Global Animal Healthcare Market (2014-2020)

Animal healthcare market is a growing industry comprising Companion animals and Farm animals. Companion animals are those which people tame or adopt for companionship, house/ office guards, and farm animals are raised for meat and milk related products. Companion animals include dogs, cats and horses. Farm animals are cattle, poultry, swine, fish, etc.

The global animal market is growing because of the increasing population of both the types of animals. Increasing consumption of meat and milk products, new diseases in animals and transfer of this disease from animals to human beings are propelling animal healthcare market globally.

The changing lifestyle, increasing per capita income and increasing population has led to an increase in meat consumption. The demand of animal rich protein such as meat, eggs and milk is rising and due to this population of farm animals is also increasing.

The market can broadly be segmented on the basis of product, species and geography and then further into small fragments of each major segments. Small fragments in product segments are companion animal, farm animal, poultry, animal diagnostics and animal genetics. In species its companion and farm animals and in geography, Asia Pacific, Europe and North America.

Global Animal healthcare market is estimated to be worth USD$ 23.1 billion in 2014 with a healthy CAGR of 8.06 % to reach USD $34.04 billion by 2019 during 2014-2019. Vaccine market is expected to grow at a CAGR of 8.50% because of increasing number of diseases in animals and also increasing transfer of animal diseases in humans. Medicinal feed additives shows promising future because of the increasing awareness of people for animal food and also due to increasing population, demand for animal protein like eggs, milk is also increasing. Medicinal feed additives are the nutritional supplements added to the diet of the animal in very small amount to improve the nutrition. Market for medicinal feed additives accounts for 1% of the total market share and estimated to grow with a CAGR of 4.8%.

Veterinary diagnostics is another segment which is doing quite well since the recent past. It consists many diagnostics test such as enzyme linked immuno sorbent assay (elisa), rapid immuno migration (rim), agar gel immuno diffusion (agid), molecular diagnostic tests, polymerase chain reaction (pcr), diagnostic imaging, ultrasound imaging and Mir scanning. PCR held the major share of the market in the year 2014 and will be holding its top position even in the year 2020..

With all the efforts taken by the animal healthcare industry around the globe, it will not be surprising to see the grandeur of $ 34 billion market by the end of 2020.

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