Animal Health Market Size, Growth and Share Analysis by Animal Type (Companion animal, Farm animal,), Product (Pharmaceuticals, Vaccines, Feed Additives), Route of Administration (Oral, Parenteral), Distribution Channel (Retail, E-Commerce), Region and Key Players, Forecast to 2023
Global Animal Health Market size was valued USD 38,500 million in 2017 and expected to Expand at a CAGR of 5.7% over the forecast period, 2018-2023 says Market Research Future (MRFR). Humankind is majorly dependent on animal husbandry and agriculture for food. Improving animal health is the prime factor to feed the radically growing population across the globe. Animal health objectives can be achieved if more focus is shift towards innovation to enhance the nutritional quality and disease control and prevention activities. In terms of innovation, animal feed can be a potential segment to work on.
Factors such as animal trading methods, disease monitoring, diagnosis, treatment procedures drive regional market positively and reduce informality of animal health market. Farm or animal owners following the checklist for the formal method of animal breeding is projected to advance the growth of the global animal health market.
Various governments are actively participating in the drive to assure private and public health dedicated collaborations, enabling superior animal disease control measures. Association among official and private veterinarians and farmers is the key driver. Government executing suitable legislation dedicated to animal health, preventive, and control policies is supporting the growth of the global animal health market.
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On the other hand, inflexible registration processes for regulatory compatibility and failure to adopt the latest technologies in sync to innovation are restraining the growth of the global animal health market.
Big social organizations such as WHO (World Health Organization), FAO (Food and Agriculture Organization), and OIE (World Organization for Animal Health) are joining hands to counter the socio-economic and zoonotic disease impact on the animals. These efforts are attributed to address the risk affiliated to interface of human-animal ecosystems. These activities led by organization is expected to strengthen the growth of the global animal health market.
The global animal health market is majorly classified on the basis of type, product, route of administration, and distribution channel.
The type segment is divided into farm animal and companion animal.
Based on the product, the global animal health market is bifurcated into feed additives and pharmaceuticals, and vaccines.
Further, the route of administration segment is classified into parenteral and oral.
The global animal health market is also diversified based on distribution channels such as e-commerce and retail.
The Americas is anticipated to lead the global animal health market due to escalating demand for production improvement, focus on food safety, and animal protein. Rise in pet’s medicalization and growing pet ownership is expected to flourish the global animal health market in the coming period. Increased preference towards pet’s treatment and schedule checkups has increased the demands for veterinary treatments, thus driving the animal health market.
Europe following the Americas is poised to witnessed consecutive growth in the animal health market. Growing research and development with government support and rise in the number of pet population has kept the regional market at the peak.
Moreover, the Asia Pacific animal health market is predicted to emerge rapidly owing to the growing population of companion animals and pets, and introduction of animal welfare initiatives. Developing nations such as China and India are foreseen to grow swiftly owing to the presence of pet population.
Rest of World, specifically the Middle East & Africa, is expected to develop with a sluggish growth rate owing poor medical facilities and lack of skilled experts.
Some of the key players contributing with their product portfolio in the global animal health market are Bayer AG, Ceva Sante Animale, Boehringer Ingelheim GmbH, Merck Animal Health, Elanco, Eli Lilly, Virbac, Nutreco N.V., Vetiquinol SA, and Zoeti.
Pet Adoption rise created opportunities for animal health stocks in the US. The animal health companies are expected to have great demand as cost of canine is increased and strong pet adoption. Companies such as Idexx Laboratories Inc and Zoetis Inc are among the players that might be benefitted from booming sale for pet products.
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