Animal Healthcare Market
Rising protein demand from an animal source, growing pet adoption of dogs and cats, constantly rising veterinary medicine industry due to increasing infectious and parasitic diseases in animals, growing Government initiatives to promote veterinary practices and animals vaccination and growing research in veterinary drug development are major driving factors to help grow global animal healthcare market. There has been a growing concern over food consumption of diseased animals (infectious and parasitic disease) which affects both mankind and animals. This ultimately affects the quality and safety measures of these animal source food products. Rising per capita income in the developing countries is enabling the middle and upper-middle-class population to adopt pets, especially dogs and cats and bare their expenses on their healthcare. For instance, the total number of pets in India rose from 10 million in 2014 to 2015 million in 2016. This rising trend is expected to continue at higher CAGRs, which will definitely drive the animal healthcare market in the near future.
The numbers of animal farms like Poultry farm, Goat farm are growing because of rising demand for animal-source protein food, which is fuelling the growth of the global animal healthcare market. Many Governments in developed countries have started mandatory vaccination programs for pet dogs and street dogs. Also, top pharmaceutical companies are developing new biological and bio-similars drugs through their Veterinary arms with the help of government tie-ups.In August 2018, World Health Organization (WHO), the UN Food and Agriculture Organization (FAO) and the World Organization for Animal Health (OIE) are jointly helping the poor and developing countries in order to eliminate dog-mediated rabies by 2030.
Animal healthcare market is segmented on the basis of pharmaceuticals or drug type, route of administration, animal type, distribution channel, and region. On the basis of pharmaceuticals or drug type, the animal healthcare market is segmented into anti-inflammatory drugs, anti-infective drugs, vaccines, parasiticides, hormones, and others. The parasiticides and anti-infective drugs contribute higher percentage share because of their ability to keep pets and food animals away from parasites, infection and diseases. The prevention of rising infectious diseases in pet and farm animals which is leads to rapid development of the variety of vaccines. There is rising demand for veterinary drugs from dog owners globally. By Route of Administration, this market is divided into oral, intravenous & intramuscular, topical, and others. Globally, the oral route and parenteral (Intravenous & Intramuscular) route are generally preferred over others routes.
By animal type, the animal healthcare market is separated into pet animals or companion animals, food animals and farm animals. Growing demand for the animal protein which leads to increased breeding of healthy animals. This can be achieved through the use of animal healthcare products like animal food supplements, drugs, medicated additives, hormones, etc. The growing global population drives the demand for animal meat which ultimately drives the food and farm animals’ healthcare market. The pet adoption rate is high as people from developing countries opt for dogs or cats for companionship.
On the basis of distribution channel, the animal healthcare market is segmented into veterinary hospitals, veterinary/ pet clinics, pharmacies, and online portals. The number of pet clinics in urban areas and cities are growing rapidly which is driving the animal healthcare market.
North America and Europe are expected to account for the highest market share in animal healthcare market. The European pharmaceutical companies are increasing their investment in research and development of Veterinary medicines, which is driving the European animal healthcare market. Animal husbandry is one of the traditional practices in India which is one of major factor responsible for the growth of Indian animal healthcare market. According to the International Journal of Science, Environment, and Technology, in 2016, India’s livestock sector was holding 11.6% of global livestock population. In order to create awareness among Indian farmers and to explore such a huge livestock sector, the number of international pharmaceutical companies has already entered the Indian animal healthcare market.
Major players in this market include Bayer, Zoetis, Boehringer Ingelheim, Virbac, Ceva Sante Animale, Ceva Sante Animale, Merck, Elanco, Virbac, Phirbo Animal Health and Vetoquinol among others. In order to gain the market share and competitive advantage, these players adopt different strategies like the new product launch, geographic expansion, product differentiation, and merger & acquisition.