Description
The global veterinary healthcare market , estimated at USD 25 billion in 2015 , is set to reach USD 39.7 billion by 2021 , with a CAGR of 8.06 % over the forecast period of 2016 to 2021 . The animal health market is a growing industry comprising companion animals and farm animals . Companion animals are those that people tame or adopt for companionship or as house / office guards and farm animals are the ones raised for meat , milk etc . Companion animals include dogs , cats , and horses . Farm animals are cattle , poultry , swine , etc .
Leading companies in the market are actively producing and manufacturing animal healthcare products , pharmaceuticals , and others . This market research report provides in-depth market intelligence on the animal healthcare industry .
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Global Veterinary Healthcare Market- Market Dynamics The importance of livestock animals is generating growth in the animal healthcare market . The population boom and the stable economy is expected to result in increased demand for protein-rich foods , especially in developing regions . Animal health companies are well positioned to address this growing emerging market demand for higher-protein diets .
The new types of diseases in animals and their subsequent transfer to humans via animal food product consumption and companionship are escalating the veterinary healthcare industry globally . The strategic decisions in research and development of manufacturers are expected to positively impact global veterinary healthcare market .
Drivers Some of the key factors driving the market towards growth are : Increased love for pets leading to increased ownership Increasing awareness of zoonotic diseases Fewer requirements for animal health drugs
Continuous innovations Government initiatives worldwide on animal healthcare such as compulsory immunization policy for animals in China Technological advances in development of animal health drugs However , increased competition for cultivated land and scarcity of arable land are the major restraints of the market growth .
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The market has been segmented based on products , pharmaceuticals , diagnostics , type of animals and geography . www . orbisresearch . com ; + 1 ( 214 ) 884-6817 ; + 9120-64101019