Conventionally, distinction between animal production and animal health has been changing in the recent times owing to the rising prevalence of animal diseases. Rising prevalence of infectious and parasitic diseases has led to next wave of innovation in managing animal health. Modern medicine in association with technology is focused on improving animal health and livestock production. Other dynamics such as growing concerns over zoonotic diseases that affect both human and animals have a great impact on economies of the countries across the globe. It led to a snowballing focus on improving the quality and safety of food products and assuring efficacious healthcare products to reduce the impact on the economies worldwide.
Funding and investments from across the globe have provided the global animal healthcare market the much needed boost. For instance, international agencies, such as the U.K. Science, have made major contribution towards global eradication of rinderpest disease and this has a major impact on controlling FMD and Peste des Petits in Ruminants. Other funding programs are often supported by the WHO, country-specific governments and private humanitarian agencies. Stakeholders identify the need to prevent economic losses arising due to lack of effective vaccinations and instead take a proactive preventive dimension for animal healthcare.
North America is expected to lead the charts owing to government initiatives
Governments worldwide are optimizing veterinary healthcare through sustained healthcare policies to control endemic diseases and chronic conditions. Animals are more susceptible for wide range of infections caused by bacteria, parasites, viruses and fungi. Vaccination is the most effective way to control the outbreak of diseases in animals. In preventive healthcare, vaccines play a major role in controlling the diseases epidemics in both companion and farm animals. Governments are actively involved in prevention and control of animal diseases by creating advisory or educational systems to raise awareness in general population. Along with these, developed economies have also introduced compensation schemes and incentives programs to improve the animal healthcare.
Moreover, the growing expenditure on pets has also led to a rise in the adoption of animal healthcare. The population of companion animals, especially cats and dogs, has increased twice in the last decade due to increasing adoption of pets and high willingness to pay for their healthcare among the general population. According to the U.S. Bureau of Labor Statistics, an average spending on pet care increased from US$ 507 in 2014 to US$ 528 in 2015. Pet care expenditure mainly includes pet services, food, medicines and veterinary services.
Europe is anticipated to closely trail North America with outbreak of diseases increasing adoption rate
Zoonotic diseases (Contagious Diseases) are global burden to both public health and animal welfare. They have a significant impact on the socio-economic conditions of the respective countries. In 2001, the outbreak of foot-and-mouth disease in the U.K. resulted in financial loss of 8 Bn pounds. Owing to the rising incidence of foodborne zoonotic diseases, the global animal production has been significantly affected. To control the economic burden of animal zoonotic diseases, the governments in association with public organizations launched different programs to control the economic burden of the outbreaks.
Global Healthcare Sector Outlook along with an Outlook of the Global Animal Healthcare Market
Despite the economic and political uncertainty in the recent past, the global healthcare industry has been receiving positive nudges from reformative and technological disruptions in medical devices, pharmaceuticals and biotech, in-vitro diagnostics, and medical imaging. Key markets across the world are facing a massive rise in demand for critical care services that are pushing global healthcare spending levels to unimaginable limits.
A rapidly multiplying geriatric population; increasing prevalence of chronic ailments such as cancer and cardiac disease; growing awareness among patients; and heavy investments in clinical innovation are just some of the factors that are impacting the performance of the global healthcare industry. Proactive measures such as healthcare cost containment, primary care delivery, innovation in medical procedures (3-D printing, blockchain, and robotic surgery to name a few), safe and effective drug delivery, and well-defined healthcare regulatory compliance models are targeted at placing the sector on a high growth trajectory across key regional markets.
Parent Indicators Healthcare
PMR utilizes a triangulation methodology that is primarily based on experimental techniques such as patient-level data, to obtain precise market estimations and insights on Molecule and Drug Classes, API Formulations and preferred modes of administration. Bottom-up approach is always used to obtain insightful data for the specific country/regions. The country specific data is again analysed to derive data at a global level. This methodology ensures high quality and accuracy of information.
Secondary research is used at the initial phase to identify the age specific disease epidemiology, diagnosis rate and treatment pattern, as per disease indications. Each piece of information is eventually analysed during the entire research project which builds a strong base for the primary research information.
Primary research participants include demand-side users such as key opinion leaders, physicians, surgeons, nursing managers, clinical specialists who provide valuable insights on trends and clinical application of the drugs, key treatment patterns, adoption rate, and compliance rate.
Quantitative and qualitative assessment of basic factors driving demand, economic factors/cycles and growth rates and strategies utilized by key players in the market is analysed in detail while forecasting, in order to project Year-on-Year growth rates. These Y-o-Y growth projections are checked and aligned as per industry/product lifecycle and further utilized to develop market numbers at a holistic level.
On the other hand, we also analyse various companies annual reports, investor presentations, SEC filings, 10k reports and press release operating in this market segment to fetch substantial information about the market size, trends, opportunity, drivers, restraints and to analyse key players and their market shares. Key companies are segmented at Tier level based on their revenues, product portfolio and presence.
Please note that these are the partial steps that are being followed while developing the market size. Besides this, forecasting will be done based on our internal proprietary model which also uses different macro-economic factors such as per capita healthcare expenditure, disposable income, industry based demand driving factors impacting the market and its forecast trends apart from disease related factors.
Standard Report Structure
The global animal healthcare market has been segmented into:
Route of Administration: