North America animal healthcare market is anticipated to witness notable growth in the coming years with the soaring demand for livestock and rising incidence of animal diseases.
The significant rise in livestock population is encouraging industry players to produce effective pet medications to curb the prevalence of various animal diseases. Growing expenditure on pet health and favorable government regulations for animal welfare is likely to complement the industry forecast in the forthcoming years.
Request for a sample of this research report @ https://www.graphicalresearch.com/request/1344/sample
Below mentioned are some key factors expected to further complement industry trends:
Soaring demand for livestock animals
Growing livestock population, along with the consumption of high-quality meat is driving the adoption of animal healthcare services in North America. According to the U.S. Department of Agriculture’s National Agricultural Statistics Service (NASS), as of July 2021, there were nearly 101 million cattle and calves across U.S. farms.
The demand for dairy and meat is the prime factor that is responsible for such growth in livestock population across the region. As per the Organization of Economic Co-operation and Development (OECD), U.S. poultry meat consumption is expected to reach over 50 kilograms/capita by 2029. Notably, livestock generated a revenue of over USD 18.8 billion for the animal healthcare market in North America 2020.
Growing incidence of animal diseases
The demand for animal medications is surging exponentially owing to the increasing prevalence of zoonotic, foodborne, and infectious diseases across the region. Zoonoses, which include diseases like cysticercosis, anthrax, bovine brucellosis, echinococcosis, and tuberculosis are the most prevalent disorder in livestock animals.
As per the National Center for Biotechnology Information, zoonotic is responsible for around 60% of the total known infectious diseases and over 75% of emerging infectious problems in the country. Moreover, the rising incidence of SARS, influenza, and rabies that are extremely fatal and lead to significant animal mortality is predicted to boost the demand for pet medications. Owing to this, the North America animal healthcare market share from pharmaceuticals is expected to grow at around 4.1% through 2027.
Rising preference for veterinary services
Significant growth in pet adoption across the region, especially during the COVID-19 pandemic resulted in an increased demand for veterinary services. According to the American Pet Products Association, nearly 12.6 million households across the region adopted a pet in 2020.
Growing awareness among pet owners about the vulnerability of several zoonotic diseases to animals and humans is further expected to augment veterinary services. Driven by this, veterinary services are expected to generate around USD 41.3 billion in revenue for the North America animal healthcare market by 2027.
Suring healthcare spending on pets in the U.S.
North America animal healthcare market held a revenue share of USD 47 billion from the U.S. in 2020. This is attributed to soaring healthcare expenses on animals and the growing trend of pet ownership across the country.
Request for customization of this report @ https://www.graphicalresearch.com/request/1344/customize-this-report
As per the North American Pet Health Insurance Association (NAPHIA), the total volume of pet health insurance premiums across the country increased from USD 1.56 billion in 2019 to USD 1.99 billion in 2020. Moreover, nearly 85 million U.S. families adopted a pet between 2019 and 2020, as per the American Pet Products Association (APPA) survey.
With the presence of various animal welfare organizations, including the American Society for the Prevention of Cruelty to Animals, the American Pet Association, and others, the North America animal healthcare market is predicted to register commendable expansion in the coming years.
Table of Contents (ToC) of the report:
Chapter 1. Methodology
1.2. Market definitions
1.3. Forecast parameters
1.4. Data sources
18.104.22.168. Paid sources
22.214.171.124. Unpaid sources
Chapter 2. Executive Summary
2.1. North America animal healthcare market 3600 synopsis, 2016 – 2027
2.1.1. Country trends
2.1.2. Product trends
2.1.3. Animal type trends
2.1.4. Distribution channel trends
Chapter 3. North America Animal Healthcare Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2016 – 2027 (USD Million)
3.3. Industry impact forces
3.3.1. Growth drivers
126.96.36.199. Increasing pet adoption for companionship among the elderly population
188.8.131.52. Increasing government support for pet care
184.108.40.206. Growing demand for online veterinary pharmacies
3.3.2. Industry pitfalls & challenges
220.127.116.11. High cost associated with animal healthcare drugs
3.4. Analysis of COVID-19 impact on the industry
3.5. Porter’s analysis
3.6. Competitive landscape, 2020
3.7. PEST analysis
Browse complete Table of Contents (ToC) of this research report @ https://www.graphicalresearch.com/table-of-content/1344/north-america-animal-healthcare-market
About Graphical Research:
Graphical Research is a business research firm that provides industry insights, market forecast and strategic inputs through granular research reports and advisory services. We publish targeted research reports with an aim to address varied customer needs, from market penetration and entry strategies to portfolio management and strategic outlook. We understand that business requirements are unique: our syndicate reports are designed to ensure relevance for industry participants across the value chain. We also provide custom reports that are tailored to the exact needs of the customer, with dedicated analyst support across the purchase lifecycle.