Fri. Sep 24th, 2021

Global Animal Healthcare Market: Overview

The demand within the global animal healthcare market is set to touch new heights in the years to follow. The quest of the medical industry to engulf animal-care services in its ambit of operation has created new opportunities for market growth. The growing investments of central and state bodies in animal care and veterinary treatments has emerged as an integral driver of demand across this market. Animal healthcare has also gained traction from leading agencies that support animal welfare. The quest of environmentalists and activists to create safe spaces and shelters for animals has become a visible trend. The aforementioned factors have played an integral role in generating revenues within the global animal healthcare market.

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In this review, TMR Research uncovers a range of factors that have aided the growth of the global animal healthcare market. There has been a steady rise in revenues across this market, mainly due to the establishment of several animal-care organizations. Several people have joined hands with these organizations to vouch for the rights of animals. Besides, the support gained from several governments in protecting pets from brutality has also given a push to market growth.

Global Animal Healthcare Market: Notable Developments

  • The recent surge in demand for animal vaccines has led market players to develop their dedicated research facilities. Several people prefer to get their pets vaccinated to steer clear of communicable diseases. Market vendors are capitalising on these trends to develop annual or bi-annual vaccines and drugs for pets. The development of new vaccines could generate fresh revenues for the vendors operating in the animal healthcare market.
  • The COVID-19 pandemic is largely believed to have come from animals, although research is still underway. This has generated a sense of alarm and information amongst the masses. People have become more particular about getting their pet vaccinated, and several countries are looking at amending laws pertaining to animal care.

Key Players

  • Elanco
  • Dechra Pharmaceuticals
  • Merck
  • Zoetis
  • Medtronic
  • B. Braun Vet Care
  • IDEXX Laboratories

Global Animal Healthcare Market: Growth Divers

  • Growing Propensity to Adopt Pets

The rising rate of pet-adoption has put pressure on the field of veterinary care. Vets are required to cater to the changing demand of pet-owners who want to ensure the highest health standards for their furry animals. ‘Adoption’ of wild animals has also become a prominent trend wherein people fund the care and nourishment of the animals at sanctuaries instead of keeping them at home. This has emerged as a crucial dynamic of growth across the global animal healthcare market. The next few years could witness a surge in the number of products manufactured for animal healthcare.

  • Efforts of Animals Rights Activists

The quest of animal rights activists to persuade governments and state authorities to stipulate strict laws for animal-care has aided market maturity. Agitations against animal brutality have become more prominent, especially in the western parts of the world. A number of people consider their pets to be a part of their family. This leads them to spend a large part of their income on the grooming and care needs of these animals. The domain of veterinary care has made several classifications to deal with the changing needs of animal healthcare. The next few years could witness a surge in the number of vaccines developed for animal care.

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By ajinkya