Pet Humanization & Focus on Safe Food and Raising Healthy Livestock Drive Global Consumption of Animal Medication
Rising
demand for animal protein, increasing emphasis on animal health, trend towards
pet humanization, higher insurance coverage, and new product development are
poised to drive the global market for Animal
Medication to reach US$38 billion by 2024.
The
global market for animal health remains in good health on account of increasing
global population, rapid urbanization and continuous expansion of the middle
class. The ever-increasing global population is placing immense pressure on
farm owners to expand yield of farm animal products, such as eggs, dairy, meat
and other related products in a sustainable way. With majority of zoonotic
infections that are witnessed among humans being livestock-transmitted, increasing
focus on food safety from consumers and producers alike in addition to growing
emphasis on increasing livestock yield are driving demand for animal medication
in the farming animal space. Growing income in emerging markets and the trend
towards better nutrition is driving demand for animal protein. These factors
are expected to drive the demand for animal medication for farm animals. On the
other hand, growing pet ownership and increasing awareness of
animal health is driving demand for medications in the pet animal market. The
ongoing trend for humanization of pets has significantly boosted overall sales
of specialty therapeutics intended to treat chronic and acute conditions in
companion animals, including diabetes, allergies, osteoarthritis and
cardiovascular disease. The trend is also propelling the demand for
sophisticated combinations, formulations and anti-parasitic therapies for
ensuring good health for pets. The animal health market also benefits from
increasing spending by the millennial generation on pet health & wellness
coupled with decent performance of the companion animal drugs market and the
notable base of pet population in various countries such as the US and UK.
Higher insurance coverage and new product development are the other growth
propellers.
Parasiticides
represent the largest segment in the global animal medication market. Of the
various product categories available, such as ectoparasiticides, endectocides
and endoparasiticides, ectoparasiticides lead the market driven in part by
their use in both livestock as well as companion animals. The market is driven
largely by the same factors driving the overall animal medication market, such
as increasing adoption of pets, growing animal health awareness, increasing
demand for animal protein and other foods derived
from animals, concerns related to prevention of zoonotic diseases and rising
spending on animal health. Veterinary vaccines market is on a growth path,
driven by growing awareness of vaccination programs. Besides, rising
investments by private players and governments are aiding market growth.
As
stated by the new market research report on Animal Medication, developed regions, such as
the US and Europe, are the largest markets for animal medication, while Asia-Pacific
is forecast to witness the fastest growth of 8.5% during the analysis period.
During the past few years, animal health and management of livestock has gained
significant prominence among the livestock breeders, backed by soaring demand
for protein rich food in various budding regions, such as Asia, Latin America,
and Eastern Europe. Emerging economies thus present abounding prospects for
growth in the animal medication market
Major
players in the market include Bayer AG, Boehringer Ingelheim International GmbH,
Ceva Santé Animale S.A., Dechra Pharmaceuticals Plc., Eli Lilly and Company,
Merck Animal Health, Vetericyn Inc., Vétoquinol SA, Virbac SA, and Zoetis Inc.
among others.
The
research report titled “Animal Medication - Market
Analysis, Trends, and Forecasts” announced by Global Industry Analysts Inc., provides a
comprehensive review of market trends, issues, drivers, mergers,
acquisitions and other strategic industry activities of global companies. The
report provides market estimates and projections for Animal Medication in terms
of US$ for all major geographic markets such as the US, Canada, Japan, Europe
(France, Germany, Italy, UK, Spain, Russia and Rest of Europe) Asia-Pacific
(China, India and Rest of Asia-Pacific), Latin America (Brazil, Mexico and Rest
of Latin America) and Rest of World. Further, the report analyses the global
and regional markets for Animal Medication by the following categories - Companion
Animals and Farm Animals (Cattle, Pigs and Others). The study also analyzes
different product groups for the global market, including Parasiticides,
Vaccines, Anti-infectives, Medicinal Feed Additives, and other Pharmaceuticals.
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enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.
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