The animal farms are increasing at a rapid pace in global scenario due to increasing demand for protein-rich foods such as eggs, meat and milk. To meet the ever-increasing demand of these products it leads to problematic farming practices for instance, pushing animals into small spaces which enable the contagious diseases to spread rapidly. The farmers are increasingly adopting feed additives and administering vaccines to get rid of such harmful diseases.

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The growth of generic and OTC drugs for animals are the key trends observed in the growth of global animal healthcare market. The declining research and development productivity is leading to the growth of animal pharmaceutical product portfolio. The low productivity of research and development increases competition among the key manufacturers.

Farm animals is further segmented into fish, swine, poultry, ruminants. Companion animals is further segmented into canine, feline, equine. Among all farm animals, ruminants held the largest revenue share in the market due to the ever-growing demand of the meat and dairy products worldwide.

The adoption of western and changing lifestyles in developing countries is also driving the growth of the animal healthcare market. The countries in the Asia-Pacific region such as China and India have increased the adoption of pet animals and this supports the growth of the global animal healthcare market. The ownership of pets is considered to be a status symbol in these developing countries and pets such as cats and dogs are adopted by the people for therapeutic and psychological benefits in the country.

Asia-Pacific is expected to witness the fastest growth in the global animal healthcare market. Australia is one of the countries in this region which has the highest rate of pets. The increasing awareness related to livestock-related diseases is the key reason due to which the demand for animal healthcare is growing in this region.

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Some of the major players operating in the global animal healthcare industry are Zoetis Inc., Merck & Co. Inc., Bayer AG, Virbac Group, Ceva Santé Animale, C.H. Boehringer Sohn AG & Co. KG, Elanco Animal Health, Phirbo Animal Health, Kyoritsu Seiyaku, Dechra Pharmaceuticals, China Animal Husbandry Industry Company, Nippon Zenyaku Kogyo, Hipra, Jinyu Group, Ouro Fino Saude Animal, and Vetoquinol S.A.

Source: VynZ Research