Animal Healthcare Market is likely to jump the innovation gun by reaching US$ 44,847.2 Mn by the year 2025. The CAGR would be 4.8%. With mental health being the prerogative, there is telepsychiatry in place. It has been a proven fact that physical ailments would get cured speedily if the psyche is in place. With geographical barriers getting transcended, telephychiatry would be an indispensable part of the healthcare vertical. This would be the fact pertaining to healthcare vertical in future.
A significant increase in animal farming has led to a rise in demand for animal health services for improvement of food safety systems and veterinary public health in order to safeguard human health. The adoption of animal healthcare services is highly dependent on the fiscal, political, and institutional factors of the country.
In order to increase the adoption of animal health services, governments directly take part by increasing awareness among the general population regarding animal diseases and privatization of animal healthcare services. One such scheme in Europe is Livestock Insurance, which was implemented to increase the effectiveness and efficiency of animal healthcare systems. Another case that can be considered is of the U.K. government compensating direct loses incurring owing to the outbreaks from the EU compensation schemes and the U.K. national budget.
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According to a report published by Persistence Market Research (PMR), the global animal healthcare market is expected to witness a CAGR of 4.8% from 2017 to 2025. In 2017, the market was worth US$ 30,744.2 Mn and is estimated to rise to a valuation of US$ 44,847.2 Mn by the end of 2025.
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Companies
- Bayer AG
- BoehringerIngelheim GmbH
- Virbac SA
- Zoetis, Inc.
- Hester Biosciences Ltd.
- Intas Pharmaceuticals Ltd.
- Merck Animal Health
- Elanco (Eli Lilly and Company)
- Ceva Santé Animale
Animal healthcare providers on the other hand are levelling up the game with the implementation of various strategies. Manufacturers are focused on developing new products to increase the acceptance of Animal Healthcare, thus expecting to increase their respective market shares.
The companies are focusing on outsourcing the manufacturing of animal healthcare products in order to reduce their manufacturing costs and also compete in the market with reduced prices. Some of the leading companies operating in the global animal healthcare market are Bayer AG, Boehringer Ingelheim GmbH, Virbac S.A., Zoetis, Inc., Hester Biosciences Ltd., and Intas Pharmaceuticals Ltd.
Rising Prevalence of Contagious Diseases to Accelerate Adoption of Animal Healthcare
Animals are more susceptible to a wide range of contagious diseases such as peste des petits ruminants, foot-and-mouth disease, bovine pleuropneumonia, Newcastle disease, classical and African swine fever, and influenza (particularly equine and avian influenza), among others, through direct or indirect contact. Peste des petits ruminants (PPR) or goat plague is highly contagious disease that generally affects small ruminants. According to the Food and Agricultural Organization, PPR virus can infect up to 90% of small ruminant population and can even result in deaths of 30–70% of the animal population.
The continuous outbreaks of contagious diseases can severely impact the production of livestock, resulting in direct & indirect economic losses. Besides, significant resources are required to control the disease outbreak. Owing to the aforesaid reasons, the government organizations along with public organizations have shared financial resources to prevent and control the contagious disease in livestock animals and it is expected to fuel the growth of the global animal healthcare market during the forecast period.
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