Animal Healthcare Market Ready to Hit Revenue up to US$ 61,168.31 Mn by the end of 2027

 

Animal Healthcare Market

The rising prevalence of zoonotic diseases, as well as the growing penetration of e-commerce platforms promoting online pharmacies, are expected to drive Animal Healthcare Market growth. Various developed countries around the world are acting as the focal point for the growth of high adoption of online pharmacies due to numerous benefits such as convenience and discounted prices for ordered medications. Investing in research and development (R&D) activities to improve product offerings and acceptance of advanced technologies by key players in order to transform the animal healthcare sector will result in market expansion.

Over the forecast period, rising consumption of meat, milk, and other animal byproducts is expected to drive growth in the global Animal Healthcare Market. For example, the USDA National Agricultural Statistics Service (NASS) estimated November 2019 milk production in the United States at 17.440 billion pounds, up 0.5 percent from November 2018. Moreover, increasing prevalence of foodborne and zoonotic diseases is also expected to propel growth of the market. Salmonella infection (salmonellosis), for example, causes approximately 1.2 million illnesses and 450 deaths in the United States each year, according to a May 2019 report from the Centers for Disease Control and Prevention (CDC), and in 2018, there were 18 reported outbreaks, 15 of which were linked to food.

The COVID-19 pandemic has impacted the entire healthcare sector, including Animal Healthcare Market. Initially, there was a high risk of animals becoming infected as a result of close contact with humans. Several cases of COVID-19 virus infection in companion animals, livestock animals, and animals kept in zoological facilities have been reported. Various market players launched their products to assist veterinarians in response to the need and demand for COVID-19 testing kits for animals. Furthermore, the spread of the virus has had a significant impact on animal consultation and treatment due to travel restrictions and, in many cases, the closure of veterinary hospitals.

To avoid such scenarios in the United Kingdom, the British Veterinary Association (BVA) issued guidelines encouraging practitioners to use telemedicine whenever possible, which resulted in positive outcomes in the midst of a crisis. Following the World Veterinary Association (WVA) and several other local veterinary associations' guidelines, various countries have classified veterinary services as 'essential.' This aided in limiting the spread of viruses in animals by allowing for faster consultation and treatment in hospitals at the appropriate time. Furthermore, the outbreak resulted in supportive government policies for continued research and approval of animal drugs in the face of pandemics.

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