Animal Healthcare is driven by rising pet ownership
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Animal Healthcare Market |
The
global Animal Healthcare Market encompasses various products that are used for
disease prevention and treatment in companion animals such as dogs, cats,
horses, and other livestock animals. Vaccines, parasiticides, anti-infectives,
medicinal feed additives and other pharmaceuticals form an integral part of
animal healthcare. They help control diseases, improve productivity, and ensure
overall well-being of animals. Rising pet ownership worldwide along with
growing awareness about animal health is propelling the demand for animal
medicine and vaccines. According to statistics, about 70 million American
households own at least one pet. The global Animal Healthcare Market is
estimated to be valued at US$ 50.45 Bn in 2023 and is expected to exhibit a
CAGR of 6.6% over the forecast period 2023 to 2030, as highlighted in a new
report published by Coherent Market Insights.
Market key trends:
One of the key trends in the animal healthcare market is rising adoption of pet
insurance. Pet owners are increasingly opting for insurance policies that cover
surgery, illness diagnosis and animal medicine. This is prompting veterinary
hospitals and animal pharmaceutical companies to offer customized insurance
plans. They provide reimbursements for various health conditions, wellness
procedures and diagnostic tests. Rising per capita expenditure on pet care is
another major trend shaping the market. According to statistics, Americans on
an average spend about US$ 300 per pet annually on veterinary services and
animal health products. This indicates growing willingness among pet owners to
spend more on ensuring good health of their companion animals.
Porter's
Analysis
Threat of new entrants: The animal healthcare market has moderate threat from
new entrants because of the high technical and regulatory barriers. However
established market players play a significant role.
Bargaining power of buyers: Buyers have moderate bargaining power due to
presence of many vendors offering similar products. However, specialized
products give buyers less choice.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power
because of availability of substitutes and diversity of raw material sources.
Threat of new substitutes: Threat is moderate as alternate treatment methods
can be developed but regulations restrict major substitution in pharmaceutical
products.
Competitive rivalry: The market is highly competitive due to presence of large
multinationals and strong product pipeline of major players.
Key Takeaways
The Global
Animal Healthcare Market Share is expected to witness high growth.
The
market in North America is expected to dominate due to high pet adoption and
better regulatory scenario for animal healthcare products. Europe and Asia
Pacific regions are also lucrative animal healthcare markets due to increasing
companion animal ownership and growing veterinary infrastructure.
Key players operating in the animal healthcare market include Abbott, Pfizer
Inc., Eli Lilly & Company, Endo International plc, F. Hoffmann-La Roche AG
Bausch Health Companies Inc., Merck & Co. Inc., AbbVie Inc., Novartis AG,
Johnson & Johnson Private Limited, and GSK plc. These players are focused
on product development and launches to strengthen their market position. For
instance, Pfizer Inc's new monoclonal antibody EQUELLIN injection is approved
for treatment of respiratory diseases in horses.
For more details on the report, Read- https://www.insightprobing.com/animal-healthcare-market-growth-demand-and-overview/
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