The global Animal Healthcare Market experienced significant growth in 2020 and is expected to maintain a rapidly increasing revenue CAGR between 2021 and 2028. Major factors responsible for driving market revenue growth include expansion of e-commerce platforms for the promotion of online pharmacies and the rising prevalence of zoonotic illnesses.
The animal healthcare market involves safeguarding, directing, and maintaining animals from a variety of illnesses, including product and animal types. Cattle, poultry, swine, horse, and aquaculture are some examples of farm animals, while dogs, cats, and other small animals are examples of companion animals.
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The global animal healthcare market is witnessing growth owing to several factors such as an increase in disposable incomes, leading to a rise in the number of companion animals, advancements in technology, and a wider range of pet insurance options. Key players in the animal healthcare industry are investing significantly in research and development to develop therapies for both commercial and companion animals. Moreover, the frequent occurrence of chronic animal diseases provides ample opportunities for the expansion of the global animal healthcare market.
However, the global animal healthcare market growth is significantly hampered by several unfavorable factors. The significant investments required to manufacture animal healthcare medications are a key stumbling block to the global animal healthcare market growth. The absence of uniformity, rising complication concerns, and high expense of animal diagnostic may also hinder the animal healthcare market growth in the upcoming years.
With the rising frequency of animal illnesses and expansion of the animal population, there has been a greater focus on the development of medicines for animal care. The global animal healthcare industry is seeing possibilities as consumers are becoming more aware of the benefits of immunization for pets. Based on product type, the pharmaceuticals segment is expected to reach the highest revenue share over the forecast period. Based on end-use, the veterinary hospitals & clinics segment is expected to dominate all other segments in terms of revenue generation over the forecast period.
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North America emerged as the largest market for animal healthcare in 2020, with the highest revenue share. Revenue growth in the North American market is mainly attributed to the region’s vast animal population, including dairy and meat cattle. At the same time, rising prevalence of illnesses among various animals and high demand for protein-rich diets would aid growth. The Asia Pacific animal healthcare market is expected to register the fastest CAGR over the forecast period. Higher disposable income to keep companion animals, mandatory immunization of animals by regulatory bodies, manufacturing of animal healthcare products, presence of major market players, and rising prevalence of zoonotic diseases are expected to boost the animal healthcare market growth in Asia Pacific.
In conclusion, the global animal healthcare market has great potential for growth in the upcoming years. Major players are investing in research and development activities for introducing enhanced product offerings, as well as revolutionizing the animal healthcare industry. While there are some unfavorable factors that can hinder the growth of this market, the rising frequency of animal illnesses and expansion of the animal population create possibilities for pharmaceutical manufacturers to offer newly developed animal health solutions. The growth in the Asia Pacific market is particularly noteworthy due to higher disposable income to keep companion animals, mandatory immunization of animals, presence of major market players, and rising prevalence of zoonotic diseases.
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