Animal Health Market Growth, Share 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 Synopsis
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).
Increasing pet ownership and adoption is anticipated to be a significant factor that can drive the animal healthcare industry during the forecast period. The rising pet insurance is likely to be another factor that can grow the need for efficient animal healthcare products, which can favor the trade in the coming period. Moreover, the surging demand for animal protein and the rising incidence of zoonotic diseases are expected to augment the animal healthcare industry.
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On the other hand, lack of awareness regarding animal health and high costs associated with animal health can hinder the market growth during the forecast period. However, the rising focus towards food safety for animals is expected to counter hampering causes that can boost animal healthcare growth.
Animal Health Market Segmentation
The segmental analysis of the global animal health market is done by product, animal type, distribution channel, and route of administration.
The product-based segments of the global animal health market are vaccines, pharmaceuticals, and feed additives. The pharmaceuticals segment has been sub-segmented into anti-infectives, analgesics, parasiticides, anti-inflammatory, and others. The vaccines segment has been further segmented into DNA vaccines, inactivated vaccines, live attenuated vaccines, recombinant vaccines, and others.
The animal type-based segments of the global animal health market are companion animal and farm animal. The farm animal segment has been further segmented into swine, poultry, cattle, sheep & goats, and others. The companion animal segment has been further segmented into cat, dog, equine, and others.
The distribution channel-based segments of the global animal health market are retail, veterinary hospitals & clinics, e-commerce, and others. Among all segments, the farm animal segment is anticipated to acquire the largest market share during the forecast period. On the other hand, the vaccine segment is likely to witness the highest CAGR during the review period.
The route of administration-based segments of the global animal health market are parenteral, oral, topical, and others.
Animal Health Market Regional Analysis
Based on the region, the global animal health market is segmented into North America, Europe, Asia-Pacific, and Middle East & Africa.
According to the analysis conducted by MRFR, North America is anticipated to dominate the global animal health market during the forecast period owing to the rising demand for animal protein. The growing focus on food safety and rising pet ownership is anticipated to augment the regional trade in the assessment period.
Europe is anticipated to be the second-largest animal health market during the forecast period due to the increasing pet ownership. The growing demand for pet insurance is likely to be another salient cause that is projected to strengthen the industry in Europe. Furthermore, the rising focus on food safety is expected to enhance the regional market.
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The APAC region is projected to be the fastest-growing animal health market during the assessment period due to the rising pet adoptions and surging pet population. The growing pet welfare programs are anticipated to be another salient cause, which can propel the regional market in the coming period.
The MEA region is anticipated to acquire a smaller animal health market share during the assessment period owing to the lack of skilled veterinarians. Furthermore, poor medical facilities can hinder the regional market from growing.
Animal Health Market Key Players
Eminent players of the global animal health market are Boehringer Ingelheim GmbH, Bayer AG, Ceva Sante Animale, Elanco, Merck Animal Health, Eli Lilly, Nutreco N.V., Virbac, Zoetis, Vetiquinol SA, and Others.
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