Latin America Companion Animal Health Care Market by Product type – (Feed Additives, Pharmaceuticals, and Vaccines) and by Region - Industry Analysis, Size, Share, Growth, Trends, and Forecasts (2016–2021)
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According to the report Latin Companion America Animal Health Care Market, published by Market Data Forecast, the market is projected to reach USD 2.06 billion by 2021, at a CAGR of 6.12% from 2016 to 2021.
Animal healthcare is an act of saving, managing and shielding animals from infections and giving them needful veterinary administrations with the aim of expanding their life expectancy and yield. Pet (Companion Animal) means any dog or cat or any other domesticated animal maintained in or near the household of the owner or person who cares for such domesticated animal.
Due to increasing number of disorders in pet/companions, the companies are focusing more on the research for the development of new drugs and vaccines.
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The animal healthcare market has developed as a market of extremely prime significance on the planet in recent years. The primary explanation for expanded focus on the animal healthcare industry can be credited to the outbreak of new animal infections lately.
Also, adjustments in factory farming practices for mass production, which requires great quality animal feed additives, hygiene administration items and immunizations and so forth have permitted the animal healthcare market to expand.
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Latin America Companion Animal Health Care Market: Drivers and Restraints
The factors that are driving the Latin America Companion Animal Health Care Market are increasing incidence of animal and food borne diseases, Increasing pet/companion ownership, growing health care concerns of pets, rising demand for improved nutrition. High focus of government healthcare organizations towards veterinary health is also driving the market.
Restrictions by regulatory bodies have a negative impact on the sales of antibiotics, soaring costs and increasing regulations on animal testing have hindered a number of healthcare companies from manufacturing newly advanced drugs are the factors hampering the growth of the market.
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Latin America Companion Animal Health Care Market: Segmentation
- Feed Additives
- o Nutritional Feed Additives
- o Medicinal Feed Additives
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Latin America Companion Animal Health Care Market: Overview
Increase in the demand for export of veterinary products all over the world has increased the production of poultry and swine animals. This has given rise to animal diseases and companion owners are becoming increasingly concerned about the health care issues.
New technological advancements in veterinary healthcare are also provide future growth opportunities for animal healthcare market. Recommendations by various governing bodies regarding the use of animal feed which includes vitamins and antioxidants are also promoting the growth of Companion Animal Health Care Market in Latin America.
The market is restrained by factors such as high costs and regulations on animal testing have restricted many organizations from producing new drugs.
Latin America Companion Animal Health Care Market: Region-wise Outlook
Based on Geography, the Latin America Companion Animal Health care market is analyzed under various regions namely Brazil, Argentina and Mexico. Due to the increase in the sales of animal product sales and international standards for companion animals, companion animal health care market has increased.
Latin America Companion Animal Healthcare Market: Key Players
Some of the key players in Latin America Companion Animal Health Care market are Pfizer Animal health Ltd, Merck & Co Inc., Sanofi Aventis Animal Health, Zoetis Inc., Boehringer Ingelheim GmbH, Elanco Products Company, Bayer AG, Novartis animal Health Inc., Virbac SA, Ceva Sante Animale, Vetoquinol SA.
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