BANGALORE, July 8, 2015 /PRNewswire/ --
The report presented by Mordor Intelligence consists of a detailed account of the Global Veterinary Healthcare Market. This report is segmented by animal products (vaccines, parasiticides, anti-infectives, medicinal feed additives and other pharmaceuticals), animal types (companion animals, farm animals), animal diagnostic market and animal genetics market. Companion animals contribute and farm animals to the global animal market. Geographically market is segmented into North America, Europe, Asia-Pacific, Latin America and ROW (Rest of world).
Global animal healthcare market is poised at $24410 million and with CAGR of 8.34% is predicted to reach the figure of $36579 million in the forecasted period of 2015-2020.
Europe is the leading market in animal healthcare followed by North America because of more consumption of meat and dairy products. Italy has the highest market share in Europe region followed by UK .Asia-pacific and other developing regions hold a major revenue pocket in this market. Countries such as India, China and Brazil will be the major contributors to the market.
In United States alone, Americans spent more than $53 billion on food, pet supplies, over-the-counter and prescription medications, veterinary care, live animal purchases, and other pet-related services. Increased love for the pets leading to increased ownership, more people awareness for animal health, and far less requirements for animal health drugs approval are the major driving factors for the market. Another factor that drives the market is continuous innovations and technological advances in development of animal health drugs. Scarcity of arable land and water, increased competition for cultivated land and cost effective production are the major constraints faced by this industry
Zoetis is the biggest global animal health company which discovers, develops, manufactures and commercializes a diverse portfolio of animal health medicines and vaccines designed to meet the real-world needs of veterinarians and the livestock farmers and companion animal owners they support. Zoetis has 60+ years of experience in animal health, operating in 120+ countries, with 9,800 employees all over the world.
Other Major companies discussed in this report are Merck, Merial (Animal Health division of Sanofi), Elanco Animal Health, Bayer Animal Health, Ceva Animal Health, Virbac Animal Health and Boehringer Ingelheim.
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SOURCE Mordor Intelligence LLP