Animal Health Market Trends, Growth and Size Analysis by Animal Type (Farm animal, Companion animal), Product (Pharmaceuticals, Vaccines, Feed Additives), Route of Administration (Oral, Parenteral), Distribution Channel (Retail, E-Commerce), Global Forecast till 2028
Animal Health Market Insight and Trends
The animal health market size was valued USD 31 billion in 2020 and is projected to reach USD 99 Billion by 2028 at 8.5% CAGR during the forecast period (2021–2028). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
MRFR speculates that the COVID-19 outbreak can have huge impact following the consequences of the sudden lockdown and human inactivity. The novel coronavirus pandemic is also slated to have a long-term impact on the global economy with direct effect on veterinary services and farmer livelihoods. Given the lack of activity post lockdown, proximity between wildlife and suburban locations or farms can surge significantly, which could lead to higher cases of SARS-CoV-2 infection.
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Another challenge emerging in the post COVID-19 era is the reduced intensity of various veterinary activities across the globe. However, companies are focused on making animal health equipment and products more accessible to consumers by fortifying their supply chains and are promoting these products as essential goods, which can be a respite for the animal health market in the long run.
Over the years, the animal health market has been picking a lot of steam, as a result of the soaring demand for protein food and the drastic rise in zoonotic and food-borne diseases. The unprecedented surge in animal diseases has compelled vendors to come up with more effective drugs and vaccines, which have been conducive to market growth. The encouraging landscape has also prompted many firms to up their efforts to bring down the cases of food-borne diseases as well as pathogen contamination risks, which can mean strong growth prospects for the animal health industry in the ensuing period.
A few key innovations in recent years include the development of information management systems, animal owner mobile technology, vaccine banks, to name a few. The rising focus of players on technical advancements catering to pets has benefitted the companion animal health market. The mounting number of vets combined with the increased knowledge about treatment options for animals as well as the drugs available is expected to bolster the veterinary medicine industry in the following years. The market also stands to benefit from the increased adoption of mergers and acquisitions, research initiatives expansion strategies, and new launches among players to gain the upper hand in the competitive landscape.
For instance, in September 2020, Trividia Health Inc. expanded its product portfolio, which now includes devices pertaining to pet health. One of these products is Test Buddy Pet-Monitoring Blood Glucose System, which helps in the monitoring of blood glucose, development of advanced algorithm along with connected health.
Animal Health Market Segmentation
The animal health market can be segmented depending on animal type, product, route of administration, and distribution channel.
The animal types considered in the report are farm animal and companion animal. The farm animal healthcare segment is touted to perform better than its counterpart owing to the increased efforts given by healthcare organizations with respect to development of agricultural practices.
With respect to product, the market caters to feed additives, pharmaceuticals and vaccines. The vaccines segment can potentially garner the highest growth rate in the years to come.
Routes of administration studied in the animal health market report include parenteral, oral, topical, and more.
Distribution channels studied in the animal health market report are veterinary hospitals & clinics, retail, e-commerce, and others.
Animal Health Market Regional Insight
The animal health market has been regionally categorized as Europe, Asia Pacific/APAC, MEA or Middle East & Africa and the Americas.
The Americas is on track to become the most profitable animal health market in the years to come, thanks to the strong demand for animal protein, large-scale production, and the high focus on food safety. Escalation of pet ownership and the rising need for drugs and medicines for pets are also favoring the regional market. The animal testing industry in the region has been expanding rapidly owing to the rising awareness among people about the various treatment options along with the presence of a well-established healthcare industry.
Europe can be the second leading animal health market during the evaluation period, as a result of a supportive government and the large funds allocated for research & development activities. The burgeoning companion animal population, rising technological advancements and the surge in zoonotic diseases also foster market growth in Europe.
APAC is all set to be the fastest gaining animal health market in the near future, on account of the accelerated pet adoptions, mounting number of animal welfare programs in India and China and heavy R&D expenditure by renowned firms in the animal health field. Most of these players are also focused on developing generic therapeutics at competitive prices, which translates to considerable market growth.
Animal Health Market Key Vendors
Some of the prominent animal health market vendors are Bayer AG, Virbac, Boehringer Ingelheim GmbH, Merck Animal Health, Zoetis, Eli Lilly, Ceva Sante Animale, Elanco, Nutreco N.V., Vetiquinol SA, and more.
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