Growing Pet Population Influencing Animal Health Industry at a Stagnant CAGR of 5.7% During Forecast 2018-2023
Market Analysis: The global animal health market is predicted to touch USD 38,500 million at a 5.7% CAGR over the forecast period ( 2018-2023 ), states the latest Market Research Future (MRFR) report. Animal health, simply put, is a branch of veterinary science that deals with monitoring and treatment of animal disease. It plays a crucial part in the safety and economy of the food supply of the country. Various factors are propelling the animal health market growth. Some of these factors, according to the Market Research Future report, include rising pet insurance, increasing incidences of zoonotic diseases, growing pet population, and rising expenditure on animal health. Additional factors pushing market growth include rising pet ownership, increasing emphasis on food safety, improvement in productivity, rapid technological advancements, rising focus on animal welfare, and rising R&D activities in the veterinary industry. Moreover, the rising popularity of animal partic...