Animal healthcare involves directing, conserving, and protecting animals from various diseases, as well as providing them with necessary veterinary treatments to prolong their lives as well as increase their yield. There are two types of global animal healthcare market. Rising rate of milk and meat consumption are the primary demand drivers in the animal healthcare market. Aside from that, rising zoonotic and foodborne diseases, in addition to a rising trend in pet adoption, are all driving the growth of the animal healthcare market. Natural products are gaining high popularity and now food processors are opting for transparent labeling. This is expected to increase the sales projections of the animal healthcare market in the near future.
In developing economies, there is a rapid expansion of hospital and retail pharmacies that provide veterinary drugs, nutritional supplements, pet vaccines, and other products for the effective treatment of various diseases and injuries in animals. The growing number of eCommerce channels and online pharmacies in emerging nations are likely to create revenue generation opportunities for the animal healthcare market in the next couple of years.
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Due to their product availability, low prices, and ease of transaction, online pharmacies are in high demand for veterinary medicines and other animal healthcare products. Pet owners are caring for their pets by purchasing routine vaccines, disease prevention medicines, and pharmaceutical drugs online. Such factors are likely to create revenue generation opportunities for the animal healthcare market in the near future.
Rising Cases of Zoonotic Diseases will Propel Growth of Animal Healthcare Market
Vaccination services, veterinary medical assistance, and improved treatment facilities are available in India to improve animal health. Many animal activists fight for animal rights, illegal animal slaughter, and animal abuse. Some of the emerging trend in the animal healthcare market includes an increase in the number of animal lovers and increased government initiatives to advertise animal health products. The major factors boosting the sales growth of the animal health market are the rising popularity of zoonotic diseases and the expansion of the veterinarian pharmaceutical industry. Zoonotic diseases are transmitted naturally from animals to humans via contaminated water and food, or by sudden or long exposure to the pathogen at the time of preparation, processing, or direct contact with infected animals or humans. Improving the living conditions of animals in a hygienic environment is gaining importance among pet owners and animal husbandry practioners. This will also help promote the growth of this market in the foreseeable future.
The nature of market for animal healthcare is consolidated on account of the presence of a few players having significant positions in the overall competition. Leading players of the animal healthcare market are engaging in intense research and development for improving their product portfolio, offering better strategies that will attract high revenues. Some of the key players of the global animal healthcare market include Lupin Ltd., Sun Pharmaceutical Industries Ltd., Merck & Co. Inc., Zydus LifeSciences Ltd., GlaxoSmithKline Plc., Olympus Corporation, Novartis AG, Sanofi SA, Pfizer Plc., and others.
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The advent of Internet of Things in animal healthcare monitoring is yet another driving factor boosting the growth of the global animal healthcare market in the coming years. IoT is used to monitor animal health care, which is critical in reducing the infection risk among animals. This technology can be used to monitor animal health and provide proper animal husbandry. The use of wearable technologies and biosensors in animal health management is becoming increasingly important. These gadgets offer timely diagnosis of animal diseases, thus, reducing economic losses in the long run. Wireless methods include the use of the Internet of Things (IoT), which is an expanding intent-based data that enables trade and aims to provide a convenient and secure way for personal data related to animal health to be exchanged.