Animal healthcare has turned its focus area by the animal medicine industry because of increase in animal disease, vaccination, animal adoption and livestock. The global animal healthcare market is expected to gain major traction, on the backdrop of increasing pet adoption and high consumption of milk and meat. There is an increase in adoption of western culture and dynamic lifestyle in emerging countries such as India and China, which in turn has increased the pet adoption that is expected to favor the rise in growth for animal healthcare market. Pets are adopted by people all over the world for psychological and therapeutic benefits. An increase in new animal diseases such as white nose syndrome and anthrax has created opportunities in the animal healthcare market. Globally, Australia holds the leading position in pet ownership. According to the Australian Veterinary Association, there were around 4.2 million dogs and 3.3 million cats accounting for 39% and 29% market share respectively.Browse Complete Report @ [FURL=https://www.coherentmarketinsights.com/ongoing-insight/animal-healthcare-market-550]https://www.coherentmarketinsights.com/ongoing-insight/animal-healthcare-market-550[/FURL]
According to the Animal Health Institute, in the U.S., on an average, the world spends around one fortieth amount to human medicine as compared with animal medicines every year. That investment covers animal health innovations for 24 billion chickens, 750 million swine, 500 million dogs, 400 million cats and 1 billion cattle and sheep. According to Animal Health Institute, companies yearly invest around 10-12% of their sales in innovations for animal health. Scientists have developed various medicines which result in improvement, prevention, and treatment of animal diseases such as flea and tick infestation, rabies, Lyme disease, leukemia.
Globally the market is segmented into North America, Europe, Latin America, Asia Pacific, Middle East, and Africa. According to American Pet Product Association, during 2013-2014 North America is the leading market and it contributes around 68% owning the pet population has triple in from 2009 to 2014 in North America followed by Europe with a population of pets around 62 million and Asia Pacific due to the adoption of western lifestyle and increase in animal adoption.
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There are various animal healthcare market players are present all over the world. Animal healthcare industry has seen some major merger and acquisitions to develop new drugs. In 2016, Sanofi and Boehringer Ingelheim merger have taken place to develop new and improved drugs for animal healthcare. Some of the key market players of animal healthcare market includes Zoetis, Eli Lilly & Co., Novartis, Bayer Healthcare, Ceva Sante Animale, Evonik Industries AG, and ADM Alliance Nutrition.
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