Dublin, Feb. 06, 2019 (GLOBE NEWSWIRE) -- The "Animal Healthcare Market by Product, by Animal Type, Distribution Channel, by Geography - Global Market Size, Share, Development, Growth, and Demand Forecast, 2013-2023" report has been added to ResearchAndMarkets.com's offering. Animal healthcare market is expected to reach $42,926.7 million by 2023, the growth in the market can be attributed to the increasing consumption of milk and meat, rising adoption of companion animals, and increasing prevalence of food-borne zoonotic diseases. Based on product, the market is classified into feed additives, vaccines, anti-infectives, anti-inflammatories, parasiticides, and others, wherein others include oncological and antiemetic products, drugs for reproductive problems, and sedatives for pain relief. Among these, the category of feed additives held the largest share in the animal healthcare market in 2017. Increasing consumption of animal-derived products and rising feed production are the key factors driving the market growth of this category. Based on animal type, the animal healthcare market is categorized into farm animals and companion animals. Of these, farm animals held a larger revenue share, of over 55%, in the market in 2017. This can be majorly attributed to the increasing adoption of farm animals to fulfil the demand for animal-based food products across the globe. According to Animal Matters, a volunteer-run organization promoting animal welfare, approximately 70 billion farm animals are reared for food every year, globally. Further, in the U.S., an estimated 2.2 million sheep and lambs and 1.5 million goats are slaughtered for meat every year. Based on distribution channel, the market is classified into veterinary hospitals, veterinary clinics, pharmacies and drug stores, and others, wherein others include online and retail stores. Of these, veterinary hospitals held the largest share in the global animal healthcare market in 2017. As compared to veterinary clinics, veterinary hospitals provide complete animal healthcare services for animals, including accommodation and nursing care, due to which a large number of pet owners prefer taking their animals to these hospitals. Geographically, the animal healthcare market is projected to witness the fastest growth in APAC during the forecast period. China is anticipated to be the fastest-growing market globally during 2018-2023, followed by India and Brazil. Growing livestock population and increasing demand for animal-source food products are some of the key factors driving the market in the country. Also, China was the world's largest livestock producer and consumer in 2016, with more than 400 million cattle, sheep, and goats. Increasing prevalence of food-borne zoonotic diseases has raised concerns among farm owners and pet owners over animal healthcare. Brucellosis (a type of bacterial infection), which causes stillbirth or abortion in animals, is increasing especially in the U.S. The bacterial infection generally affects goats and livestock animals, such as cows and sheep. With increasing animal population and rising incidence of diseases in animals, there has been a rise in the development of medicines for inhibiting the growth of diseases in animals. A lot of animal diseases are reported every year, which offer opportunities to companies in the animal healthcare market for product development. Diseases such as the Nipah virus (NiV) infection, melioidosis, bluetongue, and porcine reproductive and respiratory syndromes are commonly reported in animals. Hence, companies in the market are actively working toward the development of medicines that would help reduce the spread of such diseases. The intensity of rivalry among players in the animal healthcare market is moderate. Most of the major players are actively focusing on partnerships, and mergers and acquisitions to meet the growing demand in the emerging market. Market Dynamics Trends
- Increasing number of public private partnerships (PPP) for prevention of animal diseases
- Increasing use of IoT for animal health monitoring
Drivers
- Increased consumption of milk and meat
- Rising adoption rate of companion animals
- Increasing prevalence of food-borne zoonotic diseases
- Impact analysis of drivers on market forecast
Restraints
- Restrictions imposed by regulatory authorities on the use of antibiotics
- Impact analysis of restraints on market forecast
Opportunities
- Discovery of diseases in animals offers lucrative opportunities to manufacturing companies
Companies Mentioned
- Zoetis Inc.
- Merck & Co. Inc.
- C.H. Boehringer Sohn AG & Co. KG
- Bayer AG
- Ceva Sant Animale
- Elanco Animal Health
- Vetoquinol S.A.
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