Animal Health Industry Overview: Information by Animal Type (Farm Animal, Companion Animal), by Product (Pharmaceuticals, Vaccines, Feed Additives), Route of Administration (Oral, Parenteral, Topical), Distribution Channel (Veterinary Hospitals Clinics, Retail, E-Commerce), and by Region (North America, Europe, Asia-Pacific, Middle East, and Africa)
The global animal health market is expected to reach a market value of USD 61,297.76 million by 2027.
The animal health market is expected to register a CAGR of 7.64% during the forecast period 2021-2027, to reach USD 61,297.76 million by 2027. MRFR recognizes the following companies as the key players in the global animal health market— Merck Co., Inc. (US), Boehringer Ingelheim International GmbH (Germany), Chanelle Pharma (Ireland), Ceva (France), Nutreco N.V. (Netherlands), Vetoquinol SA (France), Virbac Group (France), Zoetis Inc. (US), Heska Corporation (US), and Elanco (US) among others.
Animal health play an important role for economy and safety of the country’s food supply. It is primarily concerned with the wellness of pets and farm animals. The growth of the global animal health market is expected to be driven by factors like growing rates of pet ownership and rising zoonotic and chronic diseases among animals. Moreover, the high spending on animal veterinary hospitals and clinics is expected to fuel the global animal health market growth. However, stringent regulatory guidelines pertaining to vaccines for animals and shortage of veterinarians acts as a restraining factor for market growth.
The global animal health market is segmented into animal type, product, route of administration, distribution channel, and region. The animal type segment is further segmented into farm animal, companion animal. The product type segment is divided into pharmaceuticals, vaccines, and feed additives. The route of administration segment is categorized into oral, parenteral, topical and others. The distribution channel segment is segmented into veterinary hospitals clinics, retail, e-commerce, and others.
The global animal health market based on region has been divided into Americas, Europe, Asia-Pacific, and Middle East Africa.
Americas dominated the global animal health market owing to the rising prevalence of animal diseases and rise in companion animal ownership in the region. Moreover, increased medicalization for animals will also boost market expansion. For instance, according to the American Pet Products Manufacturing Association (APPA), almost 80% of all dog owners have their dogs treated with medications. As a result of the increased expenditure on pet treatment, the demand for animal health products will rise. The increasing population of pets and livestock with a high number of veterinary practices is expected to support the market growth. The American Veterinary Medical Association (AVMA) reported around 118,624 veterinary practices were operating in 2020.
Europe accounted for a sizable portion of the global animal health market. This is attributed to the rising prevalence of transmissible animal diseases, increasing demand for animal-based products for dietary use, and the presence of developed animal healthcare infrastructure. Furthermore, high incidence of cancer boosts the growth of the market. In Italy, according to the Animal Tumor Registry of Genoa, the incidence rate of malignant cancers is estimated at 185.7/100,000 cases found in dogs.
Asia Pacific is anticipated to be the fastest-growing regional market for global animal health owing to increased pet adoptions, growth in companion animals, and growing awareness about animal health. Moreover, new product approvals and high RD spending by numerous key market players in the Asia-Pacific region, coupled with increasing efforts for commercialization of veterinary pharmaceuticals and inoculations at reasonable prices, would also support the lucrative market growth over the forecast period. In May 2021, Boehringer Ingelheim received approval from the Ministry of Agriculture and Rural Affairs of China for GastroGard to be imported into the Chinese market to treat and prevent equine gastric ulcers. Furthermore, In May 2018, Boehringer Ingelheim integrated its new Asian Veterinary Research Development Centre to enhance China's animal health industry, which is likely to support the market growth in the near future.
Middle East Africa animal health market is segmented into major regions, namely, the Middle East and Africa. The market growth is driven due to the developed gulf countries. Furthermore, RD efforts into developing effective products in the region are also helping the market grow. As per the World Health Organization (WHO) statistics, almost 21,476 human deaths occur each year by rabies virus in Africa. Furthermore, the adoption of regulatory guidelines is aimed to raise awareness among livestock and companion animal owners about the importance of providing better facilities and care for their animals.
Key Findings of the Study
- The global animal health market is expected to reach USD 61,297.76 million by 2027 at a CAGR of 7.64% during the forecast period.
- Based on animal type, the farm animal accounted for the largest market share of 58.0% in 2020.
- On the basis of product type, pharmaceuticals dominated the market with a share of 62.3% in 2020.
- By route of administration, oral segment held a market share of 47.7% in 2020.
- Based on distribution channel, veterinary hospitals clinics segment dominated the market with a share of 55.0% in 2020.
- The Americas held the largest share of the global market in the year 2020, which is majorly attributed to the rising prevalence of animal diseases and rise in companion animal ownership in the region.
- Some of the key players operating in animal healthcare market are Merck Co., Inc. (US), Boehringer Ingelheim International GmbH (Germany), Chanelle Pharma (Ireland), Ceva (France), Nutreco N.V. (Netherlands), Vetoquinol SA (France), Virbac Group (France), Zoetis Inc. (US), Heska Corporation (US), and Elanco (US) among others.
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Consulting Services. MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients.
Market Research Future (part of Wantstats Research and Media Private Limited),
99 Hudson Street, 5Th Floor,
New York, New York 10013
United States of America
+1 628 258 0071
Email: [email protected]