Increasing Per Capita Spends on Pet Healthcare Drives the Global Animal Medication Market, According to New Report by Global Industry Analysts, Inc.
San Jose, California (PRWEB) August 08, 2014 -- Follow us on LinkedIn – Animal medication is vital to the productivity and health of livestock (cattle, poultry, swine, horses), as well as pets/companion animals. The market is mainly driven by increasing consumption of meat products against a backdrop of strong emphasis on protein rich diets and growing expenditure on pet healthcare as a result of increased focus on preventing the spread of Zoonotic diseases. Over the past couple of decades, animal health, especially farm animals, has been gaining in popularity backed by compelling scientific evidence, linking animal health with human food safety and public health. Animal health and management of livestock has therefore gained significant prominence among livestock breeders. With consumers demanding safe and nutritious food, and with governments across the world focusing on building sustainable systems for superior animal health management, demand for animal health products is poised to witness steady growth.
Robust [pet industry] in both developed and emerging economies with increased emphasis on pet healthcare and willingness to spend on pet medication is also helping spur growth in the market. As stated by the new market research report on Animal Medication, the United States represents the largest market worldwide. Asia-Pacific ranks as the fastest growing market with a CAGR of 9.8% over the analysis period. Transforming food consumption patterns, expanding middle class, rising disposable incomes, increased healthcare awareness, Westernization of food habits, and the emerging pet industry represent key growth drivers in the region. Farm animals or livestock represent the largest and the fastest growing market for animal medication.
Enhanced R&D on animal health and the production of new biotechnological vaccine products, are the other factors propelling market growth. In the global companion animal vaccines market, canine vaccines represent the largest as well as the fastest growing market segment. Porcine, Poultry, and Bovine vaccines are the most widely used livestock vaccines globally. The United States and Europe dominate the veterinary vaccines market. Recombinant DNA technology is expected to take the veterinary vaccines market to new heights, supported by the development and successful commercialization of novel products. Recombinant technology is also used in the production of vector-based vaccines. In a major breakthrough, novel nucleic acid sequencing methods enable the location of virulent genes of pathogenic microorganisms, and recombinant DNA methods enable the development of new genotypes through the removal of such genes.
Key players covered in the report include Abbott Animal Health, Bayer HealthCare, Boehringer Ingelheim GmbH, Ceva Santé Animale S.A., Dechra Pharmaceuticals PLC, Eli Lilly and Company, Merck Animal Health, Merial Limited, Novartis Animal Health Inc., Vetericyn Inc., Vétoquinol SA, Virbac SA, and Zoetis Inc. among others.
The research report titled, “Animal Medication: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, major growth drivers, regulations, issues, challenges, mergers and acquisitions, and other strategic industry activities of players worldwide. The report provides market estimates and projections in dollars for all major geographic markets, including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and Rest of World. Product segments analyzed include Farm Animal Medication Products (Cattle, Pigs, and Others), and Companion Animal Medication. The study also analyzes different product groups for the global market, including Parasiticides, Vaccines, Anti-infectives, Medicinal Feed Additives, and other Pharmaceuticals.
For more details about this comprehensive market research report, please visit:
http://www.strategyr.com/Animal_Medication_Market_Report.asp.
About Global Industry Analysts, Inc.:
Global Industry Analysts, Inc. (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes 1500+ full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today as one of the world's largest and reputed market research firms.
Global Industry Analysts, Inc.
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