Published By : 20 Oct 2016 | Published By : QYRESEARCH
The global market for animal healthcare has registered robust growth over the last few years, thanks to the rising awareness pertaining to pet care among people. The increasing trend of pet adoption in middle- and upper-middle-class and the rising prevalence of zoonotic as well as food-borne disorders among consumers is another important factor behind the significant rise of this market.
On the flip side, the enforcement of stringent rules associated with the usage of antibiotic drugs on animals is limiting their sales, reflecting negatively on the market’s overall progression.
North America to Retain its Leadership in Global Animal Healthcare Market
Historically, Asia Pacific was the most prominent regional market for animal healthcare. However, over the last few years, North America has acquired the leading position in the global market for animal healthcare. In 2013, this region accounted for a share of nearly 32% in the overall market.
Analysts project North America to remain dominant over the next few years. However, Asia Pacific is likely to gain prominence again in the years to come. The rising demand for both, production as well as companion animals, is expected to boost the Asia Pacific market for animal healthcare over the forthcoming years.
Apart from this, the rising level of income, especially, the increase in the disposable income of average consumers in India and China, are projected to give rise to the trend of pet adoption among the middle-class people in these economies, leading to a substantial growth of this regional market in the near future.
Global Animal Healthcare Market – Competitive Landscape
The worldwide animal healthcare market demonstrates a moderately consolidated and highly competitive landscape. Boehringer Ingelheim GmbH, MERIAL Ltd., Bayer AG, Merck & Co. Inc., Virbac SA, Ceva Santé Animale, Novartis Animal Health Inc., Elanco Products Co., Zoetis Inc., and Vétoquinol SA are some of the key players functional in this market.