Rise in consumption of animal products such as milk and meat, and rising pet culture are among the key factors fueling market growth
The global animal health market size is expected to reach USD 78.51 billion by 2028 at a CAGR of 5.9%, according to a new report by Reports and Data. Growth in market revenue is primarily attributed to increasing consumption of animal-based food products including milk, meat, and fish, growing awareness about the health benefits of animal protein, and rising prevalence of food-borne and zoonotic diseases. Rising adoption of pet or companion animals such as dogs and cats, development of advanced vaccines and medications for animals, and rise in government initiatives to promote various animal health products are other major factors driving market growth. Technological advances in veterinary diagnostics and increasing efforts of regulatory agencies to prevent and control animal disease outbreaks further drive the growth of this market to a major extent.
Animal health is a medical specialty that involves diagnosis, treatment, prevention, and control of diseases affecting the health and wellness of farm animals and companion animals. The animal health industry, in collaboration with farmers, government agencies, and veterinarians, ensures the overall health and safety of animals. Manufacturers in this industry, including biopharmaceutical companies, engage in research & development activities for effective and innovative animal health products and medicines. Animal health is closely associated with human health and sustainable food production. Hence, monitoring and prevention of animal diseases is of paramount importance for the safety of the global food supply. Vaccination is one of the most effective measures taken to prevent and control animal diseases. Moreover, it reduces the need for antibiotics and minimizes risks of antimicrobial resistance, thereby protecting public and environmental health.
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Some Key Highlights in the Report:
- Based on product type, the vaccines segment is projected to display the highest CAGR of 7.4% over the forecast period. Rise in animal vaccination drives for infectious diseases such as rotavirus, rabies, E. coli, and brucellosis and significant benefits of veterinary vaccines such as improved animal health and reduced need for antibiotics boost this segment’s growth.
- Based on animal type, the companion animals segment is expected to register the highest revenue growth rate of 7.4% during the forecast period. Growing pet culture and rising awareness about the mental and physical health benefits of adopting companion animals bolster the growth of this segment.
- Among distribution channels, the veterinary hospitals and clinics segment is the most dominant in terms of revenue. This segment’s growth is accelerated by increasing rate of pet adoption worldwide and growing incidences of animal diseases.
- The Asia Pacific animal health market is expected to register the fastest revenue growth rate of 7.0% over the forecast period. Increasing adoption of pets, rapidly advancing animal healthcare infrastructure in the region, and emergence of advanced veterinary diagnostic technologies are the key parameters driving market growth in this region.
- Thermo Fisher Scientific, Novartis, Vetoquinol, Virbac, Elanco Animal Health Incorporated, Bayer AG, Boehringer Ingelheim Animal Health, Biogenesis Bago, Zoetis Inc., Ceva Sante Animale, Neogen, and Heska Corporation are among the top companies in the global animal health
- In May 2021, Zydus Animal Health and Investments (ZAHL), the wholly-owned subsidiary of Cadila Healthcare, signed a Business Transfer Agreement (BTA) to sell its Animal Healthcare Established Markets Undertaking (Zydus AH) to private equity firm Multiples Alternate Asset Management. Zydus AH is touted as the fastest-growing animal health business in India and is recognized for its extensive range therapeutic and nutritional products for animals.
For the purpose of this report, the global animal health market is segmented on the basis of product type, animal type, dosage type, end-use, distribution channel, and region:
Product Type Outlook (Revenue, USD Billion; 2018-2028)
- Live Attenuated Vaccines
- DNA Vaccines
- Recombinant Vaccines
- Inactivated Vaccines
- Feed Additives
- Feed enzymes
- Amino acids
- Prebiotics and probiotics
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Animal Type Outlook (Revenue, USD Billion; 2018-2028)
- Production Animal
- Sheep & Goats
- Companion Animals
Dosage Type Outlook (Revenue, USD Billion; 2018-2028)
- Tablets or Capsules
- Powder or Premix
- Creams and ointments
End-use Outlook (Revenue, USD Billion; 2018-2028)
- Veterinary Hospitals & Clinics
- Point-of-care Testing/In-house Testing
- Reference Laboratories
Distribution Channel Outlook (Revenue, USD Billion; 2018-2028)
- Veterinary Hospitals & Clinics
- Retail Pharmacies and Drug Stores
Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of the Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- Rest of the Middle East & Africa
Key Advantages of the Animal Health Market Report:
- Detailed analysis of changing dynamics of the global Animal Health market
- Valuable insights on key market growth driving trends and monetary competence over the forecast period
- SWOT analysis and Porter’s Five Forces analysis for each key market player to offer competitive advantage to readers and investors
- Comprehensive assessment of competitive landscape and regional analysis
- Assessment of key factors driving and restraining market growth
- Analysis of threats, limitations, growth prospects, opportunities, and barriers in the market
- Strategic recommendations to key market players and new entrants to assist them in gaining a robust footing in the market
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