Animal Health Market on a Hot Streak as Veterinary Healthcare Expands Between Forecasts Period 2019-2023
May 10, 2019
The latest analysis conducted by Market Research Future (MRFR) states that the Global Animal Health Market had reached the value of USD 38,500 million in 2017. Also, the market is forecasted to expand at a CAGR of 5.7% during the forecast period (2018–2023).
Pune, Maharashtra - May 10, 2019 /MarketersMedia/ —
The rising spending on animal health, growing cases of zoonotic diseases, expanding pet population and growth in pet insurance are some of the top factors influencing the growth of Animal Health Market. On top of that, the heightened production of food products for animals has resulted in a considerable price reduction, thereby facilitating convenient access to this food at cheap prices. Plus, the animal health market benefits from the continuous advancements in technology in veterinary healthcare, presenting numerous growth opportunities in the near future.
In addition, improving productivity, the surging demand for animal protein, growing focus on food safety, and rising pet ownership are other prominent factors backing up the strong growth of the market. To illustrate, as per the data furnished by the American Pet Products Association (APPA), the total expenditure in the pet industry in 2016 had reached the valuation of USD 66.75 billion. On the other hand, the expenditure in the year 2017 had been USD 69.51 billion. Furthermore, a report by the European Pet Food Industry Federation (FEDIAF) in 2017 states that around 80 million houses in the European Union were owners of minimum one pet animal.
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However, the steep cost of maintaining animals and tracking their health seems to be a major challenge to the animal health market. On the upside, growing government initiatives for the promotion of veterinary products will bring lucrative results for the animal health market, in addition to the factors mentioned above.
Top Industry Participants
Some of the key players in the Global Animal Health Market are
Bayer AG
Boehringer Ingelheim GmbH
Ceva Sante Animale
Elanco
Eli Lilly
Merck Animal Health
Nutreco N.V.
Vetiquinol SA
Virbac
Zoetis
Latest News
May 2019
Covetrus, a company with expertise in animal-health technology and services, has entered into a partnership with Mars Petcare. This move will allow the U.S.-based veterinarians to improve dental health as well as medication compliance for their pet owner clients.
Animal Health Market - Segmentation
The Global Animal Health Market is segmented on the basis of animal type, product, route of administration, and distribution channel.
The types of animals discussed in the report are farm animal and companion animal. The farm animal segment is sub-segmented into poultry, swine, cattle, sheep & goats, and others. Furthermore, the companion animals include dog, cat, equine, and others.
The market, depending on the product type, is split into pharmaceuticals, vaccines, and feed additives. The pharmaceuticals segment is further segmented into parasiticides, anti-infectives, anti-inflammatory, analgesics, and others. Moreover, the vaccines segment is further categorized into live attenuated vaccines, DNA vaccines, recombinant vaccines, inactivated vaccines, and others. The vaccines segment will be representing the highest growth rate in the coming years.
The various routes of administration are inclusive of oral, parenteral, topical, and others.
The distribution channels covered by the report are veterinary hospitals & clinics, retail, e-commerce, and others. Out of these, the farm animal segment is projected to account for the largest share in the worldwide animal health market during the review period.
Animal Health Market - Regional Analysis
The Americas, Asia Pacific, Europe, and the Middle East & Africa are the primary regions where the Global Animal Health Market is expected to expand from 2018 to 2023.
The Americas are deemed to be the dominating region in the global animal health market on account of the rising demand for animal protein, focus on food safety and improvement in production. Also, with increasing pet ownership coupled with a hike in medication for pets, the market in the region is expected to thrive at a lavish rate in the following years. For instance, the American Pet Products Manufacturing Association (APPA) reports that approximately 80% of all the dog owners in the region get their pets treated with drugs. Therefore, the rising spending on the treatment of pets results in the growing demand for veterinary treatments as well as equipment.
Moving forward, the Europe market is touted to be the second-largest animal health market globally, backed by strong support lent by the government for research & development along with the expanding pet population.
Asia Pacific is noted to be the fastest-growing animal health market over the assessment period as a result of increasing adoption of pets, growing number of animal welfare programs as well as the surging population of companion animals. In addition, countries like India and China are expanding rapidly with the presence of burgeoning pet population.
Lastly, the Animal Health Market in the Middle East & Africa will be accounting for the smallest share of the Global Market mainly because of the lack of skilled veterinarians and poor medical facilities.
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
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Source: MarketersMedia
Release ID: 510988
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