The increasing population of production animals and companion animals is supporting the growth of the global animal healthcare market. The production animals are nurtured by the consumers for milk and meat related products; whereas, companion animals are adopted for office or house guards and companionship.
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The increasing transfer of diseases from animals to humans, through companionship and consumption of products sourced from them, are driving the demand of the global animal healthcare market. Legislations and protest of animal institutions and activists, and excess use of antibiotics in production animals are some of the factors restraining the growth of the animal healthcare market. Most of the animal healthcare companies are concentrating on research and development activities to offer better vaccine and pharmaceutical products for the prevailing diseases. The top ten competitors in the global animal healthcare market accounts for 75% of the total market share, which creates more competition in the market.
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The growing population, increasing per-capita income level, and changing lifestyle of the consumers are some of the factors leading to increased meat consumption globally. Due to the growing health concern of animals and their increasing number, the healthcare expenses in farms are surging globally. Animal farms are increasing globally, due to growing demand for protein rich foods, such as milk, eggs, and meat.
According to the Food and Agriculture Organization (FAO) of the United Nations, the global meat production is expected to grow from 272.2 million tons in 2015, to 341.1 million tons by 2030. Meat production is expected to reach 224.1 million tons by 2030 in the developing countries, such as Brazil, India, and China.
To find enhanced solutions for the prevailing and new diseases, the companies in the animal healthcare market are active in research and development activities. Porcine epidemic diarrhea virus (PEDV), which is caused by corona virus, leads to infection in the cell lining within the small intestine of pigs.
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Some of the major companies operating in the global animal healthcare market include Zoetis, Merck, Merial, Bayer, Virbac, Ceva Sante Animal S.A., Boehringer Ingelheim GmbH, Elanco, and Vetoquinol.
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