How COVID-19 Impacting Animal Health Market ? Top Key Players : Emergent BioSolutions Inc., BoehringerIngelheim International GmbH , Novartis AG ,Virbac , Intervet Inc., Bayer AG , Zoetis , Ceva , Merck & Co., Inc. , IDEXX Laboratories, Inc. ,CSL Limited
The report covers :
o Global animal health market trends, with detailed analysis on consumer trends & manufacturer trends.
o Overview on supply analysis covering trends across raw material suppliers, technology providers and distributors.
o Key areas of investments identifying market opportunities and challenges in forecast timeframe.
o Competitive analysis of the industry players along with the overview on strategic management.
o Comprehensive company profiles of the major industry players.
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An Overview of the Impact of COVID-19 on this Market :
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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Leading Players operating in the Animal Health Market are :
Key players are involved in mergers and acquisition to strengthen their market position. Owing to increasing competition frequent innovations are taking place in the market. Some of the companies operating the industry are:
• Emergent BioSolutions, Inc.
• BoehringerIngelheim International GmbH
• Novartis AG
• Intervet Inc.
• Bayer AG
• Merck & Co., Inc.
• IDEXX Laboratories, Inc.
• CSL Limited
Major Growth Drivers:
Increasing Number of Pet Owners and Emphasis on Animal Health to Propel Growth
The increasing pet adoption is a major factor propelling animal health market growth. Besides this, analysts at Fortune Business Insights™ say, “the rising prevalence of diseases among animals, especially zoonotic diseases, is likely to promote the animal health market growth during the forecast period.”Zoonotic diseases can be transmitted from animals to humans; a few of which include bubonic plague, salmonellas is, anthrax, rabies, and West Nile virus. Besides this, the rise in the number of animal healthcare clinics worldwide will also drive the market.
Additionally, animals work as test subjects for various medication and drug tests. It is important to test drugs on animals attributable to the fact that research on most prolonged and genetic diseases affecting man cannot be approved for testing on human subjects. Animal studies are used for the development of new surgical techniques such as organ transplantations, new drug testing, and also for nutritional research. The fact that animals serve as research subjects for valuable research on long-lasting deteriorating diseases is further propelling the need to maintain the health of these animals.
Regional Analysis –
Presence of Advanced Teams for Research and Development Activities Will Aid Growth of the Market in North America
Geographically, the global animal health market is categorized into Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa. These regions are further categorized into nations. Among these, North America held the largest veterinary healthcare market share and generated a revenue of USD 14.12 billion in 2018. This is attributable to the presence of numerous animal health centers and technologically advanced team for research and development of novel therapeutics. Besides this, the rise in the number of pet owners and their rising concern for maintaining the health of their pets will help in the expansion of the market.
Europe stands second in the veterinary healthcare market, owing to the consistent growth witnessed in the past few years. Besides this, the market in Asia Pacific will witness significant growth on account of the increasing number of biopharma companies in countries such as India, Japan, and China.
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