Animal Healthcare Market Revenue to Cross USD 190 Bn by 2027: Global Market Insights Inc.

According to the latest report “Animal Healthcare Market by Product (Pharmaceuticals {Drugs, Vaccines, Medicated Feed Additives}, Medical Devices, Veterinary Services), Animal Type (Livestock Animals, Companion Animals), Distribution Channel (Pharmacies, Online, Distributors), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of animal healthcare will cross $190 billion by 2027.
There is a sharp rise in the acceptance of online pharmacies as the preferred mode for getting veterinary medicines. Supportive government policies which promote the adoption of companion animals is further fueling the market growth. Availability of advanced products, feed additives, vaccination drives, pet insurance programs also supports the market expansion. Additional advantages such as demand for pet hotels, pet grooming parlors, pet restaurants in developed countries also contribute to uplifting the industry demand. Strict guidelines for livestock animals (both milch and meat-focused) regarding hygiene, increasing number of animal shelter homes in countries including India helps to augment the animal healthcare market value in a positive manner.
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The growing digitization across the world, has taken e-commerce on a similar path and there is significant rise in the usage of online platform as a medicine distribution channels. Online pharmacies have emerged among the most preferred methods for ordering veterinary medications in last few years. The rising inclination of consumers toward online pharmacies is owing to numerous benefits offered such as discounted medicine rates and convenience to consumers. Online veterinary pharmacies provide a one-stop-shop to the consumers including pet care products, medicated feeds, vaccinations, supplements, injections and many more. Furthermore, the COVID-19 pandemic has acted as a catalyst in the acceptance of online pharmacies during the crisis. It provided the necessary boost, therefore, helping customers to get medicines delivered at home as per the prescription.
The medical devices segment in the animal healthcare market accounted for more than USD 36 billion in 2020. Growing population of animals, increased healthcare spending, and rise in the number of surgeries on animals are among the primary factors shaping the industry growth. There is a substantial rise in the number of veterinary practitioners, especially in the developed countries. As per the 2018 American Veterinary Medical Association (AVMA) report, there is a 32% rise in the veterinarian population of U.S. in the last decade. The rise in practitioners will in turn foster the demand for medical devices. In addition, rising demand for pet animals has resulted in a surge of dental, spay and neuter, and other types of surgeries.
The animal healthcare market for companion animal segment exceeded USD 86 billion in 2020 and is anticipated to observe more than 4.3% growth rate till 2027 led by substantial rise in the adoption of companion animals on account of the fact that human’s treat pets as their family member. Moreover, availability of better healthcare network, emergency medical care, and wide range of food products especially in the developed countries will propel the industry expansion. Increasing preference for dogs as a companion animal across the world is further supporting to the segment progression.
The distributor’s segment in the animal healthcare market valued at around USD 61 billion in 2020. Lower transaction value on purchased medicines, convenience of product availability, safe delivery and easy recall of medications are some of the key benefits offered by distributors in the market. Additionally, there are a number of non-governmental organizations (NGOs) and philanthropic organizations providing free animal treatment and have direct collaborations with distributors in order to have the medicines at wholesale rates.
India animal healthcare market size was over USD 4.9 billion in 2020 due to the rise in the country’s livestock and companion animals’ population. For instance, the livestock population in India witnessed an increase of 4.6% from 512 million to around 536 million in the last decade. Also, India is among the leading dairy and meat producing countries in the world. Thus, the growing population of livestock will impel the country’s industry revenue. Furthermore, there is substantial rise in the adoption of companion animals in the country. Dogs are the most loved and preferred pets in the country with a whopping share of around 85%. Increasing urbanization, rise in disposable income, growing awareness regarding pet’s wellbeing are supporting the market progression during the forecast period.
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Bayer, Elanco, Boehringer Ingelheim, Merck & Co., Inc., Zoetis, Dechra Pharmaceuticals, and Neogen are among the major companies operating in the animal healthcare market. Investing in research and development, launching new products and acquiring other companies are the strategies adopted by the industry leaders.
Table of Contents (ToC) of the report:
Chapter 3   Animal Healthcare Market Insights
3.1    Industry segmentation
3.2    Industry landscape, 2016 – 2027 (USD Million)
3.3    Industry impact factors
3.3.1    Growth drivers
3.3.2    Industry pitfalls & challenges
3.4    Growth potential analysis
3.4.1    By product
3.4.2    By animal type
3.4.3    By distribution channel
3.5    Regulatory landscape
3.6    COVID-19 impact analysis
3.7    Porter’s analysis
3.8    Competitive landscape, 2020
3.9    PESTEL analysis
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Source: Global Market Insights Inc.