The global animal health industry is one of the most thriving industries of the world. Over the past decade, the concept of animal health has gained major importance especially the health of farm animals, owing to the growing awareness of linkages that exist between animal health and human health and safety. The importance of animal health products has been increasing over the past many years supported by the fact that food products from sick animals cannot be deemed fit for human consumption. Additionally, with the rising global population, the per capita consumption of meat has also increased particularly in developing nations. Furthermore, the significance of economic impact of livestock diseases has also highlighted the importance of animal health products such as vaccines, medicines and others in every country.
Improved Expenditure on Animal Health and Rising Meat Consumption to Aid Market Growth: Ken Research
The global animal health care market was valued at USD ~ billion in 2013 of which ~% was contributed by farm animal health. The revenue of farm animal related healthcare products has inclined from USD ~ billion in 2008 to USD ~ billion in 2013 at a CAGR of 3.46%, backed by the rising dependability on farm animals for agriculture and on livestock products such as milk, meat, eggs and others. North America has been leading the global animal health market for the past many years. It held a share of ~% in 2008 which has gradually risen to ~% in 2013. The rise of various associations such as Animal Health Institute and INFARVET along with government policies pertaining to health and welfare of farm animals and the rising affordability of the consumers to spend on pet care are some of the major reasons behind the dominance of North America in this industry. The contribution of Europe to the total revenues of global animal health market was ~% in 2008 which has fallen to ~% in 2013.
The report provides a detailed overview of animal health market in the world and covers various aspects such as market size of global animal health industry. Additionally the report includes segmentation on the basis of products (Pharmaceuticals, Vaccines and Animal Feed Additives), species (Farm and Companion Animals) and geography (Asia-Pacific, Europe, North America, Latin America and Rest of the World) for animal health market. The report also entails the market share of the major players in global animal health market. An analysis of the future scenario for global animal health market is also provided on the basis of revenue over the next five years. The report is useful for animal pharmaceutical manufacturers, veterinarians and new players venturing in the market.