Determining the Growth of Veterinary Healthcare Market Through In-Depth Analysis

Veterinary Healthcare Market – Overview

Animal husbandry is an important source of revenue for farmers all over the globe. The profit associated with livestock is huge, as the animals are raised for meat, milk, eggs, wool, etc. However, without proper care, the promising business can turn out to be disastrous.  Hence, the role of animal health care industry is immense.

The need for higher productivity has led to rapid growth of veterinary healthcare market. The industry has a compounded annual growth rate of 7.94 percent and was worth 27 billion dollars in the year 2016. The growth is expected to rise steadily and reach 39.5 billion dollars by the year 2021. The growing popularity associated with animal livestock will positively impact the global animal healthcare market.

The population is growing rapidly, and economies and per capita income are growing all over the globe. This has resulted in increased demand for meat, milk, wool and other animal related products, and resulted in an exponential demand for veterinary doctors in the developing countries.

Non-commercial reasons that include increased love for pets have forced people to stay in regular touch with veterinary hospitals and seek for quality healthcare services. Nevertheless, foodborne diseases have grown rapidly.

Various foods have been known to cause the growth of parasites in the body of the animals, both externally and internally. Therefore, that opens up a whole new potential market for the veterinary healthcare specialists and developments in terms of drugs and vaccines that will ensure up-keeping the animals.

The efforts made by PETA in promoting animal safety coupled by the growing dependency on animals for commercial purposes has indeed fuelled the animal healthcare market. Animal health was ignored for a significant duration. However, stringent regulations and human emotions have mandated the need to take care of the domestic friends.

Recent developments in the field of veterinary healthcare have been remarkable. Data analysis has been integrated in terms of the healthcare industry to keep track of the health history of the pets and the farm animals. This gives the vet a technical edge to diagnose and go ahead with the process. Advent into the field of non-invasive procedures is also gaining traction in terms of animal health.

The pharmaceutical segment includes medicines for pregnancy and reproductive problems, antibiotics, ectoparasiticides, antibiotics, endoparasiticides, anti-inflammatories, endectocides, etc. The developments have contributed to the animal health industry growth rate, by ensuring better life expectancy and effective disease control.

Veterinary hospitals are found all over the globe as animal husbandry/raising livestock is a common practice. The global healthcare industry is prevalent in Europe, North America, Middle East, Asia- Pacific, Europe, Africa and Australia. According to the reports, Europe and North America contribute to 60 percent of the market share as the number of pet owners are increasing considerably.

Whereas, Asia – Pacific offers great scope for the veterinary industry as it is one of the leading producers of meat and the rapid commercialization has brought about an increased need for effective healthcare.

Australia being the leading milk producer, is in regular need of better quality vaccines, feed additives, and medicines for dairy animals. The growth of livestock fuelled by regular demand for protein-rich food has opened of opportunities for the veterinary industry and the stiff rise in veterinary market size is evident.

Animals are living beings and experience pain during critical diseases. Along with the care for humans, we should look after the animals as well. The growth of animal healthcare industry is indeed good from the commercial point of view, but its progress also denotes a better living condition, proper treatment and a better quality of life for animals.

Check out Market Data Forecast’s comprehensive reports with in-depth analysis about the Veterinary Healthcare Market a free research sample can also be availed. Stay tuned for trending news stories about the latest technologies and interesting Healthcare tit-bits.

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