Over the last few years, animal health, particularly the health of farm animals, has gained significant attention due to the current unmet animal health needs and increasing need to ensure sustainable food supply in the animal industry. The awareness regarding lack of animal healthcare, backed by scientific evidence linking animal health with public health and human food safety, has grown significantly across the globe.
Currently, the animal healthcare market has become very competitive, with the leading players collectively accounting for more than three-fourths of the market. These companies are constantly focusing on their research and development activities to produce effective vaccines and pharmaceutical products for existing and newly diagnosed animal diseases. One of the main factors boosting the growth of the animal healthcare industry is the growing incidence of food-borne and zoonotic diseases, globally. The occurrence of these diseases has raised high concerns among pet owners and animal farm owners over the health profile of their animals.
All these factors have highlighted the need to maintain the health of animals, especially in the food animal production system, which has a great impact on human health. The market is growing at a CAGR of 7.1% from 2014 to 2019 and is estimated to reach a market value of US$41.9 bn by 2019, reports Persistence Market Research in its recent research study on animal healthcare.
Rise of Pet Care Industry Boosts Animal Healthcare Market
The pet industry in the U.S. and many other countries is booming. For instance, the rate of owning pets in the U.S. has grown rapidly in the past few years. Increasing population of companion and production animals is the key factor driving the animal healthcare market in the U.S.
Pet adoption is also becoming a trend among the middle- and upper-class population in countries in Asia Pacific such as India and China. This trend is growing in these countries due to the increasing population and rising income levels. Such factors hold a significant opportunity for the animal healthcare market in the Asia Pacific region.
Today, people increasingly view their pets as a part of their family and are ready to spend on innovative and specialized pet food and related premium products. The growth in spending on pet services and products has spurred dramatically in the recent past, leading to an overall change in human behavior, attitudes, and sentiment toward animals.
With the rising demand from consumers for risk-free food and with governments focused on introducing newer systems for superior animal health management, several growth opportunities galore for animal health products in the animal healthcare industry, including animal medication.
Animal Healthcare Market to Increase due to Growing Pet Medications in the U.S
The market for pet medications is in a state of transition and is rapidly growing in the U.S. Although many pet owners in the U.S. have always practiced the trend of purchasing their pet medications directly from veterinarians, this conventional distribution model has changed recently.
Nowadays, many retailers and non-veterinary retailers have started dispensing pet medications to consumers safely. According to the Federal Trade Commission, some manufacturers have discontinued the traditional distribution model and have started supplying pet medications to both veterinarians and non-veterinary retailers. This trend has reflected in the increased sales of both non-prescription and prescription pet medications, making it easier for consumers to purchase medications from a nearby retail pharmacy.
Easy availability of OTC pet medications such as anti-inflammatories, antibiotics, vaccines, and medicines for reproductive problems are further pushing the growth of the animal healthcare market.
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