DUBLIN--(BUSINESS WIRE)--The "Farm Animal Healthcare Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The global farm healthcare market was valued at USD 15632.74 million in 2018 and is estimated to reach USD 21588.73 million in 2024, witnessing a CAGR of 6.67%.
The farm healthcare market accounts for a significant share of the veterinary healthcare market. Many efforts and initiatives were undertaken by governments, particularly to modernize agriculture through technology and continued scale consolidation. After the 2007/2008 Melamine Crisis, the large farm scale was promoted heavily across multiple countries, globally, in the past one decade. As a result, stricter food safety/quality improvements and environmental regulations were formed, which proved to be useful, though easy to adopt in certain countries, while difficult to implement in some other regions, globally.
Certain initiatives, such as the zero environmental impact of agricultural residues over five years by the Chinese government, and several environmental protection laws have helped on stating new strategies to the development of better healthcare for farm animals as well as for lesser sewage production entering the waterways. In addition, several efforts were made to educate the farmers, collaborate with domestic firms to develop better channels for distribution of healthcare products for farm animals, and connect with ecological and social values, all of which are driving the demand of the veterinary healthcare market.
Scope of the Report
The scope of the report emphasizes the importance of farm animal care, for which the veterinarian is the pivotal link for companies for continual improvements in farm animal health and welfare. The report segments the farm animal healthcare market by product, which consists of therapeutics, such as vaccines, parasiticides, anti-infectives, medicinal feed additives, and other pharmaceuticals. The market segmentation by animal type includes cattle, swine, poultry, fish, sheep, and other farm animals. By geography, the report investigates the market scenario of major countries, globally.
Key Market Trends
The Vaccines Segment Expected to Present High Growth Opportunities for Farm Animal Healthcare, Over the Forecast Period
Vaccination is essential for protecting the farm animals from disease and possibly death. There is a wide range of diseases for which vaccinations for farm animals have already been developed and well-established. Every country has developed certain guidelines for vaccination, which are followed at the national level to protect the farm animals from diseases and keep them healthy.
For instance, the Responsible use of Medicine in Agriculture Alliance (RUMA) in the United Kingdom has released certain guidelines for vaccines in farm animal production. In the United States, the veterinary biologics are regulated by the USDA Center for Veterinary Biologics, part of the USDA Animal and Plant Health Inspection Service. Several companies are focused on improving their distribution channels with innovative therapies, which may drive the market. Few of the recent technological advancements and innovations in process pertaining to the market include oral vaccine by Lumen Bioscience (supported by the grant from the US Department of Agriculture), edible vaccine system by the Irish biotech company, MicroSynbiotiX Ltd, etc.
North America is Expected to See a Consistent Growth in the Farm Animal Healthcare Market, Over the Forecast Period
North America is a major contributor to agriculture, livestock, and technological advancements and implementation across the world. In the United States, agriculture is integral to the country's overall economy. The awareness and preparedness level of the government and the companies operating in the market for farm animal healthcare are high compared to other regions. Recently, the 2018 Farm Bill reported the preparedness level of the country, as well as the collaboration between animal health industry and the government to bring all feed and water uses of medically important antibiotics under the supervision of a veterinarian, thereby eliminating their use for growth promotion. To fight against some of the foreign animal disease threats, a foot-and-mouth disease vaccine bank was established, along with increased funding for surveillance and diagnostic support through the National Animal Health Laboratory Network.
As per the Animal Health Institute 2018 report, the expenditure has grown significantly to manage more than 9 billion food-producing animals in large and small farms across the country. With this, the United States is among the major exporters of food supplies to Canada and Mexico. Due to the afore-mentioned factors, North America is one of the primary regions for the farm animal healthcare market.
With large requirements of food supplies and demand for social welfare between humans and animals, the companies are highly competitive when it comes to investing in the healthcare of farm animals. In recent years, the market observed many mergers and acquisitions between major companies, to enhance their technology and global dominance.
Some of the major players include Zoetis, Merck, and Boehringer Ingelheim, among others.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Advanced Technology Leading to Innovations in Animal Healthcare
4.3.2 Increasing Initiatives by the Governments and Animal Welfare Associations in Different Countries
4.3.3 Increasing Productivity at the Risk of Emerging Zoonosis
4.4 Market Restraints
4.4.1 Lack of Infrastructure and Funding in LMIC
4.4.2 Use of Counterfeit Medicines
4.4.3 Increasing Costs of Animal Testing and Veterinary Services
4.5 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 By Product
5.1.4 Medical Feed Additives
5.1.5 Other Therapeutics
5.2 By Animal Type
5.2.6 Other Farm Animals
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Bayer Healthcare
6.1.2 Boehringer Ingelheim International GmbH
6.1.3 Ceva Animal Health Inc.
6.1.5 IDEXX Laboratories
6.1.6 Merck & Co. Inc.
6.1.7 Phibro Animal Health
6.1.10 Zoetis Inc.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/w3q8e4