Albany, NY (PRWEB) December 29, 2014
The 2014 edition of the animal health market report is based on the premise that animals suffer from an increasing number of diseases, just as human beings do; it is imperative that they receive timely and proper care from not just qualified veterinarians, but also from pet owners and farmers/livestock herders.
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The report segments the animal health market based on species: food producing animals and companion animals. The former refers to animals that provide meat and dairy, namely, swine, sheep, bovines, poultry, and fish. On the other hand, companion animals include species such as cats, dogs, fish, horses and others that are kept as pets by people. The report observes that the animal health industry strives to introduce products and medicines that are geared toward helping animals enjoy a disease-free and active lifestyle and increase their longevity. Thus, the products that are offered by companies operating within the animal health market are formulated to achieve this end in all types of animals – be it companion animals, livestock or even wild animals.
The key products within the animal health market are: Vaccines, pharmaceuticals and medicinal feed additives. Of these, the pharmaceuticals segment is the leader as far as revenue is concerned. It contributes significantly by creating products that improve the health and longevity of both companion animals and livestock.
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According to the findings of the report, the segment of veterinary healthcare has witnessed significant development (by revenue) because of a slew of factors working together. For instance, the growing economic development of a number of countries has resulted in higher per capita income, which ultimately gives consumers the benefit of higher disposable income. With this, consumers have reported higher pet ownership – this in turn leads to a greater demand for better and more effective nutrition products, especially protein for animals. Pet owners are careful about what their pets consume and do not hesitate from spending more on quality/organic products. At the same time, farmers invest in quality medicines and nutraceuticals to improve the productivity of farm animals (milk, eggs, meat etc.), as well as the quality of their meat.
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The report analyzes the global animal health market, with a focus on the trends that will promote higher development of the market. The key markets that are discussed in the report are: the United States, the United Kingdom, and China. All of these developed countries hold massive potential for the animal health market. This report also profiles the three major players in the animal health industry, namely, Merck, Zoetis, and Elli Lilly.
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