Animal Health Market Size, Growth and Application By Animal Type (Farm animal, Companion Animal), Product (Pharmaceuticals, Vaccines, Feed Additives), Route of Administration (Oral, Parenteral), Distribution Channel (Retail, E-Commerce), Top Key Players and Region, Forecast to 2023
The Global Animal Health Market share was valued USD 38,500 million in 2017 and is expected to exhibit a strong 5.7% CAGR over the forecast period from 2018 to 2023, according to Market Research Future (MRFR). The animal health market can be broadly divided into livestock and companion animals. Of these, the growing demand for companion animals is likely to be a major driver for the global animal health industry. Companion animals allow the owner to remove loneliness from their lives, making them happier. This has driven the demand for companion animals in recent years, as the number of families as well as solitary owners looking for pets has increased. This has led to a growing demand for vaccines, medicines, and specialized pet food, among others, in order to keep the companion animal in top shape. This has been a major driver for the global animal health industry over the last few years. Animal health market size is expected to propel growth based on account of rising awareness about pet medications and growing animal feed industry over the forecast period.
Animal health market share to witness significant growth owing to growing livestock animal market. As regulations have tightened, the demand for top-quality animal nutrition products has grown over the last few years. The demand for medicated, supplemented animal feed is also likely to be a major feature of the global animal health industry over the forecast period, as supplementing animal feed with various nutrients has been discovered to be a highly effective way of keeping livestock animals healthy and fit. This is likely to be a constant source of revenue generation for the global animal health market over the forecast period.
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The report looks at the key drivers for the global animal health industry and comes up with reliable conclusions about the market’s likely growth trajectory over the forecast period from 2018 to 2023. Major drivers and restraints affecting the global animal health market are studied in detail in the report. Key players operating in the global animal health industry are also studied in the report, which provides competitive profiles of the leading players in the market to provide readers with a clear understanding of the competitive landscape and dynamics of the global animal health market.
Leading players in the global animal health industry include Zoetis, Virbac, Vetiquinol SA, Nutreco NV, Merck Animal Health, Eli Lilly, Elanco, Ceva Sante Animale, Boehringer Ingelheim GmbH, and Bayer AG.
In October 2019, L1 Health announced plans to acquire Destination Pet and launch a new platform for animal health and wellness across Europe and the U.S.
Animal Health Market Segmentation:
The global animal health market is segmented based on animal type, product, route of administration, distribution channel, and region.
By animal type, the global animal health market is segmented into farm animals and companion animals. The farm animals’ segment is further sub-segmented into poultry, swine, cattle, sheep and goats, and others. The companion animals’ segment is further categorized into dogs, cats, horses, and others.
By product, the global animal health market is segmented into pharmaceuticals, feed additives, and vaccines. The pharmaceuticals segment is further sub-segmented into parasiticides, anti-infectives, anti-inflammatory medicine, analgesics, and others. The vaccines segment is further sub-segmented into live attenuated vaccines, DNA vaccines, recombinant vaccines, inactivated vaccines, and others.
By route of administration, the global animal health market is segmented into oral, parenteral, topical, and others.
By distribution channel, the global animal health market is segmented into veterinary hospitals and clinics, retail, ecommerce, and others.
The Americas are likely to be the major regional segment of the global animal health market, followed by Europe, over the forecast period. The high awareness about the various medications for companion animals and legal compulsions to get several pharmaceutical products for pets are the major drivers for the animal health market in North America.
Growing pet ownership is likely to be a major driver for the animal health market in Asia Pacific, where increasing drug development activity is also likely to be a key driver for the animal health market.
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