives are given to production animals
for ensuring their optimal growth.
Nutritional feed
additives include minerals, vitamins, and amino acids. On the other
hand, medicinal feed additives target particular types of diseases in
companion and production animals. Medicinal feed additives include
enzymes, hormones, probiotics and prebiotics, immune modulators, and
feed acidifiers.
Geographically, the
report segments the market into Europe, Asia Pacific, North America,
and Rest of the World (RoW). Amongst these, North America held the
largest share in the market for animal healthcare in 2014.As stated
in the report, the prime players operating in the market are Elanco
Products Company, Vetoquinol, Boehringer Ingelheim Gmbh, Virbac SA,
Ceva Sante Animale, Novartis Animal Health Inc., Merial Ltd., Bayer
AG, Zoetis Inc., and Merck & Co. Inc., among others.
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