[225+ Pages Report] According to the report published by Facts and Factors, the global animal health market was valued at approximately USD 48.56 Billion in 2019, and is expected to generate revenue of around USD 87.07 Billion by end of 2026, growing at a CAGR of around 8.7% between 2020 and 2026.
Animal healthcare is a burgeoning sector that caters to the needs of a wide range of livestock and companion animals. Various existing businesses are increasingly focused on the production of companion animal healthcare products and services. Over the last few years, the companion animal healthcare industry has seen a range of technical and scientific developments. The amount of disposable revenue, pet ownership, and continuing technological advances all have an effect on animal healthcare. In the last decade, pet ownership for companionship among senior people has increased dramatically. People mostly adopt pets for companionship, and the transition from pet owners to pet parents has shifted significantly.
Increased production of animal-based food items would result in substantial price drops, allowing for quick access to nutritious food. Technological advances in veterinary health care are also driving the industry, and this is expected to create potential growth opportunities. The introduction of effective information management systems, animal owner mobile technology, and vaccine banks are among these advances.
An increasing emphasis on animal health innovation has resulted in a variety of initiatives that are bolstering business growth prospects. The Innovative Medicines Initiative (IMI), for example, is a public-private collaboration that funds joint research to boost veterinary pharmaceutical innovation in Europe.
In 2020, the feed additives segment dominated the market, accounting for over 30% of total revenue. Because of continuous advances in feed additives, such as the use of metabolic inhibitors, enzymes, minerals, and probiotics, it is expected to maintain its dominant role across the forecast period. The mentioned additives help to maximize feed utilization by facilitating a substantial increase in muscle development.
Furthermore, the increasing emphasis of government healthcare organizations on improving farming techniques and animal health is thought to be driving the segment's growth. Certain additives, such as vitamins, antioxidants, and performance boosters, are permitted and recommended for use in feed by the European Union. However, from 2021 to 2026, the diagnostics segment is projected to grow at the fastest pace.
In 2020, veterinary hospital and clinic pharmacies had the majority of the market, accounting for more than half of all sales. The segment's growth has been aided by a rise in the number of hospital pharmacies, as well as a high procedural volume as a result of regular readmission of pets for treatment. Major portions of the global market were also accounted for by retail outlets and e-commerce sites.
During the forecast period, the retail pharmacy segment is projected to expand at a moderate pace. For the distribution of drugs and vaccines, major manufacturers depend solely on licensed veterinarians and registered distributors. Over the forecast period, this is expected to propel the segment's growth.
Because of the broad variety of definitive initiatives implemented by various government animal protection agencies that are actively striving towards overall improvement in animal health, North America secured the largest sales share of the global market of over 28% in 2020. Furthermore, technological advances, an increase in the number of pet owners, and the growing occurrence of zoonotic diseases are expected to drive market growth in this area. The regional market is expected to be powered by many joint initiatives by major companies to develop their R&D capabilities and maintain high-quality standards. Furthermore, the bulk of the share can be traced to the region's high disease burden.
Asia Pacific, on the other hand, is expected to witness the highest growth of the market over the coming years. This rise can be attributed to factors such as consistent R&D investments by major players in the animal health industry, as well as their efforts to market and sell branded and generic therapeutics at a low cost. Furthermore, rising pet nutrition and supply awareness, as well as rising disposable income levels, are expected to boost the market growth in the region.
Key participants in Animal Health market are Merck Animal Health, Boehringer Ingelheim GmbH, Ceva Santé Animale, Kyoritsu Seiyako, Vetiquinol S.A., Nutreco N.V., Zoetis, Virbac, Bayer AG, Heska Corp., Elanco, and others.
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