Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Animal Health Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2021-2028”
The global animal health market is anticipated to grow at a CAGR of around 6.1% during the forecast period 2021 to 2028 and to reach around US$ 66.9 Bn by 2028
Animal health market is expected to witness faster growth in the Asia Pacific region over the forecast period.
The market in North America accounts for a major revenue share in the global market due to high government spending on the development of animal healthcare infrastructure. In addition, high investment by the major players for R&D activities, coupled with the development of new drugs for pet animals is another factor expected to support the growth of the target market.
- In 2019 Zoetis received approval from FDA for Simparica TrioTM (sarolaner, moxidectin, and pyrantel chewable tablets), the first once-monthly, chewable tablet in the U.S. that delivers all-in-one protection from heartworm disease, ticks and fleas, roundworms, and hookworms. This will help the company to strengthen their position in the US market.
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Major players approach towards strategic merger and acquisition in order to increase the product portfolio and enhance the customer base is another factor expected to support the growth of the target market in this region.
The market in Asia Pacific is expected to witness faster growth over the forecast period due to rising disposable income, and high spending by the consumers on animal health. In addition, high government spending on R&D activities and collaborative work for innovative product offerings is expected to support the growth of the target market.
Moreover, rising awareness among consumers related to pet nutrition and major players focus on strengthening the distribution channel is expected to further support the growth of the target market.
Rising disposable income, high spending of consumers on pet health and nutrition, and rapid technological advancements by the major players in the drug delivery system are major factors expected to drive the growth of the global market. There is a gradual increase in the number of pet owners in developed and developing countries. With the rising health concern among consumers demand for drugs, vaccines and antibiotics is increasing.
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Major players focus on business expansion through strategic merger and acquisitions is another factor expected to support the growth of the target market. Major players are focused on increasing their business presence overseas. This is expected to increase the customer base and help to increase the profit ratio. In addition, they are spending high on the development of business distribution channels in order to stay ahead of the competitors.
- In 2020, Zoetis acquired Ethos Diagnostic Science, a veterinary reference lab business that is dedicated to serve leading specialty animal hospitals, the greater veterinary community, and researchers with accurate, reliable results. This will help the company to strengthen its position in diagnostics and offer comprehensive and enhanced value to veterinarians in the US market.
However, factors such as stringent government regulation related to product approval, lack of standardization are expected to hamper the growth of the global market. In addition, the limited availability of advanced infrastructure in developing countries for R&D activities is another factor expected to challenge the growth of the target market.
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High investment by government and public players for R&D activities, developing regulatory scenarios, and innovative product offerings are factors expected to create new opportunities for players operating in the target market over the forecast period. In addition, major players inclination towards developing countries in order to explore the untapped market is expected to further support the revenue traction of the global market.
The global market is segmented into animal type, product type, distribution channel, and end-use. The distribution channel segment is bifurcated into retail, e-commerce, and veterinary hospitals & clinics. Among the end-use the point-of-care testing/in-house testing is expected to witness faster growth over the forecast period.
Players operating in the global animal health market are Merck Animal Health, Ceva Santé Animale, Zoetis, Virbac, Vetiquinol S.A., Heska Corporation, Boehringer Ingelheim GmbH, Bayer AG, Elanco, and Nutreco N.V. The competitive scenario is high due to the larger presence of players operating on the global level and high investment for R&D activities. In addition, innovative product offerings by the regional players at low prices are forcing the major players to offer products at low cost and operate at low profit ratio further increasing the competition.
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