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| Animal Healthcare Market |
Animal healthcare products are specialized medical supplies used for the diagnosis, prevention and treatment of diseases in animals. These include veterinary pharmaceuticals such as vaccines, parasiticides and anti-infectives that protect animal health and prevent the spread of zoonotic diseases. Growing companion animal ownership worldwide has bolstered the demand for quality animal care products. With rising pet humanization trend, owners are increasingly willing to spare no expense for ensuring the health and well-being of their companion animals.
The global Animal Healthcare Market is estimated to be valued at US$ 50.45 Bn in 2023 and is expected to
exhibit a CAGR of 5.2% over the
forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market key trends:
The increasing companion animal ownership has been a major factor driving the
growth of the animal healthcare market over the past few years. According to
the U.S. Pet Owners Survey 2019-2020 by the American Pet Products Association
(APPA), around 85 million households own at least one pet in the country and
over 70% of all households own a pet. Growing pet humanization trend has
prompted owners to accept pets as family members and ensure their well-being
through regular healthcare check-ups and vaccination. This has significantly
boosted the demand for animal wellness, protection, hygiene, and nutrition
products.
Segment
Analysis
The global animal healthcare market is segmented on the basis of product type,
animal type and geography. By product type, the market is divided into
pharmaceuticals, vaccines, feed additives and others (medical devices and pet
food). Pharmaceuticals comprise antibiotics, parasiticides, and others
(antimicrobials, antifungal, etc.). Pharmaceuticals dominate the market as they
are widely used for treatment of diseases and infections in animals.
Key Takeaways
The global Animal
Healthcare Market Growth is expected to witness high growth over the
forecast period driven by rising animal population, growing animal health
expenditure and increasing pet humanization.
Regional analysis: The North America region currently dominates the global
animal healthcare market and is expected continue its dominance over the
forecast period. This is attributed to growing animal population, rising animal
healthcare expenditure, availability of advanced healthcare facilities and
products for animals in the region. The Asia Pacific region is expected to be
the fastest growing market for animal healthcare driven by rising animal
population, increasing awareness about animal healthcare and growing per capita
animal healthcare expenditure in developing countries of the region.
Key players
operating in the animal healthcare market are Low & Bonar PLC, Ahlstrom
Group, E. I. du Pont de Nemours and Company (DuPont), 3M Company, Polymer Group
Inc., Milliken & Company Inc., Arville Textiles Ltd., Dickson-Constant,
Baltex, and Freudenberg & Co. KG. These players are focused on new product
development and launches, geographic expansion and mergers and acquisitions to expand
their product portfolio and market share in the animal healthcare market.
For more insights, read- https://www.ukwebwire.com/animal-healthcare-market-trends-size-and-share-analysis/
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