Press release
Animal Healthcare Market is likely to surpass US$ 44.8 Bn in revenues by the end of 2025
Animal Healthcare Market 2022
According to a report published by Persistence Market Research (PMR), the global animal healthcare market is expected to witness a CAGR of 4.8% from 2017 to 2025. In 2017, the market was worth US$ 30.7 Bn and is estimated to rise to a revenue of US$ 44.8 Bn by the end of 2025.
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A significant increase in animal farming has led to a rise in demand for animal health services for improvement of food safety systems and veterinary public health in order to safeguard human health. The adoption of animal healthcare services is highly dependent on the fiscal, political, and institutional factors of the country. In order to increase the adoption of animal health services, governments directly take part by increasing awareness among the general population regarding animal diseases and privatization of animal healthcare services. One such scheme in Europe is Livestock Insurance, which was implemented to increase the effectiveness and efficiency of animal healthcare systems. Another case that can be considered is of the U.K. government compensating direct loses incurring owing to the outbreaks from the EU compensation schemes and the U.K. national budget.
Animal healthcare providers on the other hand are levelling up the game with the implementation of various strategies. Manufacturers are focused on developing new products to increase the acceptance of Animal Healthcare, thus expecting to increase their respective market shares. The companies are focusing on outsourcing the manufacturing of animal healthcare products in order to reduce their manufacturing costs and also compete in the market with reduced prices. Some of the leading companies operating in the global animal healthcare market are Bayer AG, Boehringer Ingelheim GmbH, Virbac S.A., Zoetis, Inc., Hester Biosciences Ltd., and Intas Pharmaceuticals Ltd.
Company profiles:
Bayer AG
BoehringerIngelheim GmbH
Virbac SA
Zoetis, Inc.
Hester Biosciences Ltd.
Intas Pharmaceuticals Ltd.
Merck Animal Health
Elanco (Eli Lilly and Company)
Something Animal Health
Alivira Animal Health Limited
Vetoquinol S.A.
Zydus Animal Health
Norbrook Laboratories Limited
Phibro Animal Health Corporation
Dechra Pharmaceuticals PLC Norbrook Laboratories, Inc
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Key Takeaways from Market Study
Parasiticides are expected to contribute around 27% revenue share in the market by 2031, owing to increasing preference for animal care and hygiene.
Farm animals are expected to account for more than half of the global market share. Industrialization of the dairy and meat industry has led to increasing demand for animal-based products, adding to the market development.
Oral route of administration in animal healthcare is expected to contribute around 45% revenue share in the market by 2031, as it gives the highest level of drug stability and accurate measurements.
Among all the distribution channels, veterinary hospitals accounted for more than 35% of the market share in 2020. Different applications such as clinical toxicology tests, therapy, and clinical pathology will boost market expansion.
North America holds the highest share in the global market for animal healthcare, owing to the presence of big market players, high healthcare expenditure, and growing research & development efforts in the country.
Key players are focused on strengthening their clinical pipelines with discoveries of novel abuse-deterrent formulations and also through various acquisitions.
The market in the U.S. holds a big portion of global revenue at 30%, and accounts for more than 85% share in the North American market.
"Increase in incidence of infectious disease transmission in animals, growth in animal inhabitants, and rising adoption of companion animals are factors driving market growth," says an analyst at Persistence Market Research.
Increased Funding & Support from International Organizations
International agencies such as U.K. Science have made major contributions toward global eradication of rinderpest diseases, and this has a major impact on controlling FMD and Peste des Petits in ruminants.
Other funding programs are often supported by the WHO, country-specific governments, and private humanitarian agencies. Stakeholders identify the need to prevent economic losses arising due to lack of effective vaccinations and instead take a proactive preventive dimension for animal healthcare.
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the animal healthcare market in its latest study, presenting a historical demand assessment of 2016 - 2020 and projections for 2021 - 2031. The research study is based on drug (anti-infective agents, anti-inflammatory & analgesic agents, parasiticides, vaccines, hormones & substitutes, nutritional products, and others), animal (companion animals and farm animals), route of administration (oral, parenteral, topical, and others) and distribution channel (veterinary hospital, veterinary clinics, pharmacies and drug stores, and others), across seven key regions of the world.
Key geographies evaluated in this report are:
North America - U.S, Canada
Europe - France, Germany, Italy, Spain, and the UK, Eastern Europe, CIS
APAC - China, India, Japan, Australia, Others
Latin America - Argentina, Brazil, Others
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Key Questions Answered in This Report.
What will the Market growth rate in Future?
What are the key factors driving the global Market?
Who are the key manufacturers in Market space?
What are the opportunities and threats faced by the vendors in the global industry?
What are sales, revenue, and price analysis by regions of industry?
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