(PharmaNewsWire.Com, July 07, 2017 ) The North America Veterinary Healthcare Market is currently valued at $7.83 billion in 2016 and is expected to reach $10.73 billion by the end of 2021 with a significant Compound annual growth rate (CAGR) of 6.5%. Veterinary medicine is the science associated with the treatment, diagnosis and prevention of diseases among animals. It covers a broad varieties of animal species both in domestic and wild. The rising importance of livestock animals has increased the demand for animal healthcare. Rising population and stable economies is expected to drive the protein rich food market, especially in the developing countries.
There is an upsurge in the number of animal ownerships as a result of increased love towards pets. Rising awareness among individuals regarding animal health and few requirements for drug approval of animals are the primary driving factors for Veterinary healthcare market. Rising number of foodborne diseases is also aiding the growth of animal healthcare market. However, there a few restraints the market has to overcome in order to prosper in the future which include rising regulations on antibiotics and high costs related to animal testing.
North America Healthcare market is categorized based on the animal type and products. Based on animal type, the market is analyzed as companion animals and farm animals. Farm animals are further categorized as swine, cattle, sheep, fish and poultry. Whereas, companion animals are divided into cats and dogs. By product, it is segmented as feed additives, vaccines and pharmaceuticals. Feed additives are further segmented as medicine feed additives and Nutritional feed additives. Nutrition feed additives includes vitamins, amino acids and minerals. While, medical feed additives include probiotics, hormones, immune-modulators, prebiotics and enzymes. Pharmaceutical veterinary healthcare products comprises of endoparasiticides, ectoparasiticides, anti-inflammatories, endectocides, antibiotics and medicines for reproductive problems. On the basis of geography, North America healthcare market is segmented as US and Canada. North America is currently dominating the veterinary market owing to the increasing number of pet owners.
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.
About Market Data Forecast: The publisher of this report is Market Data Forecast whose forte lies in Market research and Business Intelligence. Handling both individual and corporate clients across multiple business domains they offer syndicated/customized research to suit the client’s research objective. Their research reports section offers a wide variety of market studies ranging from all-encompassing comprehensive market studies to product specific niche markets covering North America among other regions of the global market as well. For more info kindly visit, www.marketdataforecast.com
We are pleased to offer you this exciting, new, and entirely free professional resource. Visit our Free Biotechnology & Pharmaceuticals resource center today to browse our selection of 600+ complimentary Biotechnology & Pharmaceuticals magazines, white papers, webinars, podcasts, and more. Get popular titles including:
