The global Animal Healthcare Market caters to the increasing healthcare needs of livestock and companion animals. Pet owners worldwide are concerned about their pets' wellbeing and prefer high-quality products like vaccines, parasiticides, anti-infectives, and medicines for regular checkups and treatments. The global Animal Healthcare Market is estimated to be valued at US$ 50.45 Bn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Rising pet adoption rates coupled with growing expenditures on animal healthcare have emerged as a key trend propelling the Animal Healthcare Market forward. According to recent statistics, pet adoption witnessed an increase of about 11% globally during the pandemic as more people favored companion animals for company. This has translated to increased spending on pet food, healthcare, and insurance. Pet owners now consider pets as part of the family and spare no expense to ensure their lifelong health and wellbeing, driving demand for pharmaceuticals and services within the Animal Healthcare Market.
Here is the SWOT Analysis and Key Takeaways for the Animal Healthcare Market without mentioning market size, CAGR or including a conclusion:

SWOT Analysis
Strength: The rising pets ownership is driving market growth as pet owners are increasingly spending on animal healthcare and wellness. Adoption of latest diagnostic tools and medications is improving disease diagnosis and treatment outcomes.

Weakness: High costs involved in R&D, regulatory approvals and product commercialization of animal healthcare drugs and vaccines. Limited awareness about animal health issues in developing regions could hamper market growth.

Opportunity: Untapped opportunities exist in developing economies due to rising animal adoption and growing meat consumption. Growing adoption of pet insurance will boost demand for veterinary healthcare services.

Threats: Stringent regulatory framework for approval of veterinary drugs. Trade barriers imposed by various governments impact international availability of animal health products.

Key Takeaways

The Global Animal Healthcare Market is expected to witness high growth.

Regional analysis: The Asia Pacific region provides lucrative opportunities due to rising meat consumption, growing livestock population and increasing per capita spend on pet care in countries like India and China. Countries like Thailand, Vietnam, Indonesia and Malaysia are expected to witness highest growth in the veterinary healthcare market.

Key players operating in the Animal Healthcare are Abbott, Pfizer Inc., Eli Lilly & Company, Endo International plc, F. Hoffmann-La Roche AG Bausch Health Companies Inc., Merck & Co. Inc., AbbVie Inc., Novartis AG, Johnson & Johnson Private Limited, GSK plc., Purdue Pharma L.P. These companies are focusing on new product launches, partnerships and acquisitions to strengthen their market presence and service offerings.

For more details on the report, Read- https://www.ukwebwire.com/animal-healthcare-market-trends-size-and-share-analysis-2/

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