Market Analysis
The global animal health market is predicted to touch USD 38,500 million at a 5.7% CAGR over the forecast period (2018-2023), states the latest Market Research Future (MRFR) report. Animal health, simply put, is a branch of veterinary science that deals with monitoring and treatment of animal disease. It plays a crucial part in the safety and economy of the food supply of the country.
Various factors are propelling the animal health market growth. Some of these factors, according to the Market Research Future report, include rising pet insurance, increasing incidences of zoonotic diseases, growing pet population, and rising expenditure on animal health. Additional factors pushing market growth include rising pet ownership, increasing emphasis on food safety, improvement in productivity, rapid technological advancements, rising focus on animal welfare, and rising RD activities in the veterinary industry. Moreover, the rising popularity of animal participation in sports such as team events, one-on-one, and racing, fighting, and hunting is increasing the need for best performance of animals in different sports activities that in turn is propelling better animal health care and pushing market growth.
On the contrary, unaffordability of pet services in developing and underdeveloped regions, lack of awareness about animal health, and high cost related to animal health are factors that may restrict the animal health market growth over the forecast period.
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Market Segmentation
The MRFR report offers a wide segmental analysis of the animal health market on the basis of distribution channel, route of administration, product, and animal type.
Based on animal type, the animal health market is segmented into companion animal and farm animal. The farm animal segment is again segmented into sheep and goats, cattle, swine, poultry, and others. The companion animal segment is again segmented into equine, cat, dog, and others. Of these, the companion animal segment will have the largest share in the market over the forecast period.
Based on product, the animal health market is segmented into feed additives, vaccines, and pharmaceuticals. The pharmaceuticals segment is again segmented into analgesics, anti-inflammatory, anti-infectives, parasiticides, and others. The vaccines segment is again segmented into inactivated vaccines, recombinant vaccines, DNA vaccines, live attenuated vaccines, and others. Of these, the vaccines segment will dominate the market over the forecast period.
Based on route of administration, the animal health market is segmented into topical, parenteral, oral, and others.
Based on distribution channel, the animal health market is segmented into retail, e-commerce, hospitals and clinics, veterinary, and others. Of these, the e-commerce and retail segment will lead the market over the forecast period.
Regional Analysis
Based on region, the animal health market report covers the latest trends and growth opportunities across the Americas, Europe, the Asia Pacific (APAC), and the Middle East and Africa (MEA). Of these, the Americas will spearhead the market over the forecast period. This is due to the growing demand for animal protein, emphasis on food safety, and improvement in production. Besides, rising medicalization for pets and increasing pet ownership are also boosting the market growth.
The animal health market in Europe is predicted to have the second-largest share in the market over the forecast period. This is owing to increasing pet population and support from the government for RD.
The animal health market in the APAC region is predicted to grow at the fastest pace over the forecast period. This is owing to the increase in animal welfare programs, increasing population of companion animals, and the rising trend of pet adoption.
The animal health market in the Middle East and Africa will have the smallest share in the market over the forecast period.
Key Players
Leading players profiled in the animal health market report include Zoeti, Virbac, Vetiquinol SA, Merck Animal Health, Nutreco N.V., Eli Lilly, Elanco, Ceva Sante Animale, Boehringer Ingelheim GmbH, and Bayer AG, among others. Key players have used different strategies to strengthen their position in the market such as product launch and innovations, expansions, partnerships, mergers and acquisitions, research and development activities, and more.
August 2019: Elanco will soon acquire the animal health division of Bayer.
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