The Veterinary Healthcare Market is predicted to reach $ 39.56 USD Billion with a CAGR of 7.94% according to Market Data Forecast report.

The Veterinary Healthcare Market is predicted to reach $ 39.56 USD Billion with a CAGR of 7.94% according to Market Data Forecast report.

ID: 1019 | October 2018 | Region: Global

The Veterinary Healthcare Market report published by Market Data Forecast provides a detailed account of the Market Trends via Customized Research presented as Strategic Analyses, Company Profiles, Competitive Landscape, etc. According to the report the Veterinary Healthcare Market is estimated to be $27 USD billion and predicted to rise to $ 39.56 USD billion with a CAGR of 7.94%. The market is segmented by animal type (farm animal, companion animal) and Product (Vaccines, feed additives and pharmaceuticals). Further the market is also geographically segmented into North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa.

Growing awareness about animal’s health, fewer hurdles for the approval of drugs relating to animal health and increasing love towards pets are the primarily contributing factors for the growth of veterinary healthcare. Rising number of foodborne diseases has also helped the growth of the market. However, factors like increasing regulation on antibodies, rising costs of animal testing are restraining the growth of the market.

Farm animals are the leading segment closely followed by the companion animals. By product type, feed additives accounts for the largest share and is expected to lead the market in the near future. Pharmaceuticals is the second largest segment and is closely followed by the vaccine market. Europe and North America are the dominating markets for veterinary healthcare accounting for a combined share of around 60% of the market due to a number of pet owners. Asia-Pacific is one of the major producers of animal meat and estimated to be the fastest growing region during the forecast period.

The major players in the veterinary healthcare market include Bayer AG, Merck & Co., Inc., BoehringerIngelheim GmbH, Ceva Santé Animale, Cargill, Inc., Novasep, Koninklijke DSM N.V, Eli Lilly, Nutreco N.V., Novartis AG, Sanofi S.A., SeQuent Scientific Ltd., Vétoquinol S.A, Virbac S.A. and Zoetis Inc.

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