Animal Healthcare Market Growing Demand

Animal Healthcare Market



Market Overview:

The animal healthcare market deals with products and services that prevent animal diseases and ensure animal well-being. It includes pharmaceuticals, feed additives, and veterinary services. Pharmaceuticals include vaccines, parasiticides, anti-infectives, and others which play a vital role in disease prevention and treatment. Feed additives enhance animal health by promoting gut health, immunity, and digestion. Veterinary services cover diagnosis, surgery, medical advice, and rehabilitation provided by veterinarians. The growing companion animal ownership and increased focus on animal welfare have been driving the need for animal healthcare products and services.

Market Key Trends:
This section covers one of the major trends within the animal healthcare market - rising demand for feed additives. Feed additives comprise probiotics, prebiotics, enzymes, acids, and others which are increasingly being added to animal feed to enhance health and productivity. They promote growth, gut health, digestion, and immunity in livestock animals. The COVID-19 pandemic disrupted global supply chains and highlighted the importance of self-sufficiency in food production. As a result, countries are seeking to boost agricultural and livestock output through the use of advanced feed technologies. The shift towards organic and antibiotic-free animal farming is also propelling the adoption of feed additives that can substitute in-feed antibiotics. Due to their health benefits and ability to increase feed efficiency, the demand for feed additives in the animal healthcare sector is projected to surge over the forecast period.
Porter's Analysis

Threat of new entrants: The animal healthcare market requires high R&D investment and regulations which make it difficult for new companies to enter the market.

Bargaining power of buyers: Buyers have moderate bargaining power in this market as there are many established players providing animal healthcare products and services.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitute raw materials and prominence of multinational players.

Threat of new substitutes: Threat of new substitutes is low as animal healthcare products and services have few substitutes and regulations inhibit adoption of new alternatives.

Competitive rivalry: The market is highly competitive due to presence of many global and local players offering comparable product ranges.

Key Takeaways

The Global Animal Healthcare Market Size is expected to witness high growth, exhibiting CAGR of 5.1% over the forecast period, due to increasing pet ownership and rising animal welfare expenditure.

North America dominates the global animal healthcare market currently owing to growing pet health insurance and increasing pet care spending in the region. Asia Pacific is expected to be the fastest growing market during the forecast period due to rising vet care infrastructure and animal protein consumption in China and India.

Key players operating in the animal healthcare market are Bayer AG, Boehringer Ingelheim GmbH, Cargill Inc., Ceva Santé Animale, Eli Lilly and Company, DSM, Merck & Co., Inc., Novartis AG, Nutreco N.V., Sanofi S.A., SeQuent Scientific Ltd., Virbac S.A., Vétoquinol S.A., Zoetis Inc. These players are focusing on new product launches and expansion strategies to strengthen their market position.

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