Animal Health Market
The global animal health market size was valued at USD 41,256 Million in 2021 and is predicted to be worth USD 67,330 Million by 2030, with a CAGR of 5.8% during the Forthcoming Period from 2022 to 2030.
Animal Health Market Dynamics
Animal Health Market Statistics
|Market||Animal Health Market|
|Animal Health Market Size 2021||USD 41,256 Million|
|Animal Health Market Forecast 2030||USD 67,330 Million|
|Animal Health Market CAGR During 2022 - 2030||5.8%|
|Animal Health Market Analysis Period||2018 - 2030|
|Forecast Data||2022 - 2030|
|Segments Covered||By Animal Type, By Product Type, By Distribution Channel, By End Use, And By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Merck Animal Health, Ceva Santé Animale, Zoetis, Virbac, Vetiquinol S.A., Heska Corporation, Boehringer Ingelheim GmbH, Bayer AG, Elanco, and Nutreco N.V.|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
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Rising disposable income, high spending capacity of consumers on pet health and nutrition is a major factor expected to drive the growth of the global market. There is gradual increase in number of consumer adopting pet. They are spending high on pet health and wellness which is resulting in demand for nutritional food and supplementary product. Manufactures are focused of providing various innovative products.
High spending by the major players for R&D activities, coupled with innovative product offerings is another factors expected to further augment the growth of target market. Major players are investing high for product development their approach towards providing various vaccines, painkillers, and antibiotics. Players approach towards innovative product offerings and high spending on strengthening the distribution channel is supporting the target market growth.
In 2020, Zoetis received approval from FDA for Simparica TrioTM (sarolaner, moxidectin, and pyrantel chewable tablets), the first once-monthly, chewable tablet in the U.S. that delivers all-in-one protection from heartworm disease, ticks and fleas, roundworms and hookworms. This will help the company to strengthen their position in the US market.
In addition, strategic mergers and acquisitions activity by the players in order to increase the customer base and enhance the product portfolio is another factor expected to further impact the target market growth.
In 2021, Zoetis acquired Ethos Diagnostic Science, a veterinary reference lab business that is dedicated to serve leading specialty animal hospitals, the greater veterinary community and researchers with accurate, reliable results. This will help the company to strengthen its position in diagnostics and offer comprehensive and enhanced value to veterinarians in the US market.
However, stringent government regulation related to product approval and lack of standard regulations related to drugs is factor expected to hamper the growth of the global market. In addition, lack of developed infrastructure for R&D activities in developing countries is expected to challenge the growth of target market.
High spending by the players for R&D activities and innovative product offerings are factors expected to create new opportunities for players over the forecast period. In addition, consumer inclination towards point-of-care testing/in-house testing is resulting in introduction of innovative product further supporting the revenue traction of the target market.
Animal Health Market Segmentation
The global animal health market segmentation is based on the animal type, product type, distribution channel, end use, and geographical region.
Market by Animal Type
Based on the Animal Type, the production animal segment will dominate the global market in 2021. The production animal segment is further subdivided into the poultry, swine, sheep & goats, cattle, and fish categories. Due to the widespread concern for food health and sustainability on the part of government healthcare institutions, the segment holds a sizable market share.
Market by Product Type
In terms of product, the pharmaceutical segment is predicted to increase significantly in the market over the next few years. It is anticipated that it will hold onto its leading position throughout the projected period due to ongoing advancements in veterinary medications. The most often used pharmaceuticals are anti-inflammatory drugs, parasiticides, antibiotics, and other drugs.
Market by Distribution Channel
The distribution channel segment is bifurcated into retail, e-commerce, and veterinary hospitals & clinics. Among the end use the point-of-care testing/in-house testing is expected to witness faster growth over the forecast period.
Market by End Use
In terms of end use, veterinary hospitals and clinics will account for more than two-thirds of the market in 2021. Due to a number of applications, comprising toxicological tests, clinical pathology, and therapy, the segment holds the largest market share. The accessibility of a broad range of both therapeutic and diagnostic treatments in veterinary hospitals and clinics is a high-impact key growth engine for this industry.
Animal Health Market Regional Outlook
The Middle East & Africa (MEA)
The market in North America is expected to account for major revenue share owing to rising number of pet owners, coupled with demand for nutritional food products. In addition, major players focus on business expansion through strategic partnerships and agreements are factors expected to impact the target market growth in this region.
Asia Pacific is expected to witness faster growth in the near future owing to high government spending on development of present animal healthcare infrastructure. In addition, major players approach towards emerging economies in order to increase the profit ration is expected to further support the growth of the target market.
Animal Health Market Players
Some of the prominent global animal health market companies are Merck Animal Health, Ceva Santé Animale, Zoetis, Virbac, Vetiquinol S.A., Heska Corporation, Boehringer Ingelheim GmbH, Bayer AG, Elanco, and Nutreco N.V.
The global animal health market size in 2021 was accounted to be USD 41,256 Million.
The projected CAGR of animal health during the analysis period of 2022 to 2030 is 5.8%.
The prominent players of the global animal health market involve Merck Animal Health, Ceva Santé Animale, Zoetis, Virbac, Vetiquinol S.A., Heska Corporation, Boehringer Ingelheim GmbH, Bayer AG, Elanco, and Nutreco N.V.
North America held the dominating share for animal health during the analysis period of 2022 to 2030.
Asia-Pacific region exhibited fastest growing CAGR for animal health during the analysis period of 2022 to 2030.
What are the current trends and dynamics in the global animal health market?
Based on animal type, production animal segment hold the maximum share for animal health market in 2021.