Animal Health Market

Animal Health Market Size (2022 to 2027)

In 2021, the global animal health market size is estimated to be worth USD 49.2 billion. It is forecasted to grow at a compound annual growth rate of 6.2% from 2022 to 2027. The North American region is predicted to dominate the animal health industry between 2022 to 2027 and had accounted for the largest animal health market share in 2021.

Animal health is a field of veterinary medicine dealing with the care and control of animal diseases. This plays an important role in the economy and the security of the country's food supply. Animal health includes the protection of animals with effective use of medications, vaccines, therapeutic animal feed, and diagnostic items for the treatment of associated medical conditions. In addition, pets contain many bacteria, viruses, parasites, and fungi that cause infections before they are passed to the human body. Many veterans have indicated that residents ought to get dogs with the necessary vaccines to protect them and their families from any animal-borne illness. Animals are of considerable significance to human life. They offer food, defense, and companionship to humans. Also, animals act as models for biomedical studies, such as genetics and drug testing

The main animal practice appeared in 9,000 BC in the Middle East. In the mid-1900s pets started to get clinical consideration all the more generally. In 1965, the Food and Drug Administration added the Veterinary Medical Division to oversee animal medicines. At present, a great many animal medical services clinics are given to the consideration of different creatures.

MARKET DRIVERS:

Increasing meat and milk demand increase in the incidence of zoonotic are the key drivers for the global animal health market growth.

The global demand for animal health is seeing tremendous growth due to the increasing global intake of meat and milk. The growing number of animal health issues has contributed to an increase in global farm health costs. Animal farms are increasing at a quick rate in the worldwide situation because of the expanding interest in protein-rich nourishments like eggs, meat, and milk. In order to satisfy the ever-increasing demand for these goods, it contributes to questionable agricultural practices, for example, by demanding livestock into small spaces that cause infectious diseases to spread rapidly. Farmers are gradually introducing feed additives and prescribing vaccines to prevent these harmful diseases. In addition, the search for novel solutions for animal health has become a significant component for the removal of industrialized industrial farming and growing diseases among animals. Thus, the growth of the animal health market is growing.

Conventionally, due to the growing occurrence of animal diseases and their spread to human beings, the global animal health market is largely driven. The increasing prevalence of infectious and parasitic diseases has contributed to the next generation of advances in animal health management. Modern medicine in combination with innovations focuses on improving animal health and agricultural production. This outstanding development in infection predominance has constrained organizations to create imaginative antibodies and drugs. High demand has also culminated in a corresponding rise in the number of organizations engaging in consistent efforts to control the risks of infection of pathogens and foodborne diseases, which leads to consumer development. According to a new survey, it has been found that the worldwide demand for animal health care is much larger than the spending on human drugs. Companies are constantly designing and improvising vaccines, parasiticides, anti-infections, pain drugs, tumors, and sedation for livestock and farm animals.

In addition, the rising number of government initiatives with increasing R & D activities, changing lifestyle, growing population, and increase in per capita income level, funding & investment from across the globe have given a much-needed boost to the global animal health industry.

MARKET RESTRAINTS:

Stringent government regulation on approval of animal drugs, high costs associated with animal health, lack of knowledge of animal health, and unaffordability of veterinary services in underdeveloped and emerging regions could hinder the growth of the market. Nevertheless, with an increase in the number of animals and an increase in the prevalence of diseases in animals, there has been an increased emphasis on the production of drugs for the treatment of animals. A variety of animal diseases are emerging every year, which offers pharmaceutical manufacturers the ability to develop innovative animal health products. As a result, businesses in the animal health industry are actively involved in research and development programs in the management of prevalent and emerging animal diseases. Diseases such as Nipah virus (NiV) infection, melioidosis, bluetongue, and porcine reproductive and respiratory syndromes are common these days and thus give lucrative opportunities to market players.

Impact of COVID-19 on the global animal health market:

Responses to the unfolding pandemic of COVID-19 involved travel bans and societal distancing of "shelter in place" directives, resulting in abrupt shifts in human action and subsequent impacts on the global and national economies. It speculates that animal welfare is likely to be impaired by COVID-19 through the immediate consequences of sudden human confinement and inactivity and the long-term implications of the coming economic downturn on farmers' livelihoods and veterinary capability. The effect of COVID-19 on the veterinary profession was negative, abrupt, far-reaching, and varied. Throughout the world, veterinary practices have made significant improvements to ensure that patients continue to access critical veterinary treatment and new protective procedures are placed in place to protect staff members and customers. Because of closure on the world, it ger hard to counsel specialists for animal health consequently numerous animals experiencing illnesses. Additionally, Due to the unavailability of food supply and transportation, a few farmers couldn't get proper food and other nutritive items which in the end affecting animal wellbeing.

In a practical case, it is observed that there was a partial impact of COVID-19 on the animal. As a result, several manufacturing plants in the United States (U.S.) shut down when large outbreaks were detected, placing pressure on the pig and poultry industries in particular. At one time, there was a 45 % decrease in the production ability of pigs, which means that approximately 250,000 pigs per day were not killed. This led to longer transport distances in service with excess space, but also overcrowding of farm animals. Besides, a variety of experiments have been conducted to understand more about how this virus can affect various species of animals. With the occurrence of COVID-19, the dairy sector suffered substantially as a result of a decreased overall demand of about 25-30%.

REPORT COVERAGE:

This market research report on the global animal health market has been segmented and sub-segmented based on the product, animal, end-user, and region.

Animal Health Market - By Product:

• Drugs
• Feed
• Vaccines
• Diagnostics

Based on the product, the drugs segment accounted for the largest market share in 2019 and is projected to continue its dominance throughout the forecast period. The growing prevalence of various diseases in animals and the ever-increasing number of prescriptions to treat them boost the drug segment. The drugs are necessary for the prevention, control, and eradication of animal diseases. Veterinary diseases remain a concern mainly because of the commercial losses they cause and the possible transmission of the disease-carrying agents present in their bodies to humans.

The diagnostics segment could grow rapidly during the forecast period due to many new products and techniques developed.

Animal Health Market - By Animal:

• Livestock animals
• Companion Animals

Based on the animal, the companion animal segment held the largest market share in 2019 due to the increasing trend of keeping a pet at home. Moreover, this segment is likely to increase by the end of 2026 attributed to the growing rate of pet adoption to aid the elderly & physically challenged people and a shift in pet owners' tendency to pet nurturing.

Animal Health Market - By End-User

• Veterinary hospitals & clinics
• Animal care and rehabilitation centers
• Diagnostic centers
• Others

Based on the end-user, the veterinary hospitals & clinics segment accounted for the largest share in the market in 20189 An increasing number of pet hospitals and clinics and awareness regarding the spread of zoonotic diseases had supported the segment growth. The diagnostic centers segment is likely to boost during the forecast period owing to the rise in awareness about the welfare and significance of precautionary care in pets among companion animal holders.

Animal Health Market - By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East Africa

Geographically, the North American animal health market is expected to hold the largest share in the global animal health market during the forecast timeframe. Technologically advanced research and development institutes, well-developed therapeutics, and diagnostics are few factors favoring the market growth in the region. Further, the significant rise in pet adoption and increased occurrences of veterinary diseases could boost the market growth.

The European animal health market is expected to hold the second position in the animal health market globally by observing constant growth in the long-term period. Increased demand for animal-based food and reliable animal health regulations are responsible for market expansion.

The Asia Pacific animal health market is expected to showcase healthy growth during the forecast period. Countries such as China, Japan, and India, have diverse economic development classes, which results in an increasing focus on animal health by biopharma companies to improve the drug discovery process. Latin America and the Middle East & Africa are expected to register a slightly higher growth owing to the increasing demand for technologies.

KEY MARKET PARTICIPANTS:

The global animal health market is exceptionally divided in nature with the presence of a few little just as huge players who contend as far as costs and quality. A portion of the significant players working in the market includes Bayer, Boehringer Ingelheim, Elanco, B. Braun Melsungen AG, Medtronic, IDEXX Laboratories, Zoetis Inc., Merck & Co. Inc., Bayer AG, Virbac Group, Ceva Santé Animale, C.H, Elanco Animal Health, Phirbo Animal Health, Kyoritsu Seiyaku, Dechra Pharmaceuticals, China Animal Husbandry Industry Company, Eli Lilly, Vetiquinol SA, and many others.

The power of competition among major parts in the animal medical services market is moderate. A large portion of the significant players is effectively focusing on associations, mergers, and acquisitions to fulfill the developing need in the developing business sector. Some of the examples include as follows

KEY RECENT HAPPENINGS IN THIS MARKET:

• In February 2021, Merck Animal Health completed its acquisition of PrognostiX Poultry Limited d/b/a Poultry Sense Ltd.
• In October 2019, Zoetis agreed with Texas A&M University's Health Science Center for Innovation in Advanced Development and Manufacturing (CIADM). It intends to install a facility to boost the development of transboundary and emerging disease vaccines.
• In May 2019, U.S. FDA yielded regulatory approval to Bimeda, Inc. for the product offering of OxyMed LA treatment of pneumonia and shipping fever complex in cattle and bacterial enteritis treatment.