More Animals Being Adopted as Companions Around the Globe
image courtesy of Jowanna Daley from Pixabay
Key factors driving global market revenue growth are high prevalence of various zoonotic and food-borne diseases and infections, increasing research and development activities in veterinary medicine, and favorable government initiatives.
Animal health involves taking care of animals with timely vaccinations, routine health checkups, and veterinary care visits. Animals have been widely used for agricultural processes, livestock farming, and as pets across the globe for many centuries. However, these animals are prone to various diseases and infections.
Animal owners have become aware of importance of maintaining animal health by performing routine tests for early detection of diseases and treatment. Along with this, many public and private organizations have focused on offering better treatment facilities, and funding research laboratories working on animal diseases and zoonotic diseases.
Various market players are focusing on developing cost-effective animal healthcare products. Revenue growth of global market is attributed to factors such as increasing penetration of internet and e-commerce, increasing number of veterinarian clinics and hospitals across the globe, and rising investments in research and development activities.
However, stringent government norms regarding approval of animal drugs and lack of awareness about animal health, and improper dosage of antibiotics and parasiticides in many underdeveloped countries are some key factors expected to hamper global market revenue growth during the forecast period.
Some key highlights of the report:
Among the product type, the diagnostics segment is expected to register fastest revenue CAGR over the forecast period owing to increasing prevalence of various diseases in animals, increasing animal healthcare expenditure, increasing number of veterinary clinics and hospitals equipped with latest diagnostic equipment and procedures.
Based on animal type, the companion animal segment is expected to register rapid revenue CAGR between 2021 and 2028 owing to factors such as increasing adoption of pets for companionship across the globe, improving veterinary services, and rising awareness about pet health and routine health checkup. In addition, public and private funding for veterinary research and government initiatives to support pet care globally are driving revenue growth of the segment.
Based on end use, the veterinary hospitals and clinics segment is expected to account for largest revenue share during the forecast period owing to improving animal healthcare infrastructure, rising incidence of various infections and illnesses in animals, increasing number of routine testing, and availability of latest treatment and diagnostic facilities in many veterinary clinics and hospitals.
Europe is expected to register steady revenue growth over the forecast period owing to factors such as increasing adoption of companion animals across the region, high consumption of animal-based products, increasing prevalence of animal diseases, availability of advanced diagnostic and treatment services.
Asia Pacific market revenue is expected to expand at a rapid CAGR of 10% during the forecast period owing to high prevalence of various zoonotic diseases, increasing adoption of pets such as dogs and cats among the elderly population and children, rapid urbanization, and increasing disposable income. In addition, increasing awareness about pet and animal health, routine checkup and testing, and availability of latest animal healthcare products and diagnostic equipment are fueling Asia Pacific’s market growth.
Zoetis Inc., Ceva Santé Animale, Merck Animal Health, Vetoquinol S.A., Boehringer Ingelheim International GmbH, Bayer AG, Virbac, Heska, Nutreco N.V., Novartis International AG, Elanco Animal Health Inc., Biogenesis Bago S.A., Thermo Fisher Scientific, Dechra Pharmaceuticals Plc., and Tianjin Ringpu Biotechnology Co Ltd. are some key companies operating in the global animal health market.