Pet health, livestock and other animals is important because animals’ health influences food, human health and the environment considering food chain cycle; in addition, there is the risk of contamination by zoonotic diseases because of keeping pets. Therefore, government-related health institutions should pay special attention to this issue and enact healthcare laws in this regard. The animal health and veterinary market covers a wide range of services.
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Industry segment of pet health
Base Year | Market size(B$) | Duration(YEAR) | CAGR(%) | Source Name |
2020 | 31.46 | 5 | 7.94% | Market Data Forecast |
2019 | 47.29 | 11 | 5.10% | Next MCS |
2018 | 41.5 | 7 | 6.30% | Fotune Business Insights |
2017 | 38.5 | 6 | 5.70% | Medgadget |
2019 | 47.1 | 8 | 5.80% | Grand view research |
Influencing factors that changes market size of veterinary & Pet health
The size of the market value changes under the influence of many factors; the increase and decrease in the rate of these influential factors leads to changes in the value of the market size, which is provided by direct and reverse drivers in the market of veterinary
Direct drivers in the market of Pet health
- Pet custody
- Awareness about pet health
- Urbanization and pet population
- Government legislation
Reverse drivers
1. Lack of awareness about vaccination
2. Inappropriate drugs
The market of Pet health may also be threatened by following risks:
In all different markets and industries, risk is always one of the factors that business founders should be sufficiently aware of. The first step is risk assessment is identification of risks in the market in order to perform risk management.
- Technology risk
- Sales and marketing risk
- Legislation risk
- Competition risk
- Funding risk