Animal Health Market Growth & Trends
The global animal health market size is expected to reach USD 74.5 billion by 2028 registering a CAGR of 5.9%, according to a new report by Grand View Research, Inc. The market is driven by technological advancements in veterinary care. For instance, MediLabSecure, a laboratory network project (2014-2021), was initiated to identify emerging viruses and pathogens in 19 countries in the Mediterranean regions. In addition, the emergence of veterinary health information systems, specifically in developed economies, is expected to provide high growth potential in the future.
With the help of these systems, data generated in veterinary clinics can be uploaded on the internet, which can be further shared with other researchers and clinicians. Incorporation of this technology will facilitate real-time analysis for fluctuations in disease prevalence. As a result of the aforementioned factors, it is presumed that there will be a significant improvement in the overall penetration rate of veterinary health products, which is anticipated to fuel market growth.
North America captured the largest share of the global market owing to technological advancements, rising incidence of zoonotic diseases, an increasing number of pet owners, and a wide range of definitive measures adopted by welfare organizations. Asia Pacific is expected to exhibit the fastest CAGR over the forecast years as a result of consistent R&D investments by prominent players and their efforts to commercialize branded and generic therapeutics at competitive prices.
Key market participants employ sustainability strategies, such as expanding product portfolio, to gain a competitive advantage. For instance, in April 2019, Merck acquired Antelliq Corp., operational in the field of digital animal identification, traceability, and monitoring solutions. This acquisition helped the former company improve its veterinary vaccines and pharmaceutical solutions portfolio.
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Animal Health Market Report Highlights
- The vaccines product segment is expected to exhibit lucrative growth due to a significant increase in the adoption of pets, which demands long-term health plans
- The companion animal type segment is anticipated to register the fastest CAGR from 2021 to 2028 owing to associated health benefits for humans, such as greater psychological stability and reduced anxiety attacks
- The retail and e-commerce distribution channels accounted for notable shares owing to factors, such as convenience associated with online platforms and an increasing number of retail pharmacies
- Point-of-care is the second-fastest-growing end-use segment. The growth is attributed to an increase in demand for productive animals and growing investments in R&D for novel animal products
- In 2020, North America accounted for the largest share of the global market owing to the presence of established pharmaceutical companies consistently striving for extensive commercialization of their products
- Asia Pacific is anticipated to be the fastest-growing regional market over the forecast years owing to high clinical urgency to curb incidence of zoonotic diseases and management of disease outbreaks, such as swine influenza and Ebola
Animal Health Market Segmentation
Grand View Research has segmented the global animal health market on the basis of animal type, product, distribution channel, end-use, and region:
Animal Health Type Outlook (Revenue, USD Million, 2016 - 2028)
- Sheep & Goats
Animal Health Product Outlook (Revenue, USD Million, 2016 - 2028)
- Live Attenuated Vaccines
- DNA Vaccines
- Recombinant Vaccines
- Inactivated Vaccines
- Feed Additives
Animal Health Distribution Channel Outlook (Revenue, USD Million, 2016 - 2028)
- Veterinary Hospitals & Clinics
Animal Health End-use Outlook (Revenue, USD Million, 2016 - 2028)
- Reference Laboratories
- Point-of-Care Testing/In-house Testing
- Veterinary Hospitals & Clinics
Animal Health Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- The Netherlands
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
List of Key Players of Animal Health Market
- Merck Animal Health
- Ceva Santé Animale
- Vetiquinol S.A.
- Boehringer Ingelheim GmbH
- Bayer AG
- Nutreco N.V.
- Heska Corp.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.