The global Animal Healthcare market has reached USD 34 Billion in 2019 is estimated to reach USD 47.31 Billion by the year 2026, with a growing CAGR of 4.90% during the forecast period 2020- 2026. The main driving factors for the market are increased adoption of companion animals, increased consumption of meat and milk, and increased incidence of food-borne zoonotic diseases.
The animal healthcare is a prosperous industry providing the needs of livestock and companion animal to remain healthy. Presently, various recognized companies are progressively aiming at the development of healthcare services and products for different animals. The animal healthcare business has seen numerous technological and scientific advances over the past few years. Regulatory agencies have made it compulsory to immunize the companion animals will lead to the growth and deep penetration for animal healthcare.
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Growing occurrence of food-borne zoonotic infections has raised the alarm among farm owners and pet owners over animal healthcare. Brucellosis (bacterial infection), which causes miscarriage or abortion in animals, is growing. This bacterial infection usually affects livestock animals, such as cows, goats, and sheep. The new technology makes it easier for farmers to work and to improve cattle health, production efficiency, and profitability.
Even today, cattle such as cows, buffaloes, goats, sheep that provide milk and meat are the primary source of income in rural as well as urban areas. But with rising push on quality of animal products and big and small companies entering the domain, animal husbandry has become technology-driven. And there is a need for controlling outbreaks of new and old animal infections. As a result, the animal healthcare market will grow.
Over the past decade, pet adoption for a companion among the elderly population has significantly expanded. Given the growing number of pets and the rapidly changing implications of technology. And increasing disposable income in developing countries and introducing animal-specific products will also boost the overall demand from the animal healthcare industry.
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Increasing income levels of individuals leveraging to recent trends lead to an increase in the number of livestock animal adoption, which ultimately will lead to a rise in the demand for companion animal healthcare services. Among the livestock animal’s poultry, fish, sheep, cow, held the largest revenue in the animal healthcare market.
North America is estimated to dominate the region during the forecast horizon due to factors such as housing massive animal populations of both milk and meat animals, increased demand for protein-rich diet, and increased incidences of animal disease. During the forecast period, Asia Pacific is expected to proliferate in the animal healthcare market, owing to rapid growth in the animal healthcare market in countries like India and China.
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This Press Release Posted By Market News Bizz