Animal Health Market Rise in Demand, Opportunities, Type, Future Analysis 2021 with a CAGR of 5.1%

The Global Animal Health Market size was valued at USD 47.29 billion in 2019 and is predicted to reach USD 81.73 billion by 2030 with a CAGR of 5.1% from 2020-2030.

Increasing productivity of livestock is critical to feed the growing global population. In order to increase their productivity, it is important that remain healthy. However, animals too suffer from various diseases and require proper care from veterinarians and pet owners. Animal health is significantly impacted by the forces of globalization, expanding trade, threat of bioterrorism, reorganization of agricultural production into large commercial units and human interferences into wildlife habitats. Different animals require different treatment and care which should be in accordance with their breed.

Thus, manufacturers of animal heath products are investing heavily in the R&D to develop innovative products for food-producing as well as companion animals. These products range from cancer therapies to vaccines and medicines that prevent or treat diseases like foot and mouth disease (FMD), rabies, and Lyme disease among others. The huge investments in R&D and intellectual property protections have made the animal health industry one of the most innovative industries globally.

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Top Companies: Bayer Healthcare AG, Ceva Santé Animale, Virbac S.A, Vetoquinol SA, Boehringer Ingelheim GmbH, Nutreco N.V., Merck, Zoetis, Elanco Animal Health and Sanofi S.A. and others.

Market Dynamics and Trends

The demand for livestock is growing at a high pace. In many countries, domesticated animal plays an important role in the country’s economy. They are not only used in agriculture but also act as a rich source of protein diet for the native population. Additionally, they help in generating huge amount of revenue through exports. Therefore, governments across various countries are focusing on animal healthcare, so that animals can be looked after and be offered treatments that work without distressing side effects. Government initiatives in creating animal healthcare facilities, subsidies on the products and encouragement to manufacturers for developing innovative products through incentives and exemptions are the major factors contributing towards the growth of animal health market.

Moreover, rapid rise in livestock population due to growing demand for animal-derived food products, increasing awareness about animal health, and frequent outbreaks of animal diseases are some of the other factors driving the market growth. However, restrictions on the use of parasiticides in food-producing animals, high storage cost of animal vaccines, and the shift towards vegetarian diets are expected to restrain the growth of the animal health market to some extent.

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Market Segmentations and Scope of the Study:

The global animal health market share is analysed on the basis of product, animal type, distribution channel, end user and geography. On the basis of product, the market is segmented into vaccines, pharmaceuticals, feed additives, growth promoters and diagnostic products. The animal type segment is further segmented into production animal and companion animal. The distribution channel segment covers the distribution through pharmacies, e-commerce, and distributors. On the basis of end users, the market is segmented into reference laboratories, point-of-care testing, hospitals and clinics, and other end users. Geographic breakdown and deep analysis of each of the aforesaid segments is included for North America, Europe, Asia-Pacific, and ROW.

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