Animal Healthcare Market
June 17, 2020
Animal healthcare has been influenced by growing disposable income, adoption of pet, and constant technological changes. Pet adoption for company among the aged population has greatly increased in developed region. Pets are majorly adopted by senior citizen for companionship and there has been a substantial shift in trend from pet owners to pet parents. Thus, the rising global population coupled with an increase in the disposable income play as major catalyst augmenting animal healthcare market size. The animal healthcare market is segmented based on product into pharmaceuticals, medical devices and veterinary services. The veterinary services segment accounted for significant share in 2018. Veterinary services offer integrated medical care and hospitalization for ill animals. Animal health hospitals, veterinary clinics, and point of care veterinary services are majorly used veterinary services. There are various health check services offered by various veterinary service bodies. Veterinary services include comprehensive preventive care services, emergency treatment service, pet traveling service, surgery service, and grooming service among others. The increasing accessibility of veterinary services in the emerging markets will augment the growth of animal healthcare market in the forecast timeframe. On the basis of animal type, the Animal Healthcare Market is bifurcated into companion animals and livestock animals. Companion animals includes dogs, cats, horses, and others. The companion animals’ growth is expected to witness around 4% CAGR during the forecast period. The segmental growth is owing to the growing number of pets and ever-changing technology need. Similarly, rising disposable income in the emerging countries and the launch of animal-targeting products will drive the overall animal healthcare industry demand. Thus, ever rising trend of adoption of pets for companionship will augment growth of companion animal segment. On the basis of distribution channel, the animal healthcare market is divided into pharmacies, online, and distributors. The pharmacies segment was valued over USD 25 billion in 2018. The rising number of animal surgeries owing to awareness of livestock animal health will lead to growth of this segment. Similarly, the presence of sophisticated and technologically advanced instruments in the veterinary pharmacies will augment market growth during the forecast timeframe.
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