Animal health care market has shown its potential in the last decade and still continues to stand as an attractive market segment. The population of both companion and production animals is increasing, which in turn aids the growth of the market. Due to the rising demands and expectations of animal lovers the companion animal healthcare is booming whilst growing income in developing countries is increasing the consumption of animal source foods like meat, milk and eggs which means production animals are also being taken care of. Hence, these are considered as the key driving forces of the market.
Pharmaceutical companies are immensely focusing on this particular market because of recent occurrences of infectious animal diseases and also large scale farming of livestock which requires animal feed additives, vaccines and hygiene management products in huge quantities. In the product segment, feed additives and pharmaceutics categories are accounted for the major market share. Animal vaccines is expected to gain increasing share in the market because the animal bite cases have gone up with the rise in pet animal population.
With government regulations being immensely supportive, the ample supply and demand of natural animal products is pressing forward the global expansion of animal health care market. Last few decades have seen various independent animal health care companies autonomously fulfilling the booming demand for feed additives, vaccines and veterinary drugs. In future considerable investment in R&D to develop new drugs would deliver sizeable profits to them. But then again high degree of mergers, joint ventures and acquisitions taking place has made the market extremely volatile in the past few years.
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