Press release
Unveiling the Landscape of the Animal Healthcare Industry: Growth Factors, Market Overview, and Competitive Analysis
Animal Healthcare
In 2020, the global market was valued at US$ 34.5 billion, with an estimated Compound Annual Growth Rate (CAGR) of 7.2% projected from 2021 to 2028. By the end of 2028, it is expected to surpass US$ 63.2 billion.
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Analysts' Viewpoint on Market Scenario:
Telehealth and eHealth apps are expected to offer long-term revenue opportunities post the COVID-19 pandemic, with stakeholders focusing on surveys and data collection from animal owners for innovative drug formulations. The surge in global consumption of meat and milk products, along with the emergence of new diseases in animals, is driving market growth.
Drivers:
The increase in global consumption of meat and milk, coupled with the emergence of new diseases in animals, are key drivers of market growth. The rise in animal farms globally, driven by changing lifestyles and population growth, contributes to increased healthcare expenditure in the sector.
Challenges:
Regulatory scrutiny over animal drug testing and opposition from non-governmental organizations (NGOs) against the use of live animals in testing pose challenges to market growth. However, companies are leveraging surveys and data collection from pet owners to innovate new drugs, sustaining market momentum.
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Investments in Innovation:
Pharmaceutical companies are investing heavily in the development of new vaccines to protect animals against diseases such as hepatitis and cholera. Technological advancements in veterinary pharmaceuticals are also driving market growth, enabling real-time disease prevalence monitoring.
Market Dominance and Growth Opportunities:
North America dominates the market in terms of revenue, with significant growth witnessed in the U.S. and Canada. Increased investments in healthcare services in these regions are fueling market expansion.
Competition Landscape:
The market is highly competitive, with key players such as Zoetis, Inc., Merck & Co., Inc., Bayer AG, Novartis Animal Health, Inc., and others dominating the industry. Companies are focusing on research and development to produce better pharmaceutical and vaccine products.
Key Developments:
Market players are engaged in strategic acquisitions and collaborations to expand their product portfolios and global market presence. For instance, Bayer completed the sale of its Animal Health business unit to Elanco Animal Health Incorporated in 2020.
Market Segmentation:
The market is segmented by product type (Pharmaceuticals, Feed Additives, Vaccines) and animal type (Companion Animals, Production Animals), providing comprehensive insights into industry dynamics and trends.
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