Veterinary Summit-2022

Animal Nutrition & Physiology

The Global veterinary healthcare market, estimated at $24.8 Billion in 2014, is set to reach $34.39 Billion by 2019, with a CAGR of 7.86% over the forecast period. Veterinary healthcare market is gaining importance as a result of manufacturers focus on production of products with specialized formulations and specialized manufacturing processes. In United States alone, Americans spent more than $53 billion on food, pet supplies, over-the-counter and prescription medications, veterinary care, live animal purchases, dietary supplements and other pet-related services. Increased love for the pets leading to increased ownership, more people awareness for animal health, and far less requirements for animal health drugs approval are the major driving factors for the market. Another factor that drives the market is continuous innovations and technological advances in development of animal health drugs. However, increased competition for cultivated land and scarcity of arable land are the major restraints for the market growth. The new type of diseases in animals and their subsequent transfer to humans via animal feed quality consumption and companionship are escalating the veterinary healthcare industry globally. The strategic decisions in research and development of manufacturers are expected to positively impact global veterinary healthcare market.