London, 21 September 2015 – Technavio has published a new report on the global animal health market, which is expected to grow at a CAGR of nearly 4% from 2015-2019.
About the Report
According to the new market analysis by Technavio, there is an increase in pet adoption, which is primarily due to the rise in urbanization and change in lifestyle. Along with the rise in awareness of the health and well-being of pets, the demand for medical services for pets has also increased.
“The increased adoption of pets and pet foods has given prominence for distribution channels such as supermarkets, clinics, and pet shops. Peoples’ close contact with pets necessitates regular vaccinations and veterinary check-ups to ensure good health,” says Faisal Ghaus, Vice President of Technavio.
The latest report by Technavio also emphasizes the prevalence of industry-academia collaborations, where vendors are increasingly extending their funding to academic institutions to support the R&D of innovative products for animal healthcare.
“One such instance of industry-academia collaborations is that, in May 2013, Zoetis awarded $100,000 to Texas Tech University to provide resources for Salmonella research,” adds Ghaus.
Market Scope and Calculation of Market Size
The new Technavio report covers the present scenario and growth prospects of the global animal health market from 2015-2019. To calculate the market size, the report uses revenue generated from the sale of animal healthcare products, which include biologicals, medicinal feed additives, and pharmaceuticals.
Key Information Covered in the Report:
Key Vendors:
- Bayer Animal Health
- Elanco
- Merck
- Merial
- Zoetis
Market Growth Drivers:
- Increase in consumption of meat and milk
- For a full detailed list, view our report.
Market Challenges:
- Genetic erosion
- For a full detailed list, view our report.
Market Trends:
- Increase in M&A
- For a full detailed list, view our report.
https://www.technavio.com/%3Cp%3E%3Ca%20href%3D%22http%3A//www.technavio….
