Valley Cottage, New York, May 7, 2015 (GLOBE NEWSWIRE) -- Future Market Insights (FMI), delivers key insights on the animal healthcare market in its recent report titled, "Animal Healthcare Market: Global Industry Analysis and Opportunity Assessment, 2015 - 2020". According to the report, the animal healthcare market is anticipated to expand at a healthy single-digit CAGR of 5.1% during the forecast period. Feed additives, a segment of the animal healthcare market, is projected to exhibit highest CAGR of 5.4% during the forecast period. The global animal healthcare market reached around US$ 32.08 Bn in terms of value in 2014.
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Assessing the various factors driving this market, FMI analyst Megha Dodke said, "Technological advancement in development of new active ingredients/biologics, increasing zoonotic diseases, and intense factory farming are the major underlying factors that will fuel the growth of the animal healthcare market between 2015 and 2020". This, she said, would offer various biotechnology, feed manufacturers, and animal healthcare companies unprecedented opportunities in the space of animal healthcare market. She added, the trend is even more pronounced in the emerging market of India, Indonesia, Thailand, Vietnam, Brazil, Argentina, Chile, Israel, CIS countries, Ukraine, Russia, South Africa and China.
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Region-wise, North America is the largest market in terms of revenue with over 34% of market share in 2014. North America is a potential market for companion/pet animal drugs & vaccines. However, with the expiration of major blockbuster drugs, the market for branded generic drugs is flourishing. Putney Inc., and TEVA animal health (Bayer) are the market leaders in generic veterinary drugs market in the U.S. Moreover, major regions such as Asia Pacific and Latin America are shifting towards production of high quality animal feed additives to secure the sustainable supply chain of meat, milk and other animal proteinsfor their customers. Large number of antibiotics which are banned in animal feed in Europe and North America, are still used in Asia Pacific due to which the output of production animals is higher.
However, government is expected to take serious measures in near future to streamline the guidelines for sustainable animal farming. Europe occupies second position in global market share with 29% of market share. Middle East & Africa occupies the lowest market share in terms of revenue, however, it is largely an untapped market with immense opportunities for cattle & poultry feed, pharmaceuticals & vaccines.
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Type-wise, this report covers three segments, feed additives, pharmaceutical, and vaccines. Feed additives was estimated to be the largest segment with over 46% of the total market share in 2014 followed by pharmaceutical with 37%. Vaccines accounted for the smallest segment though, it is growing at 4-5% during the forecast period.
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On the basis of animal type, the market is segmented as companion and production animal. Companion animals or what we call as pets accounted for over 34% of market share in terms of revenue and the production or farm animals acquired the dominant position with over 65% market share in 2014. North America and Western Europe has high number of pet populations. Japan, China, Romania and India are the emerging markets for companion animal healthcare segment. Asia Pacific, Latin America, Eastern Europe and Middle East & Africa is anticipated to see high uptake of animal feed additives as well as pharmaceuticals during the forecast period.
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Major players in the pharmaceutical & vaccine segment of animal healthcare market include Zoetis, Inc. (Pfizer), Merck & Co., Inc. (Intervet), Eli Lilly and Company (Elanco/Novartis), Bayer Healthcare AG, Ceva Santé Animale, Virbac S.A, Vetoquinol SA, Boehringer Ingelheim GmbH, Nutreco N.V. and Sanofi S.A. (MERIAL Limited). Major animal feed additive manufacturers are Cargill Inc. (Provimi), ADM Alliance Nutrition, Koninklijke DSM N.V and Evonik Industries AG among others.
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Source: Future Market Insights