Animal Health Market Increase in demand, opportunities, type,
The global animal health market size was valued at USD 47.29 billion in 2019 and is expected to reach USD 81.73 billion by 2030 with a CAGR of 5.1% from 2020-2030.
Increasing the productivity of livestock is essential to feed the growing world population. In order to increase their productivity, it is important to stay healthy. However, animals also suffer from various illnesses and require proper care from veterinarians and pet owners. Animal health is strongly impacted by the forces of globalization, expanding trade, the threat of bioterrorism, the reorganization of agricultural production into large business units and human interference in wildlife habitats. Different animals require different treatment and care which should be appropriate for their breed.
Thus, manufacturers of animal health products are investing heavily in R&D to develop innovative products for production and companion animals. These products range from cancer therapies to vaccines and drugs that prevent or treat diseases like foot-and-mouth disease, rabies, and Lyme disease, among others. Huge investments in R&D and intellectual property protection have made the animal health industry one of the most innovative industries in the world.
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Main companies: Bayer Healthcare AG, Ceva SantÃ© Animale, Virbac SA, Vetoquinol SA, Boehringer Ingelheim GmbH, Nutreco NV, Merck, Zoetis, Elanco Animal Health and Sanofi SA and others.
Market dynamics and trends
The demand for livestock is increasing at a high rate. In many countries, pets play an important role in the economy of the country. They are not only used in agriculture, but are also a rich source of protein for the indigenous population. In addition, they help generate huge income through exports. Therefore, governments in various countries are focusing on animal health, so that animals can be cared for and offered treatments that work without distressing side effects. Government initiatives in establishing animal health facilities, product subsidies, and encouragement of manufacturers to develop innovative products through incentives and exemptions are the major factors contributing to the growth of the market for animal health.
Moreover, the rapid increase in the herd due to the increasing demand for food products of animal origin, increased awareness of animal health and frequent epidemics of animal diseases are some of the other factors which are driving the growth of the market. However, restrictions on the use of parasiticides in food animals, the high storage cost of animal vaccines, and switching to vegetarian diets are expected to dampen the growth of the animal health market to some extent.
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Market segments and scope of the study:
The global animal health market share is analyzed based on product, animal type, distribution channel, end user and geography. On the basis of product, the market is segmented into vaccines, pharmaceuticals, food additives, growth promoters, and diagnostics. The animal type segment is further segmented into production animal and companion animal. The distribution channels segment covers distribution through pharmacies, e-commerce and distributors. On the basis of end users, the market is segmented into reference laboratories, point of care testing, hospitals and clinics, and other end users. A geographic breakdown and in-depth analysis of each of the aforementioned segments are included for North America, Europe, Asia-Pacific and ROW.
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