Animal Healthcare Market to Gain Valuation of US$ 63.2 Bn by 2028, Notes TMR Study

ALBANY, N.Y., Feb. 8, 2022 /PRNewswire/ -- The global animal healthcare market is estimated to expand at a CAGR of 7.2% during the forecast period, 2021-2028, according to a study by Transparency Market Research (TMR).

Due to improving spending power of people from several developing nations such as India and China, there is a notable growth in the trend of pet adoption. This factor is creating ample opportunities in the global animal healthcare market.

Several health conditions can lead to making animals critically ill or even death of these animals. As a result, many animal owners these days are increasing spending on medications in order to maintain the health of their animals. Furthermore, there is a significant growth in the number of veterinary clinics across the globe. These factors are driving sales in the global animal healthcare market.

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The emergence of COVID-19 pandemic has forced immense changes in the work structure of major industries, including the animal healthcare segment. Veterinarians are taking help of varied technological advancements such as telehealth and eHealth apps in order to provide healthcare services to animals. Moreover, companies operating in the animal healthcare market are focusing on maintaining sufficient stock of life-saving therapeutics, vaccines, and animal feed additives to avoid stoppages in animal treatment procedures due to the COVID-19 pandemic.

Animal Healthcare Market: Key Findings        

• Consumption of milk products and meat has increased in the recent years across the globe. Hence, possibilities of transmission of varied diseases from animals to human have also increased. Moreover, the rising trend of companionship is also leading to rise in possibilities of transfer of animal diseases to humans. These factors highlight the need for maintaining proper health of animals, which, in turn, are creating business prospects in the global animal healthcare market.

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• Many players in the global animal healthcare market are investing in R&D activities in order to discover and launch effective treatment solutions for several common health disorders in animals, including hepatitis, cholera, and other bacterial & viral diseases. This factor is fueling the expansion of the animal healthcare market.

Animal Healthcare Market: Growth Boosters

• Rise in emergence of new health disorders among animals is creating increased need for animal healthcare solutions, thereby boosting the sales growth in the animal healthcare market
• Surge in the use of technological advancements in the veterinary pharmaceutical business is propelling the market for animal healthcare

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Animal Healthcare Market: Regional Analysis

• The animal healthcare market in North America and Europe is projected to maintain their prominent position during the forecast period, owing to factors such as presence of leading players, increase in the number of animal diseases, and rise in the animal population in these regions
• The Asia Pacific animal healthcare market is prognosticated to expand at a promising pace due to surge in animal rearing and livestock production in the region. Moreover, rising focus of regional government authorities toward improving the overall healthcare infrastructure is expected to support the rapid growth of the Asia Pacific animal healthcare market during the forecast period.

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Animal Healthcare Market: Key Players

Some of the key players profiled in the report are:

• Merck & Co., Inc.
• Zoetis, Inc.
• Bayer AG
• MERIAL Limited
• Virbac SA
• Novartis Animal Health, Inc.
• Boehringer Ingelheim GmbH
• Ceva Santé Animale
• Vétoquinol SA
• Elanco Products Company

Animal Healthcare Market Segmentation

Product Type     

• Pharmaceuticals
• Feed Additives
• Vaccines

Animal Type      

• Companion Animals
• Production Animals

Region       

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Modernization of healthcare in terms of both infrastructure and services have pushed the healthcare industry to new heights, Stay Updated with Latest Healthcare Industry Research Reports by Transparency Market Research:

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