The global animal
healthcare market is expected to grow from $29,537.4 at a CAGR of 7.0% during
2016-2022. Among the various products, the pharmaceuticals segment including, ectoparasiticides,
endoparasiticides, anti-inflammatories and others accounted for largest share in
the global animal healthcare market in 2015.
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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.
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.
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