Rise in consumption of animal products such as milk and meat, and rising pet culture are among the key factors fueling market growth
Market Size – USD 50.51 Billion in 2020, Market Growth - CAGR of 5.9%, Market Trends – Technological advancements in veterinary diagnostics
The global animal health market size is expected to reach USD 79.29 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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The report provides comprehensive assessment of the market covering key elements such as revenue estimations, cost analysis, import/export, production and consumption trends, CAGR, gross margin, and supply & demand patterns. It also sheds light on recent technological developments, product advancements, and research and development activities in the region.
The report examines the key players operating in the market along with their market position, market share, revenue, gross margin, and business strategies. SWOT analysis and Porter's Five Forces Analysis are used to examine and assess the market and its players. It also covers recent mergers and acquisitions, joint ventures, collaborations, agreements, partnerships, and product launches and brand promotions.
Key companies profiled in the report include:
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
Market Segmentation by Types:
Product Type Outlook (Revenue, USD Billion; 2020-2028)
- Live Attenuated Vaccines
- DNA Vaccines
- Recombinant Vaccines
- Inactivated Vaccines
- Feed Additives
- Feed enzymes
- Amino acids
- Prebiotics and probiotics
Animal Type Outlook (Revenue, USD Billion; 2020-2028)
- Production Animal
- Sheep & Goats
- Companion Animals
Dosage Type Outlook (Revenue, USD Billion; 2020-2028)
- Tablets or Capsules
- Powder or Premix
- Creams and ointments
End-use Outlook (Revenue, USD Billion; 2020-2028)
- Veterinary Hospitals & Clinics
- Point-of-care Testing/In-house Testing
- Reference Laboratories
Distribution Channel Outlook (Revenue, USD Billion; 2020-2028)
- Veterinary Hospitals & Clinics
- Retail Pharmacies and Drug Stores
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Regional analysis covers in-depth analysis of analysis of the revenue, market share, and growth rate of the global Animal Health market in each region for the forecast period of 2021-2028. The report covers production and consumption rate, current and emerging trends, import/export, supply and demand, and presence of key players in each region.
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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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.
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