Animal Health Market size progresses rapidly with $64.3 billion value forecast by 2026
Amidst growing animal care and nutrition, the Global Animal Health market growth is set to strong market valuation with revenue of $45.22 billion during 2020 and continues to showcase growth during the forecast period. OGAnalysis summarizes the emerging market trends and upcoming market drivers impacting long term market opportunity by analysing region wise market scope across animal types, product types, key end-users and major market vendors.
Technology-aided trends shaping the animal health market value
Adoption of advance med-technology approaches for animal treatment & diagnosis is majorly driving the animal health market growth. As such, key OEMs majorly contributing towards animal health industry growth with multitude focus on novel tools providing solid efficacy data on veterinary disease analysis.
In August 2019, Zoetis adds Stablelab hand-held reader which detects the biomarker Serum Amyloid A (SAA) and provides veterinarians critical information related to equine inflammation in 10 minutes.
In July 2019, Bayer AG introduced SRD Smart Compare, a new online tool that eases veterinarians to aid in their selection of an antibiotic treatment for swine respiratory disease.
Prominent players holding the major animal health market share include Bayer AG, Boehringer Ingelheim International GmbH, Ceva Animal Health Inc, Elanco, IDEXX Laboratories, Merck & Co. Inc., Phibro Animal Health, Vetoquinol, Virbac, Zoetis Inc.
Bayer AG invested up to 5.2 billion Euros in fiscal 2018 for R&D expenses to overcome the major challenges of growing health issues across the animal husbandry and breeding sector.
In August 2019, Zoetis announced the completion of the acquisition of Platinum Performance, a leading nutrition-focused animal health business to strengthen and diversify Zoetis’ portfolio in the equine and petcare markets.
In early 2019, Bayer Animal Health launched Advantage™ in China for the treatment and prevention of flea infestations, and the treatment of lice infestations. Since its launch, over 150 million pets have been treated with Advantage™ worldwide.
Larger dependence on animal protein implicates promising animal health market growth
Healthy animals are not only the source to wipe hunger, provide transportation and clothing but even are meeting the growing demand of protein. The animal-derived protein demand is on surge with 70% rise from date till 2050.
Economic growth and associated urbanization is impacting dietary patterns not only in developing countries as well as countries with increasing GDP, increase dependence on livestock for protein consumption disrupts the animal health market growth.
Pharmaceutical product types hold 55% market share over high prevalence of SRD and other animal disease breakouts
The current animal health market value over the forecast period is heading towards growth in parallel with predominance of swine respiratory disease (SRD) and its associated complex infectious outcome affecting the swine industry.
Further, veterinary clinicians and feline medicine pharmaceuticals are initiating strong research works on diagnosis and treatment of feline lungworm.
Regulating animal health & hygiene strengthens market growth
The animal health market size is strongly influenced with ongoing animal welfare and nutrition support awareness schemes, NGOs, government programmes and other initiatives.
The “one health” programme initiated by FAO provides a platform to deliver solution changing dynamics of livestock diseases. This comprehensive initiative aids in agro-ecological resilience and the protection of biodiversity, as well as lays emphasis on the efficient use of natural resources and the safety of food supply chains.
Americas continues to lead with a trail of 31% animal health market share in 2018
Animal health market size is seeming manifolding with growing animal health consortium and symposiums across health-metric countries, leaded by Americas and EU.
European Veterinary Specialist in Parasitology, University of Teramo, estimated feline cardio-respiratory problems across worldwide, with a prevalence of 8.2% within Europe.
Further, increase in the adoption of pet animals is imposing the threats of foamy virus and feline virus in particular among the domestic cats.
About 60% of animal health sales in the U.S. are companion animal products and about 40% are food-producing animal products.