The report segments the global animal healthcare market by product (pharmaceutical, food additive, and biologicals) and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global animal healthcare market, according to Technavio researchers:
- Increase in animal ownership: a major market driver
- Growing animal healthcare awareness: emerging market trend
- The Americas dominated the global animal healthcare market with 48% share in 2016
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Increase in animal ownership: a major market driver
There has been an increase in animal ownership in the recent past. Dogs are still the most popular type of pet, with two in five households owning a dog. Cats follow next with three in 10 households owning a cat. One of the reasons leading to the high number of pet ownership is the increasing disposable income. Another reason is to provide companionship and entertainment to the owner. People have started considering these pets to be a part of their family, and there has been an increase in focus towards better health services for these animals.
Owners have started providing timely pharmaceutical drugs, vaccines, and feed additives for animals to prevent illnesses, to boost their energy, and to stop the spread of infections to other animals or human beings. Therefore, the animal healthcare products are highly in demand due to the increase in animal ownership.
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Growing animal healthcare awareness: emerging market trend
Electronic, print, and digital media have helped the world to connect and share. Pet owners and animal farmers are utilizing such medium to increase their levels of awareness around animal health. Animal health awareness forms a crucial point for public concern as the economy of any country or region can be affected by a decrease in the food supply due to rapidly spreading diseases in animals. Even though the current awareness levels are low, players in the market along with the government are launching animal health awareness campaigns to create awareness.
According to a senior analyst at Technavio for research on health and wellness, “Various countries across the globe are launching campaigns to increase the awareness levels among pet owners about the high pervasiveness of diabetes among pets. Countries such as Canada are actively sponsoring animal health awareness campaigns throughout the country. Such campaigns are expected to drive the market during the forecast period.”
Global market opportunities
Regionally, in 2017, the Americas dominated the global animal healthcare market, followed by EMEA and APAC. The presence of big pharmaceutical companies is one of the factors driving the market in the Americas. However, APAC is the fastest growing market due to emerging economies significantly contributing towards growth and the increasing prevalence of animal diseases that require animal healthcare products for treatment.
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