Animal Health Market Size Worth USD 99 Billion | CAGR of 8.5% by 2028, according to Market Research Future (MRFR)
Animal Health Market Analysis by Type of Animal (Farm Animal, Companion Animal), Product (Pharmaceuticals, Vaccines, Feed Additives), Route of Administration (Oral, Parenteral), Distribution Channel (Retail, e-commerce) – Forecast to 2028
Animal Health Market Overview
The animal health market size is expected to reach USD 99 billion by 2028 at a CAGR of 8.5% during the forecast period (2021-2028). The main objective of animal health care is the health and well-being of pets and farm animals. As with humans, parasites and other pathogens can infect animals, requiring diagnosis, treatment, and disease management. Outbreaks in cattle and poultry have presented exciting development opportunities for pharmaceutical companies creating innovative treatments and cures.
The increasing frequency of zoonotic diseases and the emergence of e-commerce platforms have contributed to the expansion of virtual businesses and animal health care services. Many non-profit organizations have stepped up to educate the public about good animal care in recent years. This factor has contributed to the overall growth of the animal health market in recent years. The growing popularity of online stores, their ease of access and lower prices for their products are all contributing to the rise in demand for pet-related products. In recent years, companies in both established and emerging markets have expressed a desire to increase their investment in research and development in the industry.
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The increase in government initiatives in countries like Europe and the United States offers lucrative opportunities for the global expansion of the animal health market. These factors are also contributing to the overall expansion of the industry in emerging economies. Rapid urbanization and increasing disposable income have led a large population to adopt animals in various countries. The total cost of dog care has increased dramatically in recent years. Social media and other factors have increased the demand for emotional support and care for pets and animals.
The growing popularity of veganism and the trend towards vegetarianism are considered as significant restraints for the growth of the animal health market. Globally, growing health concerns about the effects of unhealthy eating and high fat diets have prompted a significant portion of the population to adopt a vegetarian diet. These concerns are considered to be the major impediments for the growth of the market.
Competitive Dynamics of the Animal Health Market
The main market players are Bayer AG, Boehringer Ingelheim GmbH, Ceva Santé Animale, Elanco, Eli Lilly, Merck Animal Health, Nutreco NV, Vetiquinol SA, Virbac, Zoetis
Animal Health Market Segment Analysis
The global animal health market has been segmented by animal type, product, route of administration and distribution channel.
The market has been divided into two segments based on the type of animal: farm animal and companion animal.
Pharmaceuticals, vaccines and food additives market segments have been defined.
The animal health market has been segmented into oral, parenteral, topical, and others.
The market has been segmented into veterinary hospitals and clinics, retail, and e-commerce, among others.
Regional Overview of the Animal Health Market
Stringent European legislation for the protection of agricultural animals, fisheries, pets and livestock has had a significant impact on non-European countries. Their criterion included slaughtering the animals and transporting them to other areas. They do, however, provide generic guidelines for the protection of wildlife and laboratory animals. In 2018, the government enacted a groundbreaking rule known as MEP, which requires the purchase of many drugs available on the market to improve the overall health and productivity of livestock.
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Throughout the forecast period, the Americas are expected to lead the animal health market, driven by growing demand for animal protein, technological improvements, and emphasis on food safety. Additionally, increasing number of pet owners and increased medicalization of pets will propel the market throughout the forecast period. Government initiatives include educational sessions to educate livestock owners about challenges in the farming industry, scientific surveys to identify potential gaps in animal welfare, and inspections of dairy farms to ensure they are adhere to regulations governing cleanliness, water facilities, and proper animal housing, among others. things. These initiatives have contributed to the overall expansion of the region in the animal health sector.
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