The United States veterinary healthcare market, estimated at USD 4837.89 million in 2016, is set to reach USD 6104.13 million by 2021, with a CAGR of 5.22% over the forecast period. Increasing focus on food safety and animal health will drive the market for medicinal feed additives to grow at a healthy CAGR of 6.38 %.
United States Veterinary Healthcare Market- Market Dynamics
The veterinary healthcare market is gaining importance as a result of manufacturers focusing on the production of products with specialized formulations and manufacturing processes. The importance of livestock animals is generating growth in the animal healthcare market because of more people consuming meat and dairy products. The population boom and the stable economy are expected to result in increased demand for protein-rich foods, especially in developing regions. Animal health companies are well-positioned to address this growing emerging market demand for higher-protein diets.
Veterinary healthcare in the US has had a significant boost in revenues due to a number of factors:
The new types of diseases in animals and their subsequent transfer to humans via animal food product consumption and companionship are escalating the veterinary healthcare industry globally. The strategic decisions in research and development of manufacturers are expected to positively impact the US veterinary healthcare market. However, increased competition for cultivated land and scarcity of arable land are the major restraints for the market growth.
In this report, the United States veterinary healthcare market is discussed in detail, with segmentation on the basis of animal products (vaccines, parasiticides, anti-infective, medicinal feed additives and other pharmaceuticals), animal types (companion animals, farm animals), animal diagnostic market and animal genetics market.
Some of the key players in the market are:
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