Animal Health Market is anticipated to rise at a CAGR of 5.1% from 2020 to 2030
Posted by omkar on October 11th, 2019
The Global Animal Health Market size is estimated to be USD 47.29 billion in 2019 and is predicted to reach USD 81.73 billion by 2030 with a CAGR of 5.1% from 2020-2030. Like humans, animals also suffer from various diseases and thus require proper care from veterinarians and pet owners. Animal health is greatly affected by the forces of globalization and trade, treat of bioterrorism, reorganization of food and agriculture production into large commercial units and human interferences into wildlife habitats. Every animal has distinct need of its own and thus, requires different treatment in accordance with its breed.
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Increasing the productivity of livestock is critical to feed the growing global population. The animal heath manufacturers are investing in research and development to create innovative medicines for food-producing and companion animals. These products range from cancer therapies to vaccines and medicines that prevent and treat diseases such as foot and mouth disease (FMD), rabies, and Lyme disease. The research and development investment and intellectual property protections has made the animal health industry one of the most innovative industries on global level.
Market Dynamics and Trends
The demand for livestock is growing significantly. In order to fulfill this demand, governments across various countries are focusing on managing animal health as many food-producing animals are consumed by people. Governments also focus on public expectation that animals will be looked after and have access to treatments which work without distressing side effects. Hence, government initiatives are the major factors contributing to the growth of animal health market. Additionally, rapid rise in livestock population, increasing awareness about animal health, growing demand for animal-derived food products, and rising frequency of animal disease outbreaks are some of the other factors driving the market growth. However, restrictions on the use of parasiticides in food-producing animals, rising storage cost of animal vaccines, and the shift towards vegetarian diets are expected to restrain the growth of the animal health market.
There is adequate competition in the animal health industry. Most of the major players are focusing on research and development and new product launches to strengthen their market position. Also, strategies such as partnerships, collaborations, and geographic expansion are also adopted by the players in this market. Companies such as Zoetis, Merck, Boehringer Ingelheim and Elanco entered into merger and acquisitions agreements in 2016 and 2017. Such strategic developments enable players to enhance to their position in the global animal health industry.
Market Segmentations and Scope of the Study:
The global Animal Health Market share is analyzed on the basis of product, animal type, distribution channel and geography. On the basis of product, the market is segmented into vaccines, pharmaceuticals, feed additives, growth promoters and diagnostic products. The animal type segment is further segmented into production animal and companion animal. The distribution channel segment covers the market for retail, e-commerce, and hospitals and clinics. On the basis of end users the market is segmented into reference laboratories, point-of-care testing, hospitals and clinics, other end users. Geographic breakdown and deep analysis of each of the aforesaid segments is included for North America, Europe, Asia-Pacific, and ROW.
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Comprehensive competitive analysis and profiles of major market players such as Bayer Healthcare AG, Ceva Santé Animale, Virbac S.A, Vetoquinol SA, Boehringer Ingelheim GmbH, Nutreco N.V., Merck, Zoetis, Elanco Animal Health and Sanofi S.A. is also provided in this report.
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About the Authoromkar
Joined: April 19th, 2019
Articles Posted: 70
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