Animal Health Market Overview
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).
Market Dynamics
The growth of the market is projected to be influenced by the prevalence rate of zoonotic diseases, expenditure on animal welfare, an increase in the number of dogs, and an increase in pet insurance. In addition, growing demand for animal protein, better efficiency, an increasing emphasis on food welfare, and expanded ownership of pets are all adding to consumer growth. The strong demand has contributed to a corresponding rise in the number of companies making consistent attempts to control the risks of pathogen infection and foodborne diseases, leading to the development of the industry. Furthermore, it is thought that the growing number of government programs to support animal health goods is driving the overall demand.
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The expanded production of food goods dependent on animals would contribute to a major decrease in costs, facilitating quick access to food at competitive prices. Technological advances in veterinary health care are also pushing the industry, and this is projected to bring further opportunities for expansion. These developments include the introduction of powerful knowledge management systems, interactive technology for animal owners, and vaccine banks. In addition, the increasing emphasis on animal welfare advancement has given rise to some initiatives that are reinforcing business growth prospects.
The high costs associated with animal health, the lack of animal health knowledge and the inaccessibility of veterinary services in underdeveloped and emerging regions could impede market growth during the evaluation period.
Animal Health Market Segmental Analysis
The Global Animal Health Market has been segmented on the basis of animal type, product, route of administration, and distribution channel.
On the basis of animal type, the market has been classified as farm animal and companion animal. It is projected that the farm animal segment will have the largest market share of the animal health market, by type of animal, during the forecast period. Policymakers in different countries are trying to achieve complete food security due to increasing food safety and sustainability issues, which are pushing large-scale food production and contributing to increased livestock rearing.
the market, by product, has been segmented into pharmaceuticals, vaccines, and feed additives. During the forecast period, the vaccine segment will report the highest CAGR in the global animal health industry. Some vaccines are only available in licensed veterinary hospitals and clinics, fueling the development of the category as well. In addition, recommendations for safety procedures and requirements to be followed in veterinary hospitals and clinics have been provided by multiple government animal protection agencies, which have broadened the scope for the segment’s development over the past few years.
By the route of administration, the market has been segmented into oral, parental, topical, and others.
The industry has been segmented into veterinary hospitals & laboratories, retail, e-commerce, and others, by delivery channel. The growth of the veterinary hospital sector has been supported by the growing number of hospital pharmacies, combined with high procedural volume as a result of regular readmission of pets for treatment.
Regional Analysis
Attributed to the increasing demand for animal protein, the increase in productivity and the emphasis on food welfare, the Americas is expected to lead the global animal health market. In addition, increasing ownership of pets and expanded medicalization for pets are also fueling demand growth during projected times. With the the expenditure on the care of dogs, the need for veterinary treatment and the facilities needed for the treatment will also increase.
The second-largest animal welfare sector is expected to be the European market. The growth of the market in this area can be due to government funding for R&D and an increasing population of pets.
During the prognosis period, Asia-Pacific is projected to be the fastest-growing animal health market due to higher pet adoptions, a rise in the number of animal care services and an increase in the domestic animal population. Moreover, due to the existence of massive pet populations, countries such as India and China are considered to be the fastest growing region. This rise is due to factors such as the steady commitment of leading animal health players in R&D and their attempts to sell branded and generic therapeutics at a comparatively low price. Moreover, growing knowledge of pet nutrition and supplies and increasing levels of disposable income are expected to improve the region’s demand development.
Owing to the shortage of qualified veterinarians, high care costs and inadequate veterinary services, the Middle East & Africa market is projected to account for the smallest share of the global animal health industry.
Animal Health Market Competitive Landscape
Some of the major players in the global animal health market are Bayer AG, Boehringer Ingelheim GmbH, CevaSanteAnimale, Elanco, Eli Lilly, Merck Animal Health, Nutreco N.V., Vetiquinol SA, Virbac, Zoetis, and Others.
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