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Animal Healthcare Market to Register Substantial Expansion by 2024

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TMR prophesies the global animal healthcare market to attain a valuation of US$41.9 bn by the completion of 2019.

ALBANY, NEW YORK, UNITED STATES, September 11, 2020 /EINPresswire.com/ -- The global animal healthcare market is prognosticated in a report by Transparency Market Research (TMR) to bear a fragmented nature for its vendor landscape as top 10 players accounted for an aggregate share of less than 75.0%. In the past few years, the market has seen several joint ventures and mergers and acquisitions that justified its highly volatile characteristic. However, with rising consolidation observed in the market, the intensity of competition could mellow down in the coming years. Some of the leading players profiled in the report are Virbac S.A., Ceva Sante Animale S.A., Boehringer Ingelheim Gmbh, Elanco Products Company, and Vetoquinol.

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TMR prophesies the global animal healthcare market to attain a valuation of US$41.9 bn by the completion of 2019. In terms of product, the market could find feed additives securing a lion’s share by the same year. By region, North America is projected to dominate the market with its larger share.
Transfer of New Animal Diseases to Humans Raises Eyebrows, Augments Demand

Rising population of production and companion animals is anticipated to strengthen the demand in the world animal healthcare market. Companion animals are adopted as office or house guards and, of course, for companionship. Companion animals could also be adopted as part of therapies to reduce depression, loneliness, and other diseases as well. In some studies, pet ownership is researched to help reduce incidence of heart disease, control stress levels, and even lower blood pressure. Production animals, on the other hand, are raised or adopted mostly for producing milk and meat-related products.

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The world animal healthcare market is forecasted to gain impetus on the back of the need to control new animal diseases. In the recent years, consumption of animal products such as meat and milk has been proved to be critical for the transfer of diseases from animals to humans. In this regard, demand for animal healthcare is envisaged to increase significantly.

Protests of Animal Organizations against Animal Research Put Market on Back Foot

The international animal healthcare market is envisioned to see its growth propelled with the rise of aforementioned positive factors. However, there could be certain challenges that it needs to tackle for maintaining its growth for an extended period of time. Animal institutions and activists protesting against animal research and enactment of legislation not in the favor of animal researchers are predicted to arrest market growth in the near future. Furthermore, implementation of regulations that restrict excessive use of antibiotics in production animals could put additional pressure on animal healthcare companies.

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However, growing concerns related to animal diseases and their transfer to humans, considering increasing consumption of meat products, are envisioned to improve animal healthcare demand during the course of the forecast period. Moreover, swelling expenditure on animal healthcare in the farming industry could create rewarding opportunities in the global market.

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The information presented in this review is based on a TMR report, titled “Animal Healthcare Market (Product - Feed Additives, Pharmaceuticals, and Vaccines; Animal - Companion Animals and Production Animals) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2019.”

Mr Rohit Bhisey
Transparency Market Research
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