LONDON, Oct. 21, 2015 /PRNewswire/ -- The India veterinary healthcare market, estimated at $1040 million in 2014, is set to reach $2440 million by 2020, with a CAGR of 15.27% over the forecast period. Veterinary healthcare market is gaining importance as a result of manufacturers focus on production of products with specialized formulations and specialized manufacturing processes.
The importance of livestock animals is generating growth in the animal healthcare market because of more people consuming meat and dairy products. Population boom, stable economy is expected to result in increased demand for protein rich foods, especially in developing regions. Animal health companies are well positioned to address this growing emerging market demand for higher-protein diets.
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. However, increased competition for cultivated land and scarcity of arable land are the major restraints for the market growth.
The new type of diseases in animals and their subsequent transfer to humans via animal food product consumption and companionship are escalating the veterinary healthcare industry globally. The strategic decisions in research and development of manufacturers are expected to positively impact global veterinary healthcare market.
In this report, global veterinary healthcare market is discussed in detail with segmentation by animal products (vaccines, parasiticides, anti-infective, medicinal feed additives and other pharmaceuticals), animal types (companion animals, farm animals), animal diagnostic market and animal genetics market. Companion animals contribute 44.3% and farm animals 55.7 % to the global animal market. Geographically market is segmented into North America, Europe, Asia-Pacific, Latin America and ROW (Rest of world).
The market for parasiticides in the region is currently at US$ 139 million - a significant increase from 2013. Increasing focus on food safety and animal health will drive the market for medicinal feed additives to grow at a healthy CAGR of 6.11%.
Veterinary healthcare in India has had a significant boost in revenues due to a number of factors. Prominent among them are the escalating occurrence of zoonotic diseases, growing consumer focus on animal health and food safety, and increasing pet ownership. Going forward, the key factor for the growth of India's animal health market will be the need to increase production of farm animal products (eggs, milk, beef and other dairy products). Competitive Intelligence analysis in the form of Mergers & Acquisition activity, Collaborations, Agreements, New product launches along with the profiles of major players including the likes of Virbac, Zoetis, Merial Animal Health, Novartis Animal Health, Boehringer Ingelheim, Merck Animal Health and a few others.
What the report offers
Market Definition for the India Veterinary Healthcare Market along with identification of key drivers and restraints for the market.
Market analysis for the India Veterinary Healthcare Market, with region specific assessments and competition analysis on a global and regional scale.
Identification of factors instrumental in changing the market scenarios, rising prospective opportunities and identification of key companies which can influence the market on a global and regional scale.
Extensively researched competitive landscape section with profiles of major companies along with their strategic initiatives and market shares.
Identification and analysis of the Macro and Micro factors that affect the India Veterinary Healthcare Market on both global and regional scale.
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.
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