Animal Healthcare Market

SEATTLE, UNITED STATES, UNITED STATES, February 7, 2022 /EINPresswire.com/ -- New Research Study "Animal Healthcare Market 2022 analysis by Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges and Investment Opportunities), Size, Share and Outlook" has been added to Coherent Market Insights.

According to 2017-2018 U.S. Pet Ownership & Demographics Sourcebook of American Veterinary Medical Foundation (AVMF), 38.4% of household in the U.S. owned dogs compared to 36.5% in 2012. Such rise in adoption of pet and companion animals is driving growth of the animal healthcare market.

The recent pandemic of COVID- 19, which is reportedly linked to a large seafood and animal market is expected to lead to low consumption of meat, thereby hindering growth of the global animal healthcare market. For instance, as of March 31, 2020, COVID-19 led to 786, 063 cases and 37, 826 deaths, according to Worldometer.

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Production Animal market segment was valued at US$ 26,374.5 Mn in 2019 and is forecast to reach a value of US$ 39,159.9 Mn by 2027 at a CAGR of 5.1% between 2019 and 2027. The growth of the segment is attributed to growing consumption of meat, milk and other animal byproducts.

Feed additives segment held dominant position in the global animal healthcare market in 2019, accounting for 49.2% share in terms of value, followed by pharmaceuticals, respectively. Growing demand for protein from animal source, coupled with growing strategic partnership for development of nutritionals products for animals is projected to drive the feed additive segment during the forecast period

Growing expenditure on per animal in the U.S. is expected to support growth of the market. For instance, according to 2017-2018 U.S. Pet Ownership & Demographics Sourcebook of American Veterinary Medical Foundation (AVMF), the veterinary expenditure per animal in the U.S. was US$ 227 in 2012, which increased to US$ 253 in 2017-2018.

Growing demand for specialty and exotic animals as pets is also projected to support growth of the market. For instance, according to 2017-2018 U.S. Pet Ownership & Demographics Sourcebook of American Veterinary Medical Foundation (AVMF), the number of rabbits per 1,000 households in the U.S increased from 1,408 in 2012 to 1, 534 in 2017-2018.

March 2020: Cadila Healthcare approved the transfer of its animal healthcare business on a going concern basis to its wholly-owned arm Zydus Animal Health and Investments Ltd (ZAHL) as part of its internal restructuring exercise

2018: Boehringer Ingelheim launched LastMile program in partnership with Global Alliance for Livestock Veterinary Medicines (GALVmed) to respond to critical challenges in animal health of sub-Saharan Africa region

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➡Compares data from North America, South America, Asia Pacific Europe and Middle East Africa, alongside individual chapters on each region .

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The following are the study objectives for this report:

· SWOT Analysis focuses on worldwide main manufacturers to define, assess, and analyse market competition. By kind, application, and region, the market is defined, described, and forecasted.
· Examine the global and main regional market potential and advantage, opportunity and challenge, constraints and risks.
· Determine whether trends and factors are driving or limiting market growth.
· By identifying high-growth categories, stakeholders would be able to analyse market potential.
· Conduct a strategic study of each submarket's growth trends and market contribution.
· Expansions, agreements, new product launches, and acquisitions in the market are all examples of competitive developments.
· To create a strategic profile of the main players and analyse their growth plans in depth.

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